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Future Business Journal

Table 11 Regression of board of director attributes and real activity manipulation

From: Board of directors and earnings manipulation: evidence from regulatory change

Dependent Variable

(7)

Pre-Period (2015&2016)

(8)

Post-Period (2018&2019)

(9)

Full-Period

(10)

Pre-Period (2015&2016)

(11)

Post-Period (2018&2019)

(12)

Full-Period

RM

RM

RM

RMCFO

RMCFO

RMCFO

Independent Variables

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

BIND

−0.783**

(−1.93)

0.106

(0.26)

0.086

(0.47)

−0.359

(−1.65)

0.064

(0.45)

0.002

(0.02)

BEXP

−0.396

(−1.20)

0.116

(0.34)

−0.127

(−0.85)

−0.022

(−0.13)

0.200

(1.62)

−0.120

(−1.51)

CEOD

−0.094

(−0.54)

0.000

(.)

−0.180***

(−2.02)

−0.039

(−0.41)

0.000

(.)

0.000

(0.01)

BDIV

0.490

(1.48)

−0.188

(−0.46)

0.290**

(1.84)

0.178

(1.02)

−0.039

(−0.27)

0.174***

(2.08)

FD

0.725**

(1.66)

−0.116

(−0.25)

0.323**

(1.78)

0.215

(0.91)

−0.000

(−0.00)

0.202***

(2.09)

BMEET

−0.019

(−1.28)

0.001

(0.03)

0.002

(0.24)

−0.008

(−1.05)

−0.002

(−0.31)

−0.002

(−0.64)

BSIZE

0.040

(0.81)

0.012

(0.23)

−0.003

(−0.16)

0.031

(1.23)

0.014

(0.72)

0.012

(1.07)

ACIND

−0.050

(−0.23)

0.091

(0.25)

−0.095

(−0.81)

0.030

(0.26)

0.127

(0.99)

−0.136***

(−2.21)

ACEXP

−0.293

(−1.25)

0.018

(0.10)

0.086

(1.02)

−0.103

(−0.87)

0.009

(0.15)

0.021

(0.48)

BIG4

−0.146

(−0.99)

−0.057

(−0.33)

0.012

(0.19)

−0.032

(−0.40)

−0.061

(−0.98)

−0.026

(−0.75)

ROA

0.000

(0.08)

−0.013***

(−2.78)

−0.016***

(−7.46)

−0.002

(−0.81)

−0.007***

(−3.87)

−0.006***

(−5.21)

LEVE

0.149

(0.59)

−0.133

(−0.50)

−0.252***

(−2.36)

0.135

(1.03)

−0.179**

(−1.87)

−0.124***

(−2.20)

FAGE

−0.042**

(−1.82)

0.096***

(3.36)

−0.028***

(−3.78)

−0.020

(−1.65)

0.035***

(3.46)

−0.015***

(−3.94)

Tangibility

0.148

(0.67)

0.010

(0.04)

0.075

(0.75)

−0.042

(−0.36)

0.099

(1.01)

−0.043

(−0.82)

FSIZE

−0.465***

(−3.94)

−0.447***

(−3.44)

−0.213***

(−5.45)

−0.225***

(−3.55)

−0.262***

(−5.67)

−0.052***

(−2.53)

LOSS(D)

0.001

(0.03)

−0.013

(−0.21)

−0.000

(−0.01)

0.000

(0.02)

−0.021

(−0.96)

−0.007

(−0.43)

CFO

−0.174

(−1.23)

0.000

(0.19)

−0.001

(−1.35)

−0.169***

(−2.23)

0.002***

(5.27)

0.000

(0.70)

SALES

−0.641***

(−10.55)

−0.366***

(−4.09)

−0.282***

(−8.16)

−0.224***

(−6.89)

−0.176***

(−5.54)

−0.086***

(−4.68)

INV

1.680***

(4.35)

2.052***

(5.84)

1.367***

(8.83)

0.377**

(1.82)

0.527***

(4.22)

0.248***

(3.01)

Constant

6.015***

(4.67)

0.188

(0.13)

3.205***

(8.19)

2.706***

(4.01)

0.851**

(1.67)

1.133***

(5.52)

N

384

 

397

 

980

 

395

 

398

 

996

 

Groups (Firms)

203

 

209

 

218

 

205

 

209

 

218

 

R2

0.555

 

0.352

 

0.307

 

0.383

 

0.417

 

0.177

 

F-Statistics

10.686***

 

5.140***

 

17.309***

 

5.615***

 

6.796***

 

8.608***

 
  1. t statistics in parentheses, ** p < 0.10, *** p < 0.05
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