| Variable | Coefficient | Std. Error | t-statistics | p-value |
| Financial Leverage | 0.065 | 0.029 | 2.280 | 0.024 |
| Firm Size | 0.002 | 0.152 | 0.010 | 0.990 |
| Board Size | −0.025 | 0.012 | −2.180 | 0.031 |
| Board Independence | 0.328 | 0.199 | 1.650 | 0.101 |
| Non-Executive Directors | 0.518 | 0.184 | 2.820 | 0.006 |
| Gender Diversity | −2.034 | 0.547 | −3.720 | 0.000 |
| Age of Company | 0.015 | 0.013 | 1.130 | 0.260 |
| Intercept | −0.597 | 1.306 | −0.460 | 0.649 |
| F(7, 113) | 5.07 | R-Squared | 24% | |
| Sig-Value | 0.00 | Observations | 150 |