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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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