Table 8.

Effects of board characteristics on information asymmetry (robustness check).

	LAG	GMM	LAG	GMM
VARIABLES	(A) QBAS	(B) QBAS	(C) QBAS	(D) QBAS
AF			−0.118***	−0.045***
			(0.013)	(0.017)
BoDS	−0.346***	−0.079**	−0.103***	−0.023*
	(0.064)	(0.031)	(0.009)	(0.013)
BINED	−0.021***	−0.099*	−0.037***	−0.067***
	(0.004)	(0.050)	(0.010)	(0.018)
BFE	0.018	−0.014	−0.333***	0.004
	(0.066)	(0.021)	(0.070)	(0.011)
BBusy	0.016***	0.013**	0.039***	0.058***
	(0.006)	(0.005)	(0.009)	(0.018)
CEOD	0.062***	0.084*	0.141***	−0.273***
	(0.008)	(0.050)	(0.016)	(0.026)
BDG	−0.149*	−1.465*	0.370***	−0.699**
	(0.079)	(0.833)	(0.014)	(0.275)
BoDS*AF			0.003**	−0.008***
			(0.001)	(0.002)
BIND*AF			0.010***	−0.005***
			(0.002)	(0.002)
BFE*AF			0.003	0.001
			(0.012)	(0.002)
Bbusy*AF			−0.003**	0.008***
			(0.001)	(0.002)
CEOD*AF			−0.006**	0.084***
			(0.002)	(0.075)
BDG*AF			−0.106***	0.083***
			(0.020)	(0.032)
FSIZE	−0.383***	−0.364***	−0.134***	−0.344***
	(0.012)	(0.032)	(0.012)	(0.011)
FAGE	0.084	−0.136***	0.107***	−0.144***
	(0.126)	(0.048)	(0.014)	(0.021)
FLV	0.022***	0.069**	0.044***	0.034***
	(0.005)	(0.027)	(0.007)	(0.005)
R&D	0.016***	0.007	−0.028	0.085*
	(0.005)	(0.283)	(0.060)	(0.050)
FATR	−0.096***	−0.017	−0.011***	−0.079
	(0.026)	(0.011)	(0.002)	(0.048)
Constant	−1.649***	−1.307***	−0.916***	−1.351***
	(0.054)	(0.292)	(0.114)	(0.124)
Observations	5313	5905	5313	5905
R-squared	0.625		0.512
YEARS FE	YES	YES	YES	YES
INDUSTRY FE	YES	YES	YES	YES
AR (1) test (p-value)		0.000		0.000
AR (2) test (p-value)		0.489		0.286
Hansen test of over-identification (p-value)		0.843		0.846

Note: ***, **, and * denote significance levels of 1%, 5%, and 10%, respectively.

Robust standard errors are found in parentheses.