Model

Sum of squares

df

Mean square

F

Sig.

1

Regression

303.0751

1

303.0751

34.8994

0.0000

Residual

1780.2729

205

8.6843

―

―

Total

2083.3480

206

―

―

―

2

Regression

400.3278

2

200.1639

24.2620

0.0000

Residual

1683.0202

204

8.2501

―

―

Total

2083.3480

206

―

―

―

3

Regression

474.9150

3

158.3050

19.9796

0.0000

Residual

1608.4329

203

7.9233

―

―

Total

2083.3480

206

―

―

―

a. Predictors: (Constant), the proportion of independent directors

b. Predictors: (Constant), the proportion of independent directors, ST or not

c. Predictors: (Constant), the proportion of independent directors, ST or not, the proportion of management’s shares

d. Dependent variable: the length of time