Fixed Effect

2-Stage Least Squares

Lagged-Effect

Adjusted R²

0.967

0.162

0.150

Standard Error

0.134

0.724

0.770

Durbin-Watson

1.776

0.595

0.694

F-Value

114.574 (0.000)***

4.902 (0.000)***

4.127 (0.000)***

No. of Observations

504

504

425

Constant

−2.138 (0.029)**

−3.859 (0.000)***

−0.293 (125)

Frequency of Board Meetings

−0.155 (0.587)

−2.512 (0.032)**

−2.346 (0.001)

Firm Size

2.273 (0.024)**

2.711 (0.006)***

1.281 (0.452)

Sales Growth

2.703 (0.008)***

2.012 (0.041)**

0.464 (0.218)

Audit Committee No.

−1.288 (0.184)

−0.875 (0.387)

−2.55 (0.025)**

CG Committee No.

0.662 (0.506)

2.752 (0.005)***

0.954 (0.516)

Leverage

−2.732 (0.008)***

−1.433 (0.157)

−1.623 (0.615)

Stock Market Capitalisation

−1.221 (0.211)

−0.274 (0.787)

1.443 (0.124)

Corruption Index

0.062 (0.932)

1.413 (0.166)

−0.577 (0.772)

Inflation

−0.135 (0.772)

−1.828 (0.078)*

−3.860 (0.002)***

GDP Per Capita

0.332 (0.721)

0.171 (0.867)

−0.561 (0.125)

Power Distance

−

1.216 (0.110)

−1.396 (0.282)

Masculinity

−

2.223 (0.025)**

0.419 (0.862)

Anglo American

−

0.814 (0.311)

−1.828 (0.074)

2010

−2.711 (0.005)***

−1.205 (0.213)

0.519 (147)

2011

−1.862 (0.050)**

−1.272 (0.188)

−2.457 (0.036)**

2012

−0.853 (0.336)

−0.913 (0.243)

1.624 (0.874)

2014

−1.536 (0.125)

−0.802 (0.302)

−