| Governance policies | | | | |
| Form 990 transparency | –0.238 | (0.181) | 0.789 | (0.143) |
| Conflict of interest policy | 0.079 | (0.354) | 1.081 | (0.382) |
| Annual disclosure of conflicts | 0.135 | (0.349) | 1.144 | (0.400) |
| Policy monitoring and enforcement | –0.452** | (0.220) | 0.637** | (0.140) |
| Whistleblower policy | –0.280 | (0.268) | 0.756 | (0.203) |
| Document retention and destruction | 0.131 | (0.252) | 1.140 | (0.287) |
| Compensation process for CEO | –0.376 | (0.252) | 0.686 | (0.173) |
| Compensation process for other | –0.540** | (0.290) | 0.583** | (0.169) |
| Financial audit system | | | | |
| Independent compilation or review | 0.056 | (0.305) | 1.008 | (0.309) |
| Independent audit | –0.547** | (0.359) | 0.578** | (0.208) |
| Audit oversight committee | –0.098 | (0.338) | 0.907 | (0.308) |
| Orgs. characteristics | | | | |
| Board size | –0.121 | (0.091) | 0.886 | (0.081) |
| Board independence | –0.130 | (0.247) | 0.878 | (0.217) |
| Orgs. age | 0.008* | (0.004) | 1.008* | (0.004) |
| Orgs. size | –0.059* | (0.033) | 0.943* | (0.031) |
| Employee | –0.000 | (0.001) | 1.000 | (0.001) |
| Government grant | 0.158 | (0.197) | 1.171 | (0.236) |
| Donative org. | –0.296 | (0.185) | 0.743 | (0.140) |
| Debt ratio | 0.989*** | (0.254) | 2.687*** | (0.682) |
| Family relation | 0.431** | (0.229) | 1.538** | (0.351) |
| Location (urban=1) | –0.227 | (0.197) | 0.797 | (0.157) |
| NTEE-code control | Yes | Yes |
| Constant | 1.780*** | (0.553) | 6.038*** | (3.342) |
| Observations | 1,280 | 1,280 |