Whole sample (2003)

Reduced sample (2003)

Reduced sample (2007)

1

2

3

4

5

6

7

8

9

Linear

Stepwise

Robust

Linear

Stepwise

Robust

Linear

Stepwise

Robust

LTDEBT

0.0000 (0.4297)

x

x

0.0000 (0.7110)

x

x

0.0000 (0.9035)

x

x

ASSET_LOG

−0.0334

x

x

−0.0265

−0.0528

−0.0564

0.0226

x

x

(0.3562)

(0.5850)

(0.1237)

(0.1402)

(0.6728)

LEV

−0.0008

−0.0008

−0.001200

−0.0008

−0.0008

−0.0013

−0.0002

−0.0002

−0.0002

(0.0004)

(0.0000)

(0.0000)

(0.0049)

(0.0003)

(0.0157)

(0.0794)

(0.0205)

(0.4438)

BOARD_LOG

0.3957

0.4099

0.420700

0.3847

0.3931

0.4371

0.4280

0.4224

0.4155

(0.0169)

(0.0019)

0.0037

(0.0590)

(0.0146)

(0.0136)

(0.0457)

(0.0058)

(0.0378)

NED_PERC

−0.3756

x

x

−0.4167

x

x

0.0951

x

x

(0.1703)

(0.1899)

(0.7611)

INED_PERC

−0.0769

x

x

−0.0150

x

x

−0.9915

−0.4432

−0.0292

(0.8018)

(0.9696)

(0.0163)

(0.1152)

(0.9394)

BRDMEET

0.0038

x

x

−0.0031

x

x

0.0063

x

x

(0.8226)

(0.8877)

(0.7242)

INTERLOCKS

0.0150

x

x

−0.0003

x

x

−0.0123

x

x

(0.6125)

(0.9935)

(0.6968)

AUDIT_IND

−0.0025

−0.0035

−0.004200

−0.0037

x

x

0.0031

x

x

(0.2603)

(0.0526)

(0.0402)

(0.1520)

(0.2712)

AUDIT_MEET

0.0413

0.0417

0.041500

0.0490

0.0664

0.0589

0.0080

x

x

(0.0914)

(0.0444)

(0.0743)

(0.1075)

(0.0011)

(0.0089)

(0.7469)

NOMIN_IND

−0.0027

x

−0.0048

x

x

−0.0306

x

x

(0.7449)

(0.6579)

(0.1030)

COMPENS_IND

−0.0013

x

−0.0002

x

x

0.0003

x

x

(0.4741)

(0.9204)

(0.9107)

SIND_CHARGES

0.0079

x

0.0018

x

x

0.0014

x

x

(0.7592)

(0.9507)

(0.8044)

SIND_MEET

−0.0097

x

0.0135

x

x

0.0065

x

x

(0.5103)

(0.4966)

(0.7155)

SHAREHLDR

−0.0096

x

x

−0.0058

x

x

0.0018

x

x

(0.0846)

(0.4481)

(0.6534)

SHARE2_NUM

0.0008

x

−0.0039

x

x

−0.0051

x

x

(0.9674)

(0.8669)

(0.7713)

BOWN

0.0041

0.0032

0.0023

0.0024

x

x

−0.0011

x

x

(0.0769)

(0.0467)

(0.1935)

(0.4111)

(0.6293)