SUMMARY OUTPUT

Regression Statistics
Multiple R 0.6957833
R Square 0.4841144 measure of how well the model explains the data should be mentioned
Adjusted R S 0.46246885
Standard Erro 0.06277475
Observations 150

ANOVA
df SS MS F Significance F
Regression 6 0.52881109076 0.08813518 22.3655393 0.000
Residual 143 0.56351563218 0.00394067
Total 149 1.09232672293

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.2727923 0.08779521246 3.10714328 0.00227909 0.09924819297 0.44633642
Board Size 0.000 0.00159436176 -0.01172249 0.99066336 -0.0031702523 0.00313287
Board Gender 0.00869045 0.05541090779 0.15683644 0.87559497 -0.1008398596 0.11822076
Board Indepe 0.02050152 0.04585200734 0.44712371 0.65546223 -0.0701337853 0.11113683
Total Assets -0.02034339 0.00509717463 -3.99111016 0.00010468 -0.0304189308 -0.01026784
Total Equity 0.00950431 0.00117030135 8.12125116 0.000 0.00719098566 0.01181764
Price/Book V 0.01709025 0.00333573122 5.1233882 0.000 0.01049653208 0.02368396

estimates the effect of a 1 unit increase in the independent variable on the dependant variab;e - sign o

indicates the probability that the estimated coefficients are reliable or unreliable - p value tells us whe
data should be mentioned 48% of the variation of in the dependent variable is explained by the independent variable - 48%of t

whether the null hypothesis can or cannot be rejected this should be below 0.05 - really long figure. Its under 0.05 s

Lower 95.0% Upper 95.0%

0.09924819 0.44633642
-0.00317025 0.00313287
-0.10083986 0.11822076 Not statistically significant
-0.07013379 0.11113683
-0.03041893 -0.01026784
0.00719099 0.01181764
0.01049653 0.02368396

dependant variab;e - sign of the coefficient tells us whethr the relationship is positive or negative + or -

liable - p value tells us whethr our results are statistically significant - common threshold for significance that is used in most re
he independent variable - 48%of the variation in ROA can be explained by the in dependent variable

