Table 10 Regression results of board of directors attributes and earnings management with the pre- and post-CCG 2017 dummies

BIND_PRE_17

− 0.143

(− 1.21)

BEXP_PRE_17

0.053

(0.56)

BDIV_PRE_17

0.045

(0.38)

FD_PRE_17

0.109

(0.84)

CEOD_PRE_17

0.000

(0.01)

BIND_POST_17

−0.448^**

(−1.64)

BEXP_POST_17

−0.454^***

(−2.01)

BDIV_POST_17

0.282

(0.98)

FD_POST_17

−0.171

(−0.47)

CEOD_POST_17

0.000

(.)

BIND

−0.228^***

(−2.37)

BEXP

−0.136^**

(−1.77)

BDIV (%)

0.174^***

(2.11)

FD

−0.116

(−1.20)

CEOD

0.058

(1.26)

BMEET

0.008^**

(1.79)

0.002

(0.23)

0.000

(0.04)

BSIZE

0.010

(0.75)

−0.032

(−0.78)

0.010

(0.86)

ACIND

−0.042

(−0.67)

0.244

(1.00)

0.138^***

(2.28)

ACEXP

−0.071

(−1.09)

0.112

(0.95)

−0.002

(−0.06)

BIG4

−0.011

(−0.26)

0.006

(0.05)

0.023

(0.68)

ROA

0.002

(1.47)

−0.002

(−0.62)

−0.001

(−0.78)

LEVE

−0.164^***

(−2.28)

0.005

(0.03)

0.006

(0.10)

FAGE

0.016^***

(2.43)

−0.016

(−0.85)

0.011^***

(2.93)

Tangibility

0.012

(0.19)

−0.056

(−0.32)

0.020

(0.38)

FSIZE

0.062^**

(1.79)

0.088

(1.01)

0.047^***

(2.31)

LOSS(D)

0.024

(1.54)

0.048

(1.17)

0.044^***

(2.87)

CFO

−0.911^***

(−21.8)

−0.001

(−1.57)

−0.002^***

(−4.61)

SALES

0.046^***

(2.58)

0.127^***

(2.20)

0.030^**

(1.70)

INV

−0.251^***

(−2.22)

0.652^***

(2.84)

0.555^***

(6.87)

Constant

−1.162^***

(−3.12)

0.060

(0.06)

−0.996^***

(−4.97)

Observations

393

381

976

Groups (Firms)

205

205

217

R²

0.77

0.17

0.18

F-Statistics

31.08***

1.80**

9.12***