Skip to main content
Future Business Journal

Table 13 Regression results of board of directors attributes and earnings manipulation of small vs large firms

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

Dependent variable

Large firms (Firm size)

Small firms (Firm size)

(19)

Pre-Period (2015&2016)

(20)

Post-Period (2018&2019)

(21)

Full-Period

(22)

Pre-Period (2015&2016)

(23)

Post-Period (2018&2019)

(24)

Full-Period

MCDA

MCDA

MCDA

MCDA

MCDA

MCDA

Independent variables

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

Coefficient

t-value

BIND

−0.164***

(−2.11)

−0.301***

(−2.22)

−0.153

(−1.64)

−0.312***

(−2.55)

−0.309***

(−2.53)

−0.264**

(−1.96)

BEXP

0.108**

(1.80)

−0.121

(−1.18)

0.090

(1.31)

−0.259***

(−2.52)

−0.212***

(−1.99)

−0.294***

(−2.45)

BDIV(%)

−0.005

(−0.07)

0.129

(1.02)

−0.007

(−0.08)

0.070

(0.70)

0.148

(1.45)

0.053

(0.51)

CEOD

0.066

(1.60)

−0.007

(−0.07)

0.056

(0.91)

0.005

(0.11)

0.052

(0.96)

0.018

(0.32)

FD

−0.237***

(−2.61)

0.002

(0.01)

−0.186

(−1.59)

−0.027

(−0.26)

−0.170

(−1.51)

−0.074

(−0.69)

BMEET

0.003

(0.92)

−0.001

(−0.24)

0.001

(0.25)

0.003

(0.76)

0.002

(0.46)

0.004

(0.95)

BSIZE

−0.007

(−0.78)

0.014

(0.74)

−0.007

(−0.59)

0.030***

(2.12)

0.012

(0.88)

0.014

(0.87)

ACIND

0.081

(1.47)

0.256***

(2.50)

0.120**

(1.71)

0.116**

(1.80)

0.150***

(2.05)

0.127**

(1.87)

ACEXP

−0.039

(−1.03)

−0.049

(−0.76)

−0.053

(−1.13)

0.107***

(2.00)

0.049

(0.91)

0.111**

(1.94)

BIG4

−0.012

(−0.46)

0.033

(0.67)

−0.001

(−0.02)

0.018

(0.40)

0.027

(0.59)

0.026

(0.48)

ROA

0.004***

(4.55)

−0.002

(−1.34)

0.005***

(4.20)

0.001

(0.48)

0.000

(0.18)

0.000

(0.10)

LEVE

−0.010

(−0.21)

−0.094

(−1.09)

0.004

(0.07)

0.016

(0.25)

0.074

(1.13)

0.038

(0.57)

FAGE

0.000

(0.08)

0.017***

(2.85)

0.003

(0.70)

0.013***

(2.68)

0.005

(0.89)

0.012***

(2.45)

Tangibility

0.050

(1.01)

0.155**

(1.73)

0.064

(1.00)

−0.046

(−0.83)

−0.071

(−1.18)

−0.076

(−1.32)

FSIZE

0.037***

(2.27)

0.009

(0.26)

0.023

(0.93)

0.024

(0.80)

0.065***

(2.66)

0.020

(0.62)

LOSS(D)

0.015

(1.11)

0.044**

(1.82)

0.014

(0.78)

0.054***

(3.19)

0.053***

(3.01)

0.056***

(3.19)

CFO

−0.720***

(−28.31)

−0.001

(−1.42)

−0.710***

(−24.41)

−0.002***

(−5.88)

−0.001***

(−4.21)

−0.002***

(−5.91)

SALES

0.027**

(1.83)

0.024

(0.90)

0.000

(0.03)

0.003

(0.16)

0.047***

(2.07)

0.018

(0.75)

INV

−0.139**

(−1.94)

0.530***

(4.58)

−0.176***

(−2.00)

0.520***

(5.15)

0.555***

(5.44)

0.505***

(4.87)

Constant

−0.269

(−1.57)

−0.972***

(−2.81)

−0.258

(−1.05)

−0.980***

(−3.59)

−0.883***

(−3.66)

−0.781***

(−2.84)

N

719

 

673

 

512

 

650

 

684

 

464

 

Groups (Firms)

209

 

212

 

128

 

214

 

210

 

122

 

R2

0.40

 

0.007

 

0.43

 

0.27

 

0.24

 

0.32

 

F-Statistics

54.17***

 

3.48***

 

39.11***

 

8.38***

 

7.68***

 

8.25***

 
  1. t statistics in parentheses, ** p < 0.10, *** p < 0.05
Back to article page