really long figure. Its under 0.05 so accept

ignificance that is used in most research is that the P value needs to be less than 0.05
ID ASX Code Company Name Year
CCL 2010 CCL Coca-Cola Amatil Ltd 2010
CCL 2011 CCL Coca-Cola Amatil Ltd 2011
CCL 2012 CCL Coca-Cola Amatil Ltd 2012
CCL 2013 CCL Coca-Cola Amatil Ltd 2013
CCL 2014 CCL Coca-Cola Amatil Ltd 2014
CCL 2015 CCL Coca-Cola Amatil Ltd 2015
CCL 2016 CCL Coca-Cola Amatil Ltd 2016
CCL 2017 CCL Coca-Cola Amatil Ltd 2017
CCL 2018 CCL Coca-Cola Amatil Ltd 2018
CCL 2019 CCL Coca-Cola Amatil Ltd 2019
CHC 2010 CHC Charter Hall Group 2010
CHC 2011 CHC Charter Hall Group 2011
CHC 2012 CHC Charter Hall Group 2012
CHC 2013 CHC Charter Hall Group 2013
CHC 2014 CHC Charter Hall Group 2014
CHC 2015 CHC Charter Hall Group 2015
CHC 2016 CHC Charter Hall Group 2016
CHC 2017 CHC Charter Hall Group 2017
CHC 2018 CHC Charter Hall Group 2018
CHC 2019 CHC Charter Hall Group 2019
CWN 2010 CWN Crown Ltd 2010
CWN 2011 CWN Crown Ltd 2011
CWN 2012 CWN Crown Ltd 2012
CWN 2013 CWN Crown Ltd 2013
CWN 2014 CWN Crown Ltd 2014
CWN 2015 CWN Crown Ltd 2015
CWN 2016 CWN Crown Ltd 2016
CWN 2017 CWN Crown Ltd 2017
CWN 2018 CWN Crown Ltd 2018
CWN 2019 CWN Crown Ltd 2019
DOW 2010 DOW Downer EDI Ltd 2010
DOW 2011 DOW Downer EDI Ltd 2011
DOW 2012 DOW Downer EDI Ltd 2012
DOW 2013 DOW Downer EDI Ltd 2013
DOW 2014 DOW Downer EDI Ltd 2014
DOW 2015 DOW Downer EDI Ltd 2015
DOW 2016 DOW Downer EDI Ltd 2016
DOW 2017 DOW Downer EDI Ltd 2017
DOW 2018 DOW Downer EDI Ltd 2018
DOW 2019 DOW Downer EDI Ltd 2019
ERA 2010 ERA Energy Resources of Australia Ltd 2010
ERA 2011 ERA Energy Resources of Australia Ltd 2011
ERA 2012 ERA Energy Resources of Australia Ltd 2012
ERA 2013 ERA Energy Resources of Australia Ltd 2013
ERA 2014 ERA Energy Resources of Australia Ltd 2014
ERA 2015 ERA Energy Resources of Australia Ltd 2015
ERA 2016 ERA Energy Resources of Australia Ltd 2016
ERA 2017 ERA Energy Resources of Australia Ltd 2017
ERA 2018 ERA Energy Resources of Australia Ltd 2018
ERA 2019 ERA Energy Resources of Australia Ltd 2019
EZL 2010 EZL Euroz Ltd 2010
EZL 2011 EZL Euroz Ltd 2011
EZL 2012 EZL Euroz Ltd 2012
EZL 2013 EZL Euroz Ltd 2013
EZL 2014 EZL Euroz Ltd 2014
EZL 2015 EZL Euroz Ltd 2015
EZL 2016 EZL Euroz Ltd 2016
EZL 2017 EZL Euroz Ltd 2017
EZL 2018 EZL Euroz Ltd 2018
EZL 2019 EZL Euroz Ltd 2019
GPT 2010 GPT GPT Group 2010
GPT 2011 GPT GPT Group 2011
GPT 2012 GPT GPT Group 2012
GPT 2013 GPT GPT Group 2013
GPT 2014 GPT GPT Group 2014
GPT 2015 GPT GPT Group 2015
GPT 2016 GPT GPT Group 2016
GPT 2017 GPT GPT Group 2017
GPT 2018 GPT GPT Group 2018
GPT 2019 GPT GPT Group 2019
IFM 2010 IFM Infomedia Ltd 2010
IFM 2011 IFM Infomedia Ltd 2011
IFM 2012 IFM Infomedia Ltd 2012
IFM 2013 IFM Infomedia Ltd 2013
IFM 2014 IFM Infomedia Ltd 2014
