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Future Business Journal

Table 12 Regression of board of director attributes and real activity manipulation

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

Dependent Variable

(13)

Pre-Period (2015&2016)

(14)

Post-Period (2018&2019)

(15)

Full-Period

(16)

Pre-Period (2015&2016)

(17)

Post-Period (2018&2019)

(18)

Full-Period

DIS_ERM

DIS_ERM

DIS_ERM

P_RM

P_RM

P_RM

Independent Variables

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

BIND

−1.094

(−1.42)

−0.668

(−1.25)

−0.046

(−0.15)

−0.416**

(−1.90)

0.224

(1.18)

−0.026

(−0.30)

BEXP

−0.618

(−1.25)

−0.170

(−0.37)

−0.374

(−1.56)

−0.116

(−0.65)

0.062

(0.38)

−0.044

(−0.61)

CEOD

−0.084

(−0.41)

0.000

(.)

−0.016

(−0.13)

−0.026

(−0.27)

0.000

(.)

−0.060

(−1.43)

BDIV

0.078

(0.12)

0.946**

(1.74)

−0.250

(−0.96)

0.152

(0.85)

−0.041

(−0.21)

0.106

(1.41)

FD

−0.167

(−0.27)

−1.666***

(−2.73)

0.025

(0.09)

0.185

(0.78)

−0.071

(−0.33)

0.197***

(2.28)

BMEET

0.028

(1.19)

0.012

(0.57)

0.018

(1.51)

−0.006

(−0.81)

0.000

(0.06)

0.002

(0.73)

BSIZE

0.026

(0.33)

−0.042

(−0.58)

−0.011

(−0.30)

0.005

(0.17)

0.000

(0.00)

−0.008

(−0.78)

ACIND

0.403

(1.22)

−0.003

(−0.01)

0.233

(1.32)

0.030

(0.26)

−0.022

(−0.13)

−0.047

(−0.85)

ACEXP

−0.042

(−0.16)

−0.060

(−0.26)

0.081

(0.63)

−0.109

(−0.85)

−0.002

(−0.03)

0.024

(0.59)

BIG4

0.263**

(1.71)

−0.034

(−0.14)

0.235***

(2.55)

−0.052

(−0.65)

0.035

(0.42)

0.020

(0.66)

ROA

−0.006

(−0.77)

−0.003

(−0.45)

−0.006

(−1.63)

−0.003

(−1.13)

−0.010***

(−4.20)

−0.010***

(−10.00)

LEVE

0.204

(0.55)

−0.057

(−0.16)

−0.173

(−1.02)

0.120

(0.88)

−0.080

(−0.63)

−0.115***

(−2.25)

FAGE

−0.044

(−1.36)

0.043

(1.15)

0.007

(0.67)

−0.017

(−1.37)

0.030***

(2.20)

−0.014***

(−4.15)

Tangibility

−0.122

(−0.30)

−0.310

(−0.85)

−0.314**

(−1.88)

−0.036

(−0.30)

0.142

(1.08)

0.004

(0.08)

FSIZE

−0.062

(−0.33)

0.055

(0.32)

−0.347***

(−5.64)

−0.096

(−1.50)

−0.244***

(−3.95)

−0.063***

(−3.37)

LOSS(D)

−0.120

(−1.21)

−0.025

(−0.30)

0.007

(0.15)

0.004

(0.15)

−0.003

(−0.11)

0.003

(0.23)

CFO

0.004***

(5.97)

−0.003***

(−2.09)

0.006***

(10.52)

−0.056

(−0.73)

−0.000

(−0.17)

−0.001***

(−2.43)

SALES

−0.045

(−0.50)

0.063

(0.53)

−0.091**

(−1.83)

−0.230***

(−7.00)

−0.251***

(−5.91)

−0.160***

(−9.69)

INV

−0.334

(−0.56)

0.142

(0.30)

−0.404

(−1.57)

1.303***

(6.24)

1.402***

(8.40)

0.898***

(12.20)

Constant

2.265

(1.21)

−1.128

(−0.59)

3.222***

(5.38)

1.616***

(2.32)

0.931

(1.37)

1.247***

(6.70)

N

578

 

398

 

1179

 

384

 

397

 

980

 

Groups (Firms)

212

 

209

 

223

 

203

 

209

 

218

 

R2

0.129

 

0.090

 

0.166

 

0.521

 

0.520

 

0.418

 

F-Statistics

2.704**

 

0.935

 

9.833***

 

9.335***

 

10.236***

 

28.091***

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