- Note: Standard errors are in parentheses. *** p < 0.01, ** p < 0.05, * p < 0.1. The independent variables of governance are Governance Score; Corruption & Instability Score; Accounting Percentile Rank—Global; Board Percentile Rank—Global; Governance Percentile Rank—Global, and Corporate Governance Score Quartile. The lag-variable model (LV1) is used from among the models. The reversed corporate governance score quartile is utilized, where 4 indicates the top quartile and 1 indicates the bottom quartile. The sample size is smaller than the number of total observation is because the missing values of independent variables
