To estimate equation (5) we have to take into account the potential endogeneity of
financial performance and board appointment decisions. Furthermore, including the
lagged dependent variable as an independent variable makes the fixed effects
estimator not only biased, but also inconsistent. To overcome this problem an
instrumental variables (IV) estimator could be used. However, appropriate
governance instruments are not easy to find. We therefore make use of the dynamic
panel data (DPD) estimator which employs a matrix of lagged endogenous variables
as instruments timed from t-2 to t-6. The DPD technique therefore creates
instruments by its construction. All our models...
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