[Retracted] Empirical Research on Seasoned Equity Offerings, Board Member Characteristics, and Corporate Investment Efficiency

Table 9

Regression results of the relationship between board members’ characteristics and investment efficiency of refinancing companies (robustness test).

	(1)	(2)	(3)	(4)	(5)
		0.058
(0.014)
		−0.001
		(0)
Sex			0.009
			(0.004)
Women				0.011
				(0.005)
Oversea					0.013
					(0.005)
Size	−0.001	0	−0.001	−0.001	−0.001
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Lev	0.004	0.002	0.003	0.003	0.004
	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)
	0.077	0.076	0.076	0.076	0.077
	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)
Cash	−0.031	−0.031	−0.031	−0.031	−0.032
	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
	0	0	0	0	0
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
	−0.004	−0.003	−0.004	−0.004	−0.004
	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
	0	0	0	0	0
	(0)	(0)	(0)	(0)	(0)
	−0.002	−0.002	−0.002	−0.002	−0.002
	(0)	(0)	(0)	(0)	(0)
	0.001	0.001	0.001	0.001	0.001
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
	0.082	0.126	0.091	0.091	0.103
	(0.02)	(0.02)	(0.019)	(0.019)	(0.019)
	6139	6139	6139	6139	6139
	0.056	0.057	0.054	0.054	0.055

Standard errors are shown in parentheses , , .