Applying Meta-Frontier Approaches to Profitability Estimation: In Case of the Effects of Official Independent Directors

Table 4

Profitability of listed companies.

	QP model
	Mean	Variance	Min	Max
Listed company with official independent director (GOV)
Technological gap (TGR)	0.786	0.116	0.499	1.000
Random boundaries of the first stage (TE)	0.865	0.078	0.599	0.945
TE	0.714	0.118	0.372	0.942
Listed company with no official independent director (NO-GOV)
Technological gap (TGR)	0.844	0.081	0.519	1.000
Random boundaries of the first stage (TE)	0.831	0.090	0.552	0.943
Common border efficiency (TE)	0.739	0.106	0.410	0.927
Whole sample
Technological gap (TGR)	0.800	0.102	0.405	0.950
Random boundaries of the first stage (TE)	0.834	0.082	0.552	0.945
Common border efficiency (TE)	0.703	0.112	0.351	0.942