*3.5. Robustness Tests*

We run robustness tests to check the stability of our models. For this purpose, we construct models with an additional control variable—board size (BOARDSIZE)—which represents the number of non-executive directors on the supervisory board. The results for the three models, AR, BR, and CR, are presented in Table 11.


**Table 11.** Estimation results of robustness tests.


**Table 11.** *Cont.*

Notes: \*\*\* *p* < 0.01, \*\* *p* < 0.05, and \* *p* < 0.1.

As shown in Table 11, the variable of board size does not change the stability of our models. All parameter signs and statistical significances remain stable.
