Table 4 Year-wise descriptive statistics of board of directors, and earnings management
From: Board of directors and earnings manipulation: evidence from regulatory change
Variables | Year 2015 | Year 2016 | Year 2017 | Year 2018 | Year 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
N | Mean | SD | N | Mean | SD | N | Mean | SD | N | Mean | SD | N | Mean | SD | |
Board of directors’ variables | |||||||||||||||
BIND | 308 | .167 | .076 | 307 | .165 | .074 | 313 | .17 | .076 | 310 | .19 | .083 | 306 | .213 | .085 |
BEXP | 223 | .313 | .143 | 222 | .328 | .147 | 224 | .338 | .151 | 223 | .341 | .155 | 222 | .354 | .155 |
BDIV | 310 | .101 | .155 | 309 | .098 | .146 | 311 | .1 | .139 | 310 | .109 | .14 | 306 | .127 | .136 |
FD | 305 | .298 | .23 | 302 | .293 | .231 | 306 | .288 | .231 | 304 | .28 | .229 | 300 | .278 | .229 |
BMEET | 308 | 5.26 | 2.12 | 308 | 5.38 | 2.01 | 310 | 5.42 | 1.98 | 307 | 5.37 | 1.84 | 287 | 5.27 | 1.84 |
BSIZE | 311 | 7.78 | 1.05 | 309 | 7.79 | 1.05 | 313 | 7.79 | 1.07 | 311 | 7.79 | 1.05 | 307 | 7.78 | 1.07 |
CEOD | 310 | .042 | .201 | 309 | .074 | .55 | 312 | .029 | .168 | 311 | .013 | .113 | 306 | .013 | .114 |
Dependent variable (Discretionary accruals) | |||||||||||||||
MCDA | 292 | −.039 | .103 | 298 | .008 | .088 | 299 | .023 | .114 | 300 | .021 | .116 | 287 | .001 | .13 |
REALEM | 284 | .182 | .313 | 295 | .147 | .299 | 300 | .078 | .267 | 305 | .025 | .271 | 308 | .069 | .256 |
DIS ERM | 299 | .153 | .403 | 304 | .152 | .474 | 307 | .162 | .625 | 309 | .118 | .413 | 314 | .171 | .631 |
RCFO | 297 | .039 | .139 | 301 | .016 | .132 | 304 | −.027 | .134 | 307 | −.043 | .104 | 309 | −.02 | .11 |
PRO RM | 286 | .039 | .179 | 295 | .028 | .176 | 303 | .002 | .154 | 306 | −.024 | .147 | 308 | −.016 | .149 |
Control variables | |||||||||||||||
ACIND | 305 | .271 | .148 | 306 | .285 | .134 | 311 | .3 | .12 | 311 | .319 | .118 | 307 | .33 | .10 |
ACEXP | 225 | .315 | .248 | 222 | .324 | .244 | 223 | .342 | .253 | 223 | .357 | .246 | 223 | .37 | .25 |
BIG4 | 319 | .486 | .501 | 319 | .492 | .501 | 319 | .483 | .5 | 320 | .475 | .5 | 318 | .47 | .5 |
ROA | 304 | 4.62 | 9.09 | 309 | 5.262 | 9.05 | 309 | 5.43 | 8.63 | 314 | 4.99 | 8.33 | 310 | 4.44 | 8.45 |
LEVE | 304 | .542 | .219 | 309 | .531 | .222 | 309 | .541 | .22 | 314 | .556 | .22 | 310 | .55 | .217 |
FAGE | 323 | 35.98 | 15.35 | 322 | 36.91 | 15.36 | 322 | 37.59 | 15.37 | 323 | 38.47 | 15.27 | 322 | 39.28 | 15.22 |
TANG | 302 | .46 | .221 | 309 | .461 | .222 | 309 | .449 | .22 | 314 | .446 | .225 | 310 | .44 | .229 |
FSIZE | 304 | 8.45 | 1.34 | 309 | 8.517 | 1.35 | 308 | 8.61 | 1.37 | 314 | 8.66 | 1.41 | 310 | 8.71 | 1.42 |
LOSS(D) | 319 | .307 | .462 | 318 | .283 | .451 | 321 | .252 | .435 | 320 | .263 | .441 | 313 | .27 | .44 |
CFO | 297 | .065 | .26 | 301 | .063 | .129 | 306 | .033 | .176 | 305 | −1.20 | 21.50 | 308 | .03 | .14 |
SALES | 304 | 1.02 | .761 | 308 | .944 | .663 | 309 | .784 | 1.94 | 314 | .886 | .68 | 310 | .89 | .70 |
INV | 302 | .146 | .122 | 309 | .141 | .122 | 309 | .137 | .288 | 314 | .151 | .131 | 310 | .14 | .13 |