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
More intriguing information
1. The name is absent2. Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information
3. Firm Creation, Firm Evolution and Clusters in Chile’s Dynamic Wine Sector: Evidence from the Colchagua and Casablanca Regions
4. Healthy state, worried workers: North Carolina in the world economy
5. The name is absent
6. 09-01 "Resources, Rules and International Political Economy: The Politics of Development in the WTO"
7. The name is absent
8. Commitment devices, opportunity windows, and institution building in Central Asia
9. A Dynamic Model of Conflict and Cooperation
10. From Aurora Borealis to Carpathians. Searching the Road to Regional and Rural Development