Variable

Statistics

Mandatory

Voluntary

Overall

Constant

Coefficient

Std. Error

111.266***

5.642

67.117***

2.989

70.779***

2.776

Net sales

Coefficient

Std. Error

6.566***

0.532

0.586**

0.282

1.080***

0.262

Total Assets

Coefficient

Std. Error

−6.616***

0.913

−0.483^n.s

0.484

−0.982**

0.449

Market capitalisation

Coefficient

Std. Error

−0.530^n.s

0.592

0.903***

0.314

0.765***

0.291

Return on Assets

Coefficient

Std. Error

−23.599***

7.730

1.390^n.s

4.094

−0.585^n.s

3.803

Return on Capital Employed

Coefficient

Std. Error

0.087**

0.051

−0.036^n.s

0.027

−0.026

0.025

Growth

Coefficient

Std. Error

0.054**

0.025

−0.044***

0.013

−0.036***

0.013

Leverage

Coefficient

Std. Error

−16.245***

1.360

−0.040^n.s

0.721

−1.405**

0.669

Age

Coefficient

Std. Error

0.635^n.s

0.675

−0.251^n.s

0.358

−0.154^n.s

0.332

Board size

Coefficient

Std. Error

−1.930^n.s

1.575

−2.692***

0.834

−2.579***

0.775

Board Independence

Coefficient

Std. Error

7.937***

3.027

8.995***

1.604

9.034***

1.489

Industrial Manufacturing

Coefficient

Std. Error

−6.990^n.s

4.391

−2.905^n.s

2.326

−3.362^n.s

2.160

Consumer Goods

Coefficient

Std. Error

−7.004^n.s

4.314

−3.874*

2.285

−4.186**

2.122

Financial Services

Coefficient

Std. Error

−0.990^n.s

5.801

−2.051^n.s

3.073

−2.013^n.s

2.854

Fertilisers & Pesticides

Coefficient

Std. Error

−5.354^n.s

4.740

−2.612^n.s

2.511

−2.805^n.s

2.332

Media & Entertainment

Coefficient

Std. Error

−4.510^n.s

4.885

−10.860***

2.588

−10.234***

2.403

automobile

Coefficient

Std. Error

−4.775^n.s

4.407

−3.480^n.s

2.334

−3.600*

2.168

Cement

Coefficient

Std. Error

−4.012^n.s

4.765

−5.470**

2.524

−5.359**

2.344

Chemicals

Coefficient

Std. Error

−6.106^n.s

4.842

−0.582^n.s

2.565

−1.095^n.s

2.382

Construction

Coefficient

Std. Error

−12.495**

4.944

−1.959^n.s

2.619

−2.895^n.s

2.432

Energy

Coefficient

Std. Error

−7.413^n.s

4.508

−1.639^n.s

2.388

−2.098^n.s

2.218

Healthcare

Coefficient

Std. Error

2.286^n.s

5.937

−4.224^n.s

3.145

−3.856^n.s

2.921