Future operatingPerformance and Governance Factors
The results for future operating performance analysis are presented in Table 7, In the govemance factors only specification, we find that Active, Compensation Mix. Insider Power, Board Size, and Anti Takeoverll have a positive association, whereas Anti-Takeover l and Debt have a negative association with future operating performance. The adjusted R this specification is 14.2 percent. However, it is important to note that this level o explanatory power includes four factors that have u signs(Debt. Insider Power.Board Size, and Anti-Takeover II