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© The Author(s) 2014. Published by Science and Education Publishing. Table 3. Relationship Between Board Characteristics, Control Variables, and Past TQ This table reports the results of OLS regressions of current percentage of nonexecutive directors on the board (NED), duality (DUAL), board size (BSIZE), director ownership (MOWNER), presence of board subcommittees (AC, RC, NC), and current control variables, on past performance and historic values of control variables. Performance is measured by return on assets (TQ). The control variables include sales growth (SALEG), capital expenditure (CAPITE), firm size (FSIZE), leverage (LEV), and R&D expenditure (R&D). Panel A reports the results of the regressions in which the dependent variables are current levels. Panel B reports the results of the regressions in which the dependent variable is the change from t-1 to t. All p-values (in parentheses) are based on robust standard errors. Year and industry dummies are included in all specifications. Items with ***, **, or * are significant at 1%, 5%, and 10%, respectively. Panel (A) Dependent variable is level at time t NED DUAL BSIZE MOWNER AC RC NC SALESG CAPITE FSIZE LEV RD TQ(-1) -0.015 0.021 0.694*** 0.007 0.028*** 0.074*** 0.101*** -0.192*** -0.007** 0.041*** -0.012*** 0.246 0.348 0.003 0.668 0.001 0.000 0.020 0.010 0.180 SALESG(-1) -0.008 0.015 0.45*** 0.017** -0.003 -0.006 -0.049*** 0.169*** 0.006*** 0.039*** 0.005* 0.167 0.178 0.039 0.612 0.440 0.008 0.858 0.056 CAPITE(-1) -0.121*** 0.346*** 1.758** 0.196*** 0.066 -0.319** 0.159 0.733*** 0.161*** 0.144*** -0.021*** 0.016 0.838 0.168 0.336 FSIZE(-1) 0.053*** -0.019*** 2.054*** -0.045*** 0.01*** -0.008* 0.145*** -0.048*** 0.987*** 0.011*** -0.001 0.061 0.472 0.188 LEV(-1) 0.034** -0.065** -1.434*** -0.022 0.004 -0.02 -0.126*** 0.123*** 0.002 -0.067*** 0.851*** 0.008** 0.044 0.024 0.315 0.739 0.263 0.006 0.009 0.762 0.045 R&D(-1) 0.238*** -0.155*** 4.932*** -0.111** -0.044 -0.146 0.327 -0.043*** -0.017 -0.04 0.902*** 0.027 0.697 0.362 0.268 0.163 0.773 0.236 R square 0.120 0.013 0.345 0.059 0.011 0.129 0.049 0.947 0.625 0.821 Panel (B) Dependent variable is level at time t-1 to t NED DUAL BSIZE MOWNER AC RC NC SALESG CAPITE FSIZE LEV RD -0.009 0.035 0.014 -0.018 0.889 0.608 0.772 0.170 0.983 0.279 0.005 -0.007 0.142*** -0.005 0.019* -0.832*** 0.250 0.305 0.936 0.375 0.293 0.091 0.308 0.026 -0.268*** 0.830 0.951 0.485 0.185 0.361 0.836 0.512 -0.03 -0.011*** -0.014*** 0.320 0.790 0.149 0.746 -0.016 0.025 -0.168 -0.013 -0.15*** 0.147 0.289 0.824 0.330 0.335 0.962 0.018 -0.348 0.031 -0.01 -0.099*** 0.626 0.643 0.238 0.435 0.716 0.881 0.718 0.040 0.037 Ramadan El-Faitouri et al. Board of Directors and Tobin’s Q: Evidence from U.K.Firms. Journal of Finance and Accounting, 2014, Vol. 2, No. 4, 82-99. doi:10.12691/jfa-2-4-2 © The Author(s) 2014. Published by Science and Education Publishing.