IFM 2015 IFM Infomedia Ltd 2015
IFM 2016 IFM Infomedia Ltd 2016
IFM 2017 IFM Infomedia Ltd 2017
IFM 2018 IFM Infomedia Ltd 2018
IFM 2019 IFM Infomedia Ltd 2019
JBH 2010 JBH JB Hi-Fi Ltd 2010
JBH 2011 JBH JB Hi-Fi Ltd 2011
JBH 2012 JBH JB Hi-Fi Ltd 2012
JBH 2013 JBH JB Hi-Fi Ltd 2013
JBH 2014 JBH JB Hi-Fi Ltd 2014
JBH 2015 JBH JB Hi-Fi Ltd 2015
JBH 2016 JBH JB Hi-Fi Ltd 2016
JBH 2017 JBH JB Hi-Fi Ltd 2017
JBH 2018 JBH JB Hi-Fi Ltd 2018
JBH 2019 JBH JB Hi-Fi Ltd 2019
QAN 2010 QAN Qantas Airways Ltd 2010
QAN 2011 QAN Qantas Airways Ltd 2011
QAN 2012 QAN Qantas Airways Ltd 2012
QAN 2013 QAN Qantas Airways Ltd 2013
QAN 2014 QAN Qantas Airways Ltd 2014
QAN 2015 QAN Qantas Airways Ltd 2015
QAN 2016 QAN Qantas Airways Ltd 2016
QAN 2017 QAN Qantas Airways Ltd 2017
QAN 2018 QAN Qantas Airways Ltd 2018
QAN 2019 QAN Qantas Airways Ltd 2019
SHL 2010 SHL Sonic Healthcare Ltd 2010
SHL 2011 SHL Sonic Healthcare Ltd 2011
SHL 2012 SHL Sonic Healthcare Ltd 2012
SHL 2013 SHL Sonic Healthcare Ltd 2013
SHL 2014 SHL Sonic Healthcare Ltd 2014
SHL 2015 SHL Sonic Healthcare Ltd 2015
SHL 2016 SHL Sonic Healthcare Ltd 2016
SHL 2017 SHL Sonic Healthcare Ltd 2017
SHL 2018 SHL Sonic Healthcare Ltd 2018
SHL 2019 SHL Sonic Healthcare Ltd 2019
SKI 2010 SKI Spark Infrastructure Group 2010
SKI 2011 SKI Spark Infrastructure Group 2011
SKI 2012 SKI Spark Infrastructure Group 2012
SKI 2013 SKI Spark Infrastructure Group 2013
SKI 2014 SKI Spark Infrastructure Group 2014
SKI 2015 SKI Spark Infrastructure Group 2015
SKI 2016 SKI Spark Infrastructure Group 2016
SKI 2017 SKI Spark Infrastructure Group 2017
SKI 2018 SKI Spark Infrastructure Group 2018
SKI 2019 SKI Spark Infrastructure Group 2019
UOS 2010 UOS United Overseas Australia Ltd 2010
UOS 2011 UOS United Overseas Australia Ltd 2011
UOS 2012 UOS United Overseas Australia Ltd 2012
UOS 2013 UOS United Overseas Australia Ltd 2013
UOS 2014 UOS United Overseas Australia Ltd 2014
UOS 2015 UOS United Overseas Australia Ltd 2015
UOS 2016 UOS United Overseas Australia Ltd 2016
UOS 2017 UOS United Overseas Australia Ltd 2017
UOS 2018 UOS United Overseas Australia Ltd 2018
UOS 2019 UOS United Overseas Australia Ltd 2019
WES 2010 WES Wesfarmers Ltd 2010
WES 2011 WES Wesfarmers Ltd 2011
WES 2012 WES Wesfarmers Ltd 2012
WES 2013 WES Wesfarmers Ltd 2013
WES 2014 WES Wesfarmers Ltd 2014
WES 2015 WES Wesfarmers Ltd 2015
WES 2016 WES Wesfarmers Ltd 2016
WES 2017 WES Wesfarmers Ltd 2017
WES 2018 WES Wesfarmers Ltd 2018
WES 2019 WES Wesfarmers Ltd 2019
WHC 2010 WHC Whitehaven Coal Ltd 2010
WHC 2011 WHC Whitehaven Coal Ltd 2011
WHC 2012 WHC Whitehaven Coal Ltd 2012
WHC 2013 WHC Whitehaven Coal Ltd 2013
WHC 2014 WHC Whitehaven Coal Ltd 2014
WHC 2015 WHC Whitehaven Coal Ltd 2015
WHC 2016 WHC Whitehaven Coal Ltd 2016
