3.3. Results
Table 2 reports the results of model (1) estimation. For each event, the coefficients measure
the impact of each variable on the probability of each event with respect to the baseline case (no
governance interventions in the following year): they are to be interpreted as affecting the odds
ratio.
Table 2. Determinants of ACCs governance control mechanisms.
|
Variables |
Board Change |
Chairman |
Central ACC |
Management Board |
Merger |
|
Constant |
-2.704 * |
-2.816* |
-5.095* |
-6.217* |
-4.082 * |
|
(0.740) |
(0.673) |
(0.753) |
(0.731) |
(0.682) | |
|
Year |
-0.0515 |
-0.0922 |
0.071 |
0.401 * |
0.044 |
|
(0.0732) |
(0.067) |
(0.075) |
(0.064) |
(0.074) | |
|
Total Assets |
-0.004 |
-0.002 |
-0.012*** |
0.886* |
-0.065 * |
|
(0.004) |
(0.005) |
(0.008) |
(0.003) |
(0.014) | |
|
Bad Loans |
-0.621 |
-1.425 |
9.711 * |
14.838* |
11.148 * |
|
(X1) |
(2.427) |
(2.224) |
(1.771) |
(1.561) |
(1.556) |
|
Labour Costs / |
-1.242 |
2.462 |
-0.229 |
-0.829 |
3.007 |
|
Turnover (X2) |
(3.961) |
(3.166) |
(3.522) |
(4.087) |
(2.960) |
|
Administ.Costs/ |
-0.223 |
4.121 |
10.711 ** |
-7.099 |
7.455 *** |
|
Turnover (X3) |
(6.023) |
(4.879) |
(4.993) |
(6.445) |
(4.424) |
|
Return on |
0.228 |
-0.010 |
-0.297** |
-0.171 |
-0.192 *** |
|
Equity (X4) |
(0.177) |
(0.206) |
(0.120) |
(0.120) |
(0.111) |
|
Solvency (X5) |
0.942 |
-0.153 |
0.972 |
-0.980*** |
-0.928 |
|
(1.256) |
(1.054) |
(1.014) |
(0.611) |
(0.644) |
Chi-squared (degrees of freedom) 363.99(35)
Significance level 0.00
1. Standard deviation in parenthesis
2. *, **, ***: Significance level of 1%, 5% and 10% respectively.
10