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Table 6 Logit model of whether ten largest shareholders are related (2011, nested)

From: “Status projection”—a study of the foundation of independent directors among China’s listed companies

  Model 1 Model 2 Model 3
Poli_Interlock 0.0559 (0.242) 0.0586 (0.352) 0.0292 (0.355)
Pro_Interlock −0.437** (0.210) −0.537** (0.232) −0.552** (0.237)
State owned 0.220 (0.206) 0.0242 (0.226) 0.0024 (0.239)
Num_PoliD   0.250 (.187) 0.230 (0.188)
Num_ProD   −0.0314 (0.198) −0.0296 (0.206)
No. of employees (LN)   0.192*** (0.0774) 0.222 (0.0849)
No. of shareholders (LN)   0.0485 (0.101) 0.003 (0.111)
Special treatment (ST)   −1.038*** (0.410) −1.099*** (0.427)
Industry 1    −1.202 (1.322)
Industry 2    −1.548 (1.266)
Industry 3    −0.896 (1.107)
Industry 4    −0.751 (1.318)
Industry 5    −1.009 (1.324)
Industry 6    −1.072 (1.244)
Industry 7    −1.743 (1.126)
Industry 8    −1.135 (1.165)
Industry 9    −1.398 (1.331)
Industry 10    −0.621 (1.177)
Industry 11    −0.499 (1.300)
Industry 12    −1.454 (1.310)
Constant 2.538*** (0.184) 0.566 (0.983) 1.870 (1.403)
Sample sizea 1323 1321 1321
  1. Industry 13 as the base category, standard deviation in parentheses
  2. **p < 0.05; ***p < 0.001
  3. aSince there are great many missing values, regressions were run to test whether independent variables affected the probability of missing values. The results show that except for number of employees, none of the independent variables are correlated with missing values