Model

R

R-square

Adjusted R-square

Std. error of the estimate

1

0.381412

0.145475

0.141307

2.946907

2

0.438356

0.192156

0.184236

2.872299

3

0.477449

0.227958

0.216548

2.814838

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