Variables

(1)

ROA

(2)

ROA

(3)

ROA

(4)

ROA

(5)

ROA

(6)

ROE

(7)

ROE

(8)

ROE

(9)

ROE

(10)

ROE

% Independents

−0.031

0.094

0.103

0.096

−0.007

−0.074

0.222

0.232

0.220

−0.542*

(0.024)

(0.060)

(0.064)

(0.060)

(0.082)

(0.082)

(0.203)

(0.192)

(0.188)

(0.287)

% Independents (square)

−0.132**

−0.134**

−0.136**

−0.101

−0.311

−0.314

−0.324

−0.067

(0.061)

(0.063)

(0.059)

(0.061)

(0.214)

(0.212)

(0.207)

(0.200)

% Experts

0.019

−0.224***

−0.320***

0.024

−0.568*

−1.294***

(0.027)

(0.085)

(0.115)

(0.105)

(0.309)

(0.440)

% Experts (square)

0.213***

0.246***

0.516**

0.772***

(0.071)

(0.077)

(0.236)

(0.259)

% Independents × Experts

0.123*

0.907***

(0.073)

(0.329)

% Insiders

0.001

0.019

0.015

−0.001

0.003

0.093

0.134

0.130

0.091

0.114

(0.048)

(0.049)

(0.048)

(0.050)

(0.049)

(0.145)

(0.154)

(0.159)

(0.162)

(0.153)

Observations

618

618

618

618

618

616

616

616

616

616

Nb of firms

113

113

113

113

113

113

113

113

113

113

Board controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Firm controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Firm and year fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

R²-adj

0.196

0.203

0.203

0.234

0.238

0.105

0.108

0.107

0.124

0.148