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Corporate Transparency As An Investor Protection Tool: Evidence From Russia

Table 3:

Variable Market-to-book ratio
coeff. t-stat.
Transparency score 0.17 1.6*
Age 0.29 15.7***
Independent director 0.05 0.65
Leverage 0.32 5.81***
Foreign ownership -0.19 -1.8*
State ownership 0.01 0.03
Number of board members -0.05 -1.44*
Sectoral dummies -
Time dummies +
F (10,402) 50.85
R2 (within) 0.31
R2 (between) 0.02
R2 (overall) 0.02
Rho 0.90
corr ( u i , X i t ) -0.84
Const. -3.21 -7.36
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