| (1) Pooled-OLS | (2) First-stage of 2SLS | (3) Second-stage of 2SLS | (4) System GMM |
Foreign_experience | 1.354*** |
| 25.36*** | 6.594* |
| (2.64) |
| (2.67) | (1.83) |
Christian colleges |
| 0.017*** |
|
|
|
| (4.38) |
|
|
British settlement |
| 0.0803*** |
|
|
|
| (3.89) |
|
|
L.Risk |
|
|
| 0.987*** |
|
|
|
| (89.64) |
Gender | 0.424 | 0.0069 | −0.114 | −0.472 |
| (0.94) | (0.37) | (−0.22) | (−0.26) |
Age | −0.0192 | −0.0024** | 0.0966*** | 0.0187 |
| (−1.35) | (−3.11) | (3.04) | (0.32) |
Degree | −0.161*** | 0.0145*** | −0.522** | −0.0201 |
| (−3.21) | (4.53) | (−2.45) | (−0.07) |
Firm-age | −0.0543*** | 0.0007 | −0.104** | −0.0832 |
| (−3.64) | (0.92) | (−2.30) | (−0.79) |
Size | 0.771*** | 1.6902*** | 0.653* | 0.407 |
| (4.58) | (4.02) | (1.66) | (0.91) |
Managerholding | 1.2019 | 0.0019*** | −1.8273 | −2.0236 |
| (1.39) | (5.19) | (−1.05) | (−0.27) |
Seperation | −0.2443 | 0.1309** | −0.6.6016*** | 0.5403 |
| (−0.26) | (2.33) | (−2.98) | (0.08) |
Top1 | −1.1885*** | −0.0927*** | 2.6721 | −0.6404 |
| (−3.20) | (−3.35) | (1.55) | (−0.14) |
Tobin’Q | 0.0183 | −0.0005 | −0.0208 | 0.116 |
| (0.67) | (−0.18) | (−0.13) | (0.56) |
Mb | −2.075*** | −0.0262 | −4.504** | 1.106 |
| (−2.75) | (−0.97) | (−2.14) | (0.67) |
Cash_Flow | −0.0057* | 0.0004 | 0.0005 | −0.0004 |
| (−1.82) | (1.62) | (0.62) | (−0.50) |
Growth | −0.578 | 0.002 | 0.1528 | −0,0359 |
| (−0.78) | (−3.51) | (0.83) | (−0.06) |
Tangibility | 0.443 | 0.0416 | 0.388 | 4.700* |
| (0.44) | (0,74) | (0.12) | (1.85) |
FemaledirectRatio | −1.463** | 0.0114 | −7.215*** | −1.376 |
| (−1.96) | (0.30) | (−3.46) | (−0.53) |
_cons | −12.78*** |
| −11.67 | −14.29 |
| (−3.63) |
| (−1.45) | (−1.31) |
Industry FE | YES | YES | YES | NO |
Year FE | YES | YES | YES | NO |
N | 21392 |
| 5012 | 4421 |
R2 | 0.019 |
| . |
|
Cragg-Donald Wald F statistic |
| 21.07 | 21.066 |
|
p-value of Anderson canon. corr. LM statistic |
| 0 | 0 |
|
Arellano-Bond test for AR (1) p value |
|
|
| (0.000) |
Arellano-Bond test for AR (2) p value |
|
|
| (0.974) |
Hansen test of over-identification (p-value) |
|
|
| (1.000) |
diff-in-Hansen tests of exogeneity (p-value) |
|
|
| (0.570) |