| Explained variable: ROA | |||
| Instrumental variable | Meeting | L.Opinion | Industry |
| Attend | 0.070*** (11.71) | 0.002*** (4.00) | 0.075*** (4.41) |
| Opinion | 0.003 (0.91) | 0.084 (1.55) | −1.112*** (−4.18) |
| Salary | 0.000*** (9.76) | −0.000 (−1.11) | 0.028*** (4.36) |
| G | 0.005** (14.04) | 0.005*** (11.35) | −0.067*** (−4.05) |
| Size | 0.002*** (5.11) | 0.002*** (6.07) | 0.005*** (5.20) |
| Debt | −0.019*** (−44.97) | −0.018*** (−13.65) | −0.019*** (−44.56) |
| Fixed | −0.005* (−9.96) | −0.006*** (−12.11) | 0.015*** (3.31) |
| constant | −0.081*** (−7.24) | −0.030*** (−4.91) | −0.367*** (−4.42) |
| Industry | Control | Control | Not control |
| Year | Control | Control | Control |
| R2 | 0.7910 | 0.6104 | —— |