All firm years

2010

2011

2012

2013

2014

VIF

Adjusted

0.191

0.127

0.121

0.111

0.196

0.233

−

Standard Error

0.718

0.681

0.738

0.775

0.752

0.716

−

Durbin-Watson

0.555***

2.143

1.953

2.072

2.207

1.842

−

F-Value

0.582

1.679*

1.657*

1.634*

2.253***

2.396***

−

No. of Observations

504

97

99

105

107

96

−

Constant

−3.430***

−2.412**

−1.829*

−1.132

0.148

−1.708*

−

Frequency of Board Meetings

−4.293***

−0.375

−2.771***

−1.714*

−1.735*

−2.667***

3.046

Firm Size

−2.082**

−1.186

−0.941

−0.687

−0.314

−0.666

2.475

Sales Growth

0.373

−0.156

−0.119

0.530

−0.874

0.561

1.082

Audit Committee No.

−1.625*

−0.015

−1.335

−1.172

−2.292**

−0.051

1.356

CG Committee No.

5.124***

2.244**

1.855*

1.957*

2.793***

3.012***

1.208

Leverage

0.574

0.297

1.524

−0.055

−0.369

0.390

1.302

Stock Market Capitalisation

−0.862

0.512

−0.147

−0.036

1.685*

−1999**

2.704

Corruption Index

2.004**

−1.307

0.287

1.262

−.251

2.996***

1.1886

Inflation

−0.794

1.875*

−1.091

−0.877

−3.216***

−0.207

1.143

GDP Per Capita

0.754

2.974***

0.326

−1.233

−0.268

0.317

1.211

Power Distance

3.491***

−1.423

0.989

1.394

−0.314

2.006**

1.450

Masculinity

1.148

−1.342

0.631

1.225

−1.154

1.666*

5.011

Anglo American

4.572***

−2.244**

−0.251

0.183

−1.712*

−1.267

5.143

2010

1.218

−

−

−

−

−

0.211

2011

0.565

−

−

−

−

−

0.406

2012

0.415

−

−

−

−

−

0.541

2014

−0.514

−

−

−

−

−

0.014