(1)

Pooled-OLS

(2)

First-stage

of 2SLS

(3)

Second-stage

of 2SLS

(4)

System GMM

Foreign_experience

1.354***

25.36***

6.594*

(2.64)

(2.67)

(1.83)

Christian colleges

0.017***

(4.38)

British settlement

0.0803***

(3.89)

L.Risk

0.987***

(89.64)

Gender

0.424

0.0069

−0.114

−0.472

(0.94)

(0.37)

(−0.22)

(−0.26)

Age

−0.0192

−0.0024**

0.0966***

0.0187

(−1.35)

(−3.11)

(3.04)

(0.32)

Degree

−0.161***

0.0145***

−0.522**

−0.0201

(−3.21)

(4.53)

(−2.45)

(−0.07)

Firm-age

−0.0543***

0.0007

−0.104**

−0.0832

(−3.64)

(0.92)

(−2.30)

(−0.79)

Size

0.771***

1.6902***

0.653*

0.407

(4.58)

(4.02)

(1.66)

(0.91)

Managerholding

1.2019

0.0019***

−1.8273

−2.0236

(1.39)

(5.19)

(−1.05)

(−0.27)

Seperation

−0.2443

0.1309**

−0.6.6016***

0.5403

(−0.26)

(2.33)

(−2.98)

(0.08)

Top1

−1.1885***

−0.0927***

2.6721

−0.6404

(−3.20)

(−3.35)

(1.55)

(−0.14)

Tobin’Q

0.0183

−0.0005

−0.0208

0.116

(0.67)

(−0.18)

(−0.13)

(0.56)

Mb

−2.075***

−0.0262

−4.504**

1.106

(−2.75)

(−0.97)

(−2.14)

(0.67)

Cash_Flow

−0.0057*

0.0004

0.0005

−0.0004

(−1.82)

(1.62)

(0.62)

(−0.50)

Growth

−0.578

0.002

0.1528

−0,0359

(−0.78)

(−3.51)

(0.83)

(−0.06)

Tangibility

0.443

0.0416

0.388

4.700*

(0.44)

(0,74)

(0.12)

(1.85)

FemaledirectRatio

−1.463**

0.0114

−7.215***

−1.376

(−1.96)

(0.30)

(−3.46)

(−0.53)

_cons

−12.78***

−11.67

−14.29

(−3.63)

(−1.45)

(−1.31)

Industry FE

YES

YES

YES

NO

Year FE

YES

YES

YES

NO

N

21392

5012

4421

R²

0.019

.

Cragg-Donald Wald F statistic

21.07

21.066

p-value of Anderson canon. corr. LM statistic

0

0

Arellano-Bond test for AR (1) p value

(0.000)

Arellano-Bond test for AR (2) p value

(0.974)

Hansen test of over-identification (p-value)

(1.000)

diff-in-Hansen tests of exogeneity (p-value)

(0.570)