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Corporate Transparency As An Investor Protection Tool: Evidence From Russia

Table 4:

Y = Market-to-book ratio
Hypotheses Results
H1 Corporate transparency level +⟶ As value driver Not rejected(p<0.1)
H2 State ownership -⟶ As value driver Rejected
H3 Capital structure (financial leverage) +⟶ As value driver Not rejected(p<0.01)
H4 Foreign ownership +⟶ As value driver Rejected (p<0.1)
H5 Number of independent board members +⟶ As value driver Rejected
H6 Company age +⟶ As value driver Not rejected(p<0.01)
H7 Number of board members +⟶ As value driver Rejected (p<0.1)
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