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Future Business Journal

Table 14 Regression results of board of directors attributes and earnings manipulation of family and non-family firms

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

Dependent Variable

Family firms

Non-family firms

(25)

Pre-Period (2015&2016)

(26)

Post-Period (2018&2019)

(27)

Full-Period

(28)

Pre-Period (2015&2016)

(29)

Post-Period (2018&2019)

(30)

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

−0.066

(−1.40)

0.017

(0.24)

−0.062

(−1.21)

−0.005

(−0.07)

−0.005

(−0.06)

0.061

(0.52)

BEXP

−0.017

(−0.56)

−0.022

(−0.48)

−0.022

(−0.63)

−0.020

(−0.48)

−0.090***

(−1.97)

−0.086

(−1.41)

BDIV (%)

0.039

(1.39)

0.065

(1.56)

0.022

(0.62)

0.056

(1.58)

0.043

(1.11)

0.046

(0.92)

CEOD

0.015

(0.80)

−0.004

(−0.12)

0.006

(0.29)

−0.019

(−0.82)

−0.014

(−0.57)

−0.004

(−0.12)

FD

−0.010

(−0.59)

−0.009

(−0.37)

−0.039**

(−1.78)

−0.001

(−0.27)

−0.002

(−0.76)

−0.002

(−0.76)

BMEET

0.000

(0.06)

0.000

(0.18)

−0.000

(−0.17)

0.007

(1.59)

−0.002

(−0.33)

0.007

(0.96)

BSIZE

−0.001

(−0.41)

0.001

(0.16)

0.000

(0.01)

0.087**

(1.94)

0.131***

(2.43)

0.084

(1.22)

ACIND

0.048

(1.54)

0.065

(1.29)

0.010

(0.28)

−0.012

(−0.48)

0.022

(0.82)

0.009

(0.23)

ACEXP

0.018

(0.99)

−0.002

(−0.09)

0.020

(0.95)

−0.014

(−1.22)

−0.014

(−1.09)

−0.031

(−1.54)

BIG4

0.003

(0.40)

−0.001

(−0.13)

0.009

(0.97)

−0.002***

(−2.46)

−0.001

(−1.63)

−0.002***

(−2.03)

ROA

0.005***

(9.06)

−0.002***

(−2.50)

0.005***

(7.30)

−0.030

(−1.21)

−0.050**

(−1.87)

−0.042

(−1.21)

LEVE

0.007

(0.36)

−0.049**

(−1.77)

0.037

(1.58)

0.000

(0.02)

−0.000

(−0.26)

−0.000

(−0.15)

FAGE

−0.000

(−0.05)

0.000

(0.72)

0.000

(0.70)

−0.030

(−1.23)

−0.053***

(−2.07)

−0.048

(−1.31)

Tangibility

0.063***

(3.52)

−0.045**

(−1.86)

0.056***

(2.73)

0.006

(1.39)

0.013***

(2.79)

0.016***

(2.40)

FSIZE

0.001

(0.31)

0.008**

(1.93)

0.002

(0.67)

0.009

(0.63)

0.022

(1.38)

0.018

(0.82)

LOSS(D)

0.018***

(1.99)

0.023

(1.60)

0.015

(1.49)

0.014

(0.48)

0.041

(0.95)

0.072

(1.12)

CFO

−0.634***

(−31.70)

−0.002***

(−7.90)

−0.630***

(−29.87)

−0.003***

(−8.81)

−0.003***

(−8.28)

−0.003***

(−7.69)

SALES

0.005

(0.91)

0.000

(0.02)

0.013***

(2.07)

−0.025***

(−3.25)

0.012

(1.38)

−0.013

(−1.07)

INV

0.025

(0.80)

0.200***

(4.42)

0.009

(0.26)

0.168***

(3.59)

0.092**

(1.96)

0.183***

(2.58)

Constant

−0.050

(−1.32)

−0.081

(−1.50)

−0.070

(−1.53)

−0.089**

(−1.71)

−0.065

(−1.19)

−0.141**

(−1.78)

N

759

 

757

 

615

 

608

 

597

 

357

 

Groups (Firms)

211

 

212

 

134

 

211

 

210

 

82

 

R2

0.56

 

0.14

 

0.59

 

0.18

 

0.16

 

0.22

 

F-Statistics

1099***

 

120***

 

984***

 

136***

 

114***

 

98.23***

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