WHC 2017 WHC Whitehaven Coal Ltd 2017
WHC 2018 WHC Whitehaven Coal Ltd 2018
WHC 2019 WHC Whitehaven Coal Ltd 2019
Dependant Variable Independent Variable Control Variable
ROA Board Size Board Gender Board Independence Total Assets Total Equity
0.12 18 0.22 0.22 22.39 21.33
0.10 16 0.23 0.00 22.52 21.43
0.10 16 0.23 0.38 22.63 21.45
0.09 17 0.18 0.47 22.61 21.28
0.08 20 0.25 0.30 22.52 21.25
0.08 18 0.28 0.39 22.62 21.60
0.05 19 0.32 0.42 22.59 21.60
0.09 22 0.36 0.45 22.52 21.35
0.08 17 0.41 0.35 22.54 21.37
0.08 16 0.44 0.44 22.61 21.39
0.03 17 0.06 0.29 20.71 20.53
0.07 17 0.12 0.29 20.68 20.48
0.08 19 0.16 0.26 20.59 20.44
0.09 18 0.22 0.39 20.52 20.42
0.08 16 0.31 0.38 20.71 20.64
0.09 15 0.13 0.47 20.97 20.91
0.08 17 0.12 0.29 21.07 21.00
0.14 17 0.24 0.35 21.35 21.27
0.12 14 0.21 0.36 21.42 21.34
0.11 10 0.20 0.60 21.62 21.40
0.07 19 0.11 0.26 22.33 21.95
0.08 20 0.10 0.35 22.34 21.91
0.10 19 0.16 0.37 22.49 21.94
0.10 18 0.17 0.50 22.52 22.02
0.11 18 0.17 0.39 22.61 22.10
0.06 18 0.17 0.39 22.86 22.25
0.06 18 0.17 0.39 22.90 22.36
0.05 18 0.17 0.33 22.87 22.37
0.04 16 0.31 0.44 22.82 22.36
0.06 15 0.27 0.47 22.76 22.35
0.07 21 0.05 0.24 21.96 20.94
0.08 22 0.05 0.14 22.03 21.09
0.06 17 0.18 0.47 22.14 21.20
0.06 16 0.19 0.38 22.15 21.33
0.06 14 0.21 0.50 22.08 21.40
0.06 17 0.18 0.35 22.11 21.43
0.05 17 0.12 0.35 22.16 21.46
0.03 17 0.18 0.41 22.73 22.00
 0.04 17 0.29 0.41 22.78 21.89
0.04 16 0.25 0.44 22.80 21.84
0.04 16 0.06 0.19 21.10 20.67
-0.02 12 0.08 0.25 21.40 20.98
-0.07 15 0.13 0.27 21.33 20.79
-0.06 15 0.20 0.13 21.21 20.66
-0.10 14 0.29 0.14 21.02 20.43
-0.21 19 0.26 0.32 20.82 19.97
-0.04 12 0.25 0.25 20.52 19.11
-0.04 15 0.27 0.20 20.50 18.86
-0.66 13 0.31 0.23 20.27 -19.45
0.03 11 0.27 0.27 20.16 -19.43
0.13 19 0.00 0.00 18.68 18.51
0.17 24 0.00 0.00 18.81 18.59
0.08 23 0.00 0.00 18.72 18.61
0.04 23 0.00 0.00 18.68 18.58
0.19 14 0.00 0.00 18.75 18.58
-0.06 13 0.00 0.00 18.60 18.53
0.03 14 0.00 0.00 18.62 18.55
0.14 15 0.07 0.00 18.75 18.60
0.19 11 0.00 0.00 18.90 18.69
0.00 11 0.00 0.00 18.70 18.58
0.05 16 0.19 0.56 23.00 22.66
0.04 15 0.13 0.47 22.95 22.64
0.07 16 0.19 0.38 22.96 22.65
0.07 14 0.21 0.43 22.97 22.63
0.05 11 0.27 0.55 23.04 22.66
0.06 16 0.38 0.50 23.12 22.74
0.07 12 0.42 0.58 23.19 22.84
0.07 11 0.36 0.55 23.29 22.93
0.06 14 0.43 0.50 23.42 23.04
0.04 13 0.46 0.62 23.49 23.15
0.25 10 0.10 0.20 17.65 17.33
0.21 12 0.17 0.08 17.68 17.39
0.18 10 0.20 0.20 17.68 17.41
0.20 10 0.20 0.10 17.76 17.46
0.23 12 0.25 0.00 17.81 17.55
0.23 11 0.27 0.27 17.87 17.60
0.17 11 0.18 0.27 17.91 17.60
0.18 10 0.20 0.60 18.02 17.72
0.16 9 0.11 0.44 18.19 17.81
0.17 8 0.13 0.50 18.34 17.98
0.17 12 0.00 0.42 20.37 19.50
0.18 12 0.08 0.50 20.46 18.84
0.14 17 0.06 0.41 20.51 19.03
0.15 13 0.08 0.31 20.55 19.31
