Variable

Coefficient

Std. Error

t-statistics

p-value

Financial Leverage

−0.02

0.01

−1.57

0.12

Firm Size

−0.01

0.06

−0.19

0.85

Board Size

−0.01

0.00

−1.52

0.13

Board Independence

0.16

0.08

2.13

0.04

Non-Executive Directors (NED)

0.17

0.07

2.34

0.02

Gender Diversity

−0.91

0.21

−4.28

0.00

Age of Company

0.00

0.01

0.74

0.46

Intercept

0.02

0.51

0.04

0.97

F(7, 113)

3.75

R-Squared

18.87%

sig

0.0011

Observations

150