Model

Unstandardized coefficients

Standardized coefficients

t

Sig.

B

Std. error

Beta

1

(Constant)

4.9152

0.3806

―

12.9130

0.0000

The proportion of independent directors

4.2488

0.7192

0.3814

5.9076

0.0000

2

(Constant)

4.5892

0.3830

―

11.9836

0.0000

The proportion of independent directors

3.8803

0.7092

0.3483

5.4717

0.0000

ST or not

1.4710

0.4284

0.2186

3.4334

0.0007

3

(Constant)

4.6205

0.3754

―

12.3072

0.0000

The proportion of independent directors

4.0767

0.6979

0.3660

5.8412

0.0000

ST or not

1.3716

0.4211

0.2038

3.2571

0.0013

The proportion of management’s shares

−7.3244

2.3872

−0.1904

−3.0682

0.0024

a. Dependent variable: the length of time