0.16 14 0.07 0.36 20.57 19.50
0.16 13 0.08 0.31 20.61 19.65
0.16 15 0.13 0.40 20.72 19.82
0.09 17 0.12 0.41 21.62 20.56
0.10 13 0.15 0.46 21.64 20.67
0.10 15 0.20 0.40 21.66 20.77
0.02 20 0.20 0.45 23.71 22.51
0.02 19 0.26 0.53 23.76 22.54
0.02 21 0.29 0.52 23.78 22.50
0.02 20 0.30 0.40 23.73 22.51
0.04 21 0.38 0.38 23.58 21.78
0.05 21 0.29 0.43 23.59 21.96
0.09 19 0.37 0.47 23.54 21.90
0.07 19 0.37 0.47 23.57 21.99
0.07 22 0.45 0.50 23.65 22.10
0.05 21 0.43 0.57 23.69 21.96
0.07 14 0.07 0.21 22.31 21.66
0.07 17 0.18 0.24 22.27 21.65
0.08 10 0.20 0.40 22.32 21.68
0.07 10 0.20 0.40 22.43 21.79
0.07 10 0.20 0.40 22.48 21.86
0.06 11 0.18 0.45 22.57 21.93
0.07 12 0.17 0.42 22.72 22.04
0.06 9 0.22 0.44 22.79 22.09
0.07 10 0.20 0.50 22.83 22.18
0.06 10 0.20 0.50 23.02 22.43
0.08 15 0.27 0.33 21.63 21.06
0.09 14 0.29 0.29 21.56 21.01
0.10 11 0.36 0.45 21.61 21.11
0.08 8 0.38 0.63 21.70 21.21
0.07 10 0.50 0.70 21.83 21.34
0.05 11 0.45 0.64 22.04 21.49
0.05 11 0.36 0.64 21.98 21.48
0.05 11 0.36 0.45 21.98 21.45
0.08 8 0.38 0.63 21.89 21.31
0.05 10 0.30 0.60 21.85 21.22
0.15 13 0.23 0.23 20.51 20.25
0.11 13 0.23 0.15 20.93 20.72
 0.09 11 0.27 0.18 21.00 20.77
0.09 11 0.27 0.09 21.21 20.97
0.07 11 0.27 0.09 21.30 21.07
0.07 12 0.25 0.08 21.40 21.12
0.02 11 0.27 0.09 21.47 21.22
0.07 11 0.27 0.09 21.57 21.35
0.05 11 0.27 0.18 21.67 21.50
0.04 11 0.27 0.27 21.71 21.57
0.05 20 0.25 0.30 24.39 23.93
0.06 19 0.21 0.37 24.43 23.96
0.06 17 0.18 0.41 24.47 23.97
0.06 20 0.25 0.45 24.49 23.98
0.06 20 0.20 0.40 24.41 23.98
0.07 21 0.19 0.48 24.42 23.93
0.07 20 0.20 0.40 24.43 23.86
0.08 17 0.24 0.41 24.42 23.90
0.09 20 0.20 0.45 24.33 23.85
0.11 19 0.21 0.53 23.63 23.02
0.05 10 0.00 0.30 21.02 20.75
0.07 10 0.00 0.20 21.10 20.76
0.02 17 0.06 0.29 22.19 21.95
-0.01 15 0.07 0.33 22.15 21.92
0.00 13 0.08 0.46 22.18 21.89
0.01 12 0.08 0.42 22.16 21.78
0.02 13 0.15 0.15 22.13 21.78
0.11 12 0.17 0.42 22.10 21.91
0.12 14 0.21 0.36 22.21 21.97
0.12 14 0.14 0.36 22.30 21.98
ontrol Variable
Price/Book Value
4.48
4.30
4.93
5.28
4.22
2.95
3.21
3.28
3.12
4.10
0.85
0.81
0.89
1.58
1.62
1.53
1.57
1.49
1.63
2.57
1.72
2.08
1.83
2.42
2.77
1.93
1.78
1.63
1.80
1.65
0.97
1.10
0.83
0.85
1.00
1.02
0.77
1.06
 1.26
1.35
2.23
0.49
0.61
0.70
0.90
0.40
1.13
3.04
-0.45
-0.31
1.55
1.92
1.37
1.22
1.62
1.38
1.10
1.42
1.49
1.64
0.78
0.82
0.95
0.86
1.06
1.14
1.09
1.01
0.95
0.96
2.48
1.83
1.67
3.74
5.48
8.47
4.07
4.51
5.48
8.28
 7.04
11.04
4.75
6.82
6.15
5.61
5.89
3.13
2.73
2.84
0.83
0.67
0.41
0.50
0.96
2.01
1.65
2.83
2.62
2.43
1.58
1.99
1.90
2.02
2.23
2.58
2.40
2.59
2.43
2.34
1.08
1.37
1.50
1.32
1.69
1.50
1.87
2.03
2.06
2.17
0.51
0.40
0.41
0.50
0.41
0.41
0.50
0.47
0.45
0.56
1.17
1.26
1.17
1.53
1.84
1.77
1.97
1.90
2.46
4.11
2.32
2.77
1.23
0.72
0.46
0.47
0.38
0.89
1.70
1.06