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The Encumbrance Of Institutional Investor And Bod In Reducing Risk Of Default

Table 3:

Debt Instrument Panel A: LTCB Panel B: LTS PanelC: MTCB Panel D: MTS
Dependent variable: Yield Spreads  
Explanatory variables Model
OLS RE Robust OLS RE Robust
Intercept -0.307 4.881 21.030*** 31.350***
Institutional Ownerships:
Top-six IO 0.001 -0.079 -0.001 0.001
Others IO 0.01 -0.110* -0.010** -0.003
Board of Directors Characteristics:
BODR2 0.662 3.249** 0.484* -0.407
BODC -0.209 0.609 0.093 -0.167
BODS 0.076 0.063 -0.076** 0.120**
BODM 0.018* -0.037 -0.015*** -0.005
Issue Characteristics:
Volatility 0.03 0.262** 0.243** 0.005
lnSize -0.095 -0.198 -0.148** -0.062*
Tenure 0.003 0.074** 0.034 0.113***
Issuer Characteristics:
Profit 0.072* -0.129 -0.100*** 0.028
Leverage -0.062 0.857* -0.048** 0.056
Firm Value 0.068 0.819 0.392** -0.840**
Firm Size 0.008 -0.493 0.031 -0.069
Sustain -0.024 0.124 0.025** 0.001***
Systematic Risks:
lnGDP 0.082 0.275 -1.289*** -2.159***
Firm fixed effects No No No No
No of observations 112 144 157 244
R-squared 0.2503 0.5349 0.4963 0.544
Adj R-squared 0.1331 - 0.4427 -
Model Fit (F-stat) 2.14** - 9.26*** -
F-test - - - -
Wald-chi-squared - 58898.15*** - 442.97***
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