TABLE 5 t-tests for difference-of-means on the coverage of good governance codes
Common law countries Civil law countries
Shareholder’s rights 0.53** (0.13) 0.86 (0.06)
Employee’s role 0* (0) 0.21 (0.08)
Board meeting and agenda 0.73 (0.12) 0.79 (0.08)
Separation of Chairman and CEO 0.93** (0.07) 0.52 (0.09)
Board composition and independence 1 (0) 1 (0)
Board directorship 0.47† (0.13) 0.24 (0.08)
Conflict of interest 0.27* (0.12) 0.59 (0.09)
Deontology for director’s 0 (0) 0.07 (0.05)
Election term/term limits/mandatory retirement 0.6 (0.13) 0.48 (0.09)
Evaluating board performance 0.67* (0.13) 0.38 (0.09)
Remuneration 1 (0) 0.90 (0.06)
Remuneration committee 0.87 (0.09) 0.90 (0.06)
Nomination committee 0.87 (0.09) 0.79 (0.08)
Audit committee 1 (0) 0.93 (0.05)
All items 8.93 (0.34) 8.72 (0.39)
Number of observations 15 29