| 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 |