Question

Estimation results for ROE, EPS and ROA as the dependent variables

ROE

EPS

ROA
Model 1 Model 2 Model 3 Duality 0.028*** -0.070*** -0.008
(2.65) (-2.89) (-1.14) B. Size -0.011*** -0.018*** -0.001
(-5.13) (-3.46) (-0.37) Independence -0.088** -0.005 -0.032
(-2.21) (-0.06) (-0.84) Gender 0.232*** 0.284** 0.224***
(4.62) (2.00) (4.86) Academic -0.069*** -0.397*** -0.048**
(-3.00) (-5.77) (-2.24) F. SIZE 0.131*** 0.171*** 0.041***
(10.68) (7.32) (5.58) LEVERAGE -0.189*** -0.272*** -0.076***
(-6.85) (-4.96) (-4.98) B. MEETINGS - 0.023*** -0.001
- (4.39) (-0.32) C -0.731*** -1.000*** -0.226***
(-7.96) (-6.69) (-4.07) Sample size 141 111 111 R-Square 0.67 0.60 0.40 Adjusted R-Square 0.66 0.57 0.35 F-statistic 39.04*** 19.18*** 8.41*** ***, **, * indicate significance at 1%, 5%, and 10% respectively. Numbers in parenthesis are t-statistics. Panel data is used for the estimation of the following model:

Performanceit = B0 +B1(Duality)it+B2(B Size)it+ B3(Independence)it+ B4(Gender)it + B5(Academic)it + B6(B meetings)it +B7(F Size)it +B8(Leverage)it + eit

Answer 1

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