Research Article
Director Networks and Cost of Equity Capital: Based on “Busy Director Hypothesis” Analysis
Table 5
Regression results: director networks, property right nature, and cost of equity capital.
| | Variable | All the samples | | State = 1 | State = 0 | State = 1 | State = 0 | State = 1 | State = 0 | State = 1 | State = 0 | | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| | C | 0.1030 (34.4238) | 0.0833 (49.7955) | 0.1541 (21.3889) | 0.1126 (19.1382) | 0.1014 (46.8300) | 0.0856 (70.5361) | 0.1525 (22.0788) | 0.1150 (19.8391) | | Degree | −0.0692 (−0.9165) | 0.1544 (2.9567) | −0.0780 (−1.0645) | 0.1667 (3.2161) | | | | | | Betweenness | | | | | −0.0056 (−0.5202) | 0.01906 (2.5071) | −0.0079 (−0.7625) | 0.0217 (2.8857) | | It | | | 0.0001 (0.0110) | −0.0001 (−1.1825) | | | 0.0001 (0.0208) | −0.0001 (−1.0673) | | Roe | | | 0.0125 (1.5620) | −0.0289 (−1.6777) | | | 0.0126 (1.5784) | −0.0293 (−1.7009) | | Grow | | | −0.0001 (−0.1148) | 0.0001 (0.5378) | | | −0.0001 (−0.1218) | 0.0001 (0.5135) | | Tat | | | 0.0007 (0.2118) | 0.0040 (1.9201) | | | 0.0007 (0.2262) | 0.0041 (1.9715) | | Lev | | | 0.0028 (3.9056) | 0.0012 (2.9850) | | | 0.0028 (3.9032) | 0.0012 (3.0054) | | Inpe | | | −0.0127 (−8.2825) | −0.0060 (−5.1854) | | | −0.0127 (−8.2868) | −0.0060 (−5.1947) | | RD | | | −0.0028 (−5.9895) | −0.0012 (−5.9578) | | | −0.0028 (−5.9761) | −0.0012 (−5.9542) | | Dual | | | −0.0015 (−0.2683) | −0.0040 (−1.9442) | | | −0.0015 (−0.2662) | −0.0041 (−2.0025) | | Adj.R2 | 0.0004 | 0.0022 | 0.0677 | 0.0297 | 0.0001 | 0.0016 | 0.0675 | 0.0292 | | F | 0.8400 | 8.7422 | 15.9336 | 13.2820 | 0.2706 | 6.2856 | 15.8679 | 13.0517 | | DW | 2.0459 | 1.8882 | 2.0186 | 1.8947 | 2.0462 | 1.8885 | 2.0194 | 1.8951 | | N | 1986 | 3916 | 1984 | 3916 | 1984 | 3916 | 1984 | 3916 |
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Note: the symbols , , and mean significant at the statistical level of 1%, 5%, and 10%, respectively. The bracket value is the T value. |
