Financial Risk Management, Usage of Derivatives and Corporate Governance
Table 2:
| Expression: Pr(FD), predict() | |||||||
| Baseline model | Models incorporating the moderating effect of the presence of women directors | ||||||
| Model 1Coef. | Model 2Coef. | Model 3Coef. | Model 4Coef. | Model 5Coef. | Model 6Coef. | Model 7Coef. | |
| DirRem | 1.08567* | .8248364 | 1.02244* | 1.038899* | .985699 | 1.074611* | .8484329 |
| CEOShare | -.3693038 | .1078063 | -1.115043 | .3391619 | -1.013076 | -.2220735 | -.3357743 |
| Bind | 5.566859* | 5.664411* | 6.176574** | 7.936755* | 6.314543** | 5.565251* | 6.223516** |
| FamOwn | -.4196036 | -.7036555 | -1.48781 | -1.463619 | -2.037874 | -.4819969 | 1.189792 |
| DirShare | 1.234553 | 1.431264 | .9280609 | 1.574411 | .6642824 | 1.743821 | .3051974 |
| IndirShare | 2.070822 | 1.963857 | 2.464978 | 2.232244 | 2.449707 | 2.045404 | -1.930507 |
| PreFeDir | -2.494401 | -.224396 | 1.862229 | -.3294527 | .0682711 | -.5249057 | |
| PreFeDir@DirRem | .3760286 | ||||||
| PreFeDir@CEOShare | 4.441164 | ||||||
| PreFeDir@BInd | -4.008698 | ||||||
| PreFeDir @FamOwn | 5.745392 | ||||||
| PreFeDir @DirShare | -.6486166 | ||||||
| PreFeDir @Indirshare | 7.9353** | ||||||
| ROA | -4.991267 | -4.699305 | -3.84241 | -4.607319 | -3.29508 | -4.634074 | -3.073934 |
| TA | 1.523413*** | 1.565768*** | 1.584286*** | 1.504469*** | 1.630163*** | 1.535814*** | 1.69728*** |
| DebtRatio | -.0014452 | -.0010551 | -.0028615 | .0001772 | -.0026638 | -.0012023 | -.0027671* |
| Firmgrowth | .293947** | .2970082* | .272413* | .2826335* | .2638469* | .2886092* | .2505869 |
| AuditCo | 1.021026 | .9703971 | .845108 | .9403505 | .7880029 | 1.0194 | .6760834 |
| _cons | -21.2335 | -19.82309 | -21.19752 | -21.84688 | -21.22596 | -21.31052 | -20.45928 |
| Log likelihood | -54.856428 | -54.787719 | -54.140206 | -54.589132 | -53.560436 | -54.847563 | -52.218175 |
| Prob>Chi2 | 0.0039 | 0.0103 | 0.0068 | 0.0090 | 0.0046 | 0.0106 | 0.0019 |
| Pseudo R2 | 0.2003 | 0.2013 | 0.2107 | 0.2042 | 0.2192 | 0.2004 | 0.2387 |