Corporate Transparency As An Investor Protection Tool: Evidence From Russia
Table 2:
| Variable |
Market-to-book ratio |
Market-to-book ratio |
| coeff. |
t-stat. |
coeff. |
t-stat. |
| Transparency score |
0.01 |
1.66* |
0.01 |
1.67* |
| Age |
0.02 |
1.32 |
0.01 |
0.96 |
| Independent director |
0.01 |
0.60 |
0.01 |
0.65 |
| Leverage |
0.29 |
9.01*** |
0.29 |
8.88*** |
| Foreign ownership |
0.04 |
0.38 |
0.06 |
0.62 |
| State ownership |
-0.23 |
-2.11** |
-0.18 |
-1.59* |
| Number of board members |
-0.06 |
-2.41** |
-0.05 |
-2.23** |
| Sectoral dummies |
- |
+ |
| Time dummies |
+ |
+ |
| Wald chi2 |
182.11 |
187.98 |
| R2 (within) |
0.27 |
0.27 |
| R2 (between) |
0.12 |
0.14 |
| R2 (overall) |
0.17 |
0.19 |
| Const |
0.90 |
3.04 |
1.05 |
2.49 |
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