Director Networks and Cost of Equity Capital: Based on “Busy Director Hypothesis” Analysis

Table 4

Regression results: director networks and cost of equity capital.

Variable	All the samples
	(1)	(2)	(3)	(4)	(5)	(6)
C	0.0887 (59.7473)	0.0812 (42.0907)	0.1243 (29.8283)	0.0904 (83.5070)	0.0828 (50.1899)	0.1257 (31.1019)
Degree	0.1120 (2.6234)	0.1100 (2.5794)	0.0929 (2.2113)
Betweenness				0.0141 (2.2893)	0.0135 (2.1915)	0.0125 (2.0579)
It		−0.0001 (−1.4198)	−0.0001 (−0.9090)		−0.0001 (−1.3473)	−0.0001 (−0.8517)
Roe		0.0210 (3.1701)	0.0067 (0.9952)		0.0208 (3.1385)	0.0066 (0.9708)
Grow		0.0001 (0.3667)	0.0001 (0.1801)		0.0001 (0.3533)	0.0001 (0.1628)
Tat		0.0082 (4.7968)	0.0023 (1.3325)		0.0083 (4.8228)	0.0023 (1.3416)
Lev			0.0017 (4.8766)			0.0017 (4.8937)
Inpe			−0.0080 (−9.2477)			−0.0080 (−9.2477)
R&D			−0.0056 (−8.4999)			−0.0016(−8.5222)
Dual			−0.0056 (−2.8766)			−0.0057 (−2.9310)
R^2	0.0012	0.0078	0.0435	0.0009	0.0075	0.0434
F	6.2284	9.2858	29.7638	5.2410	8.9131	29.6878
DW	2.0096	2.0101	2.0178	2.0091	2.0095	2.0175
N	5900	5900	5900	5900	5900	5900

Note: the symbols , , and mean significant at the statistical level of 1%, 5%, and 10%, respectively. The bracket value is the T value.