Dependent Variable: ROE

Method: Panel Least Squares

Sample (adjusted): 2014 2017

Periods included: 4

Cross-sections included: 21

Total panel (unbalanced) observations: 68

Variable

Coefficient

Std. Error

t-Statistic

Prob.

CEO_DUALITY

−0.092251

0.047594

−1.938280

0.0574

BOARD_SIZE

−0.004696

0.009112

−0.515288

0.6083

BOD_MEETINGS

0.002404

0.004110

0.584994

0.5608

IND

−0.089442

0.075796

−1.180044

0.2427

GENDER_DIVERSITY

0.131063

0.226178

0.579467

0.5645

R-squared

0.189217

Mean dependent var

0.144459

Adjusted R-squared

0.079280

S.D. dependent var

0.161306

S.E. of regression

0.154780

Akaike info criterion

−0.770886

Sum squared resid

1.413457

Schwarz criterion

−0.477128

Log likelihood

35.21012

Hannan-Quinn criter.

−0.654490

F-statistic

1.721145

Durbin-Watson stat

0.951301

Prob(F-statistic)

0.112355