Table 5.
Standardized β coefficients N = 419 | Model I | Model II | Model III | Model IV | Model V |
---|---|---|---|---|---|
Controls | |||||
Firm size | −0.01 | 0.01 | 0.02 | 0.04 | 0.06 |
Listing | 0.11* | 0.15** | 0.07 | 0.08† | 0.08† |
Firm age | 0.01 | 0.01 | −0.03 | −0.05 | −0.05 |
CEO tenure | 0.02 | 0.01 | 0.00 | 0.03 | 0.01 |
Board demography | |||||
CEO duality | −0.01 | −0.01 | −0.00 | 0.02 | |
Board size | −0.15** | −0.08† | −0.04 | −0.01 | |
Non-executives ratio | −0.00 | 0.01 | −0.08 | −0.12† | |
Director ownership | 0.10† | 0.06 | 0.07 | 0.07 | |
Board processes | |||||
Effort norms | 0.33*** | 0.33*** | 0.13* | ||
Cognitive conflicts | 0.01 | −0.01 | −0.12* | ||
Use of knowledge & skills | 0.28*** | 0.28*** | 0.34*** | ||
Country effect | |||||
Country (ITA = 1, Nor = 0) | −0.17** | −0.20*** | |||
Interactions | |||||
Country (ITA) * effort norms | 0.27*** | ||||
Country (ITA) * conflicts | 0.16** | ||||
Country (ITA) * use of knowledge | −0.05 | ||||
R2 | 0.01 | 0.05 | 0.25 | 0.26 | 0.32 |
Adj. R2 | 0.01 | 0.03 | 0.23 | 0.24 | 0.29 |
F change | 1.2 | 3.9** | 37.5*** | 6.8** | 10.4*** |
F (sign) full model | 1.2 | 2.6** | 12.7*** | 12.3*** | 12.6*** |
† = 0.10-level, * = 0.05-level, ** = 0.01-level, *** = 0.001-level.
The listwise deletion procedure determined a number of complete observations of N = 419.
Note: Some changes have been made to this table to correct layout and reporting of decimal places on 7 February 2011 after first publication online on 5 January 2011.