BLOCK25

0.1233

x

x

0.1541

x

x

0.0534

0.1266

0.1160

(0.1971)

(0.1926)

(0.5551)

(0.0305)

(0.1288)

BLOCK50

0.1255

x

x

0.0958

x

x

−0.0902

−0.0678

−0.0873

(0.1849)

(0.4437)

(0.1033)

(0.1404)

(0.1611)

BLOCK_FAMILY

−0.0605

x

x

−0.0737

x

x

−0.0041

x

x

(0.3261)

(0.3424)

(0.9453)

BLOCK_GVT

0.1769

0.1219

0.0850

0.0682

x

x

0.1133

x

x

(0.0893)

(0.1018)

(0.3073)

(0.6258)

(0.4482)

AUDIT_DUMMY

0.1119

0.1478

0.1057

0.1494

x

x

−0.1086

x

x

(0.3339)

(0.1196)

(0.3241)

(0.2570)

(0.5047)

NOMIN_DUMMY

0.1533

x

x

0.2965

x

x

0.4452

x

x

(0.3283)

(0.1523)

(0.2039)

NOMIN_IND_DUMMY

0.0507

x

x

0.0109

x

x

0.5225

x

x

(0.8878)

(0.9807)

(0.2308)

COMPENS_DUMMY

0.0618

x

x

0.0634

x

x

0.3927

0.4023

0.3234

(0.4267)

(0.4790)

(0.0015)

(0.0000)

(0.0004)

FAMILY

−0.0102

x

x

0.0037

x

x

0.0202

x

x

(0.8561)

(0.9564)

(0.7251)

DUALITY

−0.0159

x

x

−0.0584

x

x

0.0727

x

x

(0.7543)

(0.3500)

(0.2089)

PYRAMID

0.0131

x

x

−0.0314

x

x

0.1098

x

x

(0.8411)

(0.6860)

(0.1499)

INTERLOCK_DUMMY

−0.0319

x

x

−0.0689

x

x

−0.1888

−0.1270

−0.1523

0.6298)

(0.4147)

(0.0883)

(0.1341)

(0.1994)

R-squared

0.2881

0.2284

0.1494

0.3054

0.2241

0.1482

0.4167

0.3544

0.219

p-value

0.002471

1.38e−007

0.04995

1.21e−06

0.0002691

8.70e−10