Table 4.

Lower and upper bound for 95% confidence intervals for the parameter estimates

	CRS			VRS
	Median	Lower bound (α = 2.5%)	Upper bound (α = 97.5%)	Median	Lower bound (α = 2.5%)	Upper bound (α = 97.5%)
Constant	1.185	0.933	1.282	1.099	1.041	1.296
Dummy, size of the board = 2	0.020	−0.064	0.103	−0.039	−0.103	0.018
Dummy, size of the board >3	0.141	0.0001	0.247	−0.032	−0.131	0.037
Remuneration chairperson of the board	0.145	0.044	0.253	0.089	−0.010	0.144
Remuneration chairperson supervisory board	0.095	0.013	0.183	0.052	0.001	0.124
Dummy, external contract (int. man.)	−0.019	−0.060	0.146	0.040	0.010	0.162
Dummy, statutory changes	−0.014	−0.108	0.042	−0.005	−0.103	0.001
Sigma	0.151	0.127	0.175	0.110	0.088	0.122

Bold: significant at the 5% level