Estimate

Std. error

Wald

df

Sig.

95% confidence interval

Lower bound

Upper bound

Threshold

[types of violations = 1]

−0.3949

0.6430

0.3771

1

0.5391

−1.6551

0.8653

[types of violation = 2]

1.4369

0.6469

4.9331

1

0.0263

0.1689

2.7049

[types of violations = 3]

2.9553

0.6589

20.1149

1

0.0000

1.6638

4.2468

[types of violations = 4]

3.7436

0.6742

30.8299

1

0.0000

2.4221

5.0650

Location

The board size

0.0077

0.0553

0.0192

1

0.8898

−0.1007

0.1161

The proportion of independent directors

0.4403

0.4366

1.0171

1

0.3132

−0.4154

1.2961

The propotion of management’s shares

−4.4731

3.1320

2.0397

1

0.1532

−10.6118

1.6655

Z index

−0.0007

0.0008

0.8388

1

0.3597

−0.0023

0.0008

[rights plan = 0]

0.9663

0.3466

7.7733

1

0.0053

0.2870

1.6456

[rights plan = 1]

0.0000

0

[ST = 0]

0.1403

0.1949

0.5182

1

0.4716

−0.2417

0.5224

[ST = 1]

0.0000

0

[private ompanies = 0]

−0.2798

0.2047

1.8673

1

0.1718

−0.6811

0.1215

[private ompanies = 1]

0.0000

0

Link function: logit.

a. This parameter is set to zero because it is redundant