Table 6 T-Test for the differences in mean of pre- and post-period of CCG-2017
From: Board of directors and earnings manipulation: evidence from regulatory change
Variables | Panel A | Panel B | Panel C mean differences | ||||||
|---|---|---|---|---|---|---|---|---|---|
Pre-Period (2015 &2016) | Post-Period (2018 & 2019) | Mean difference panel (A-B) | T-Value | P-Value | |||||
N | Mean | SD | N | Mean | SD | ||||
BIND | 615 | .166 | 1.52 | 616 | .201 | 1.53 | −.035 | −7.7 | 0*** |
BEXP | 445 | .321 | 0.00 | 445 | .347 | 0.00 | −.027 | −2.65 | .008*** |
BDIV | 619 | .100 | .150 | 616 | .119 | 0.13 | −.018 | −2.25 | .024*** |
FD | 607 | .296 | 1.90 | 604 | .279 | 1.84 | .017 | 1.3 | .193 |
BMEET | 616 | 5.32 | 0.20 | 594 | 5.32 | 0.10 | .004 | .05 | .967 |
BSIZE | 620 | 7.79 | 1.05 | 618 | 7.78 | 1.06 | 0.01 | 0 | .991 |
CEOD | 619 | 058 | .413 | 617 | 0.01 | .113 | 0.04 | 2.60 | .009*** |
Dependent variables | |||||||||
MCDA | 590 | −.024 | .167 | 587 | .012 | .176 | −.035 | −5.4 | 0*** |
REALEM | 579 | .165 | .132 | 613 | .047 | .119 | .117 | 7.1 | 0*** |
DIS ERM | 603 | .153 | .241 | 623 | .144 | .248 | .008 | .3 | .776 |
RCFO | 598 | .027 | .130 | 616 | −.032 | .104 | .059 | 8.4 | 0 |
PRO RM | 581 | .034 | .177 | 614 | −.02 | .147 | .053 | 5.65 | 0 |
Control variables | |||||||||
ACIND | 611 | .278 | 0.16 | 618 | .329 | 0.174 | −.051 | −6.95 | 0 |
ACEXP | 447 | .32 | 0.27 | 446 | .367 | 0.278 | −.048 | −2.9 | .004 |
BIG4 | 638 | .500 | .49 | 638 | .476 | .019 | .013 | .45 | .654 |
ROA | 613 | 4.94 | 9.07 | 624 | 4.70 | 8.39 | .241 | .5 | .628 |
LEVE | 613 | .536 | .220 | 624 | .556 | .218 | −.02 | −1.6 | .106 |
FAGE | 645 | 36.44 | 15.35 | 645 | 38.87 | 15.23 | −2.43 | −2.85 | .004 |
TANG | 611 | .460 | .221 | 624 | .445 | .227 | .015 | 1.2 | .235 |
FSIZE | 613 | 8.48 | 1.35 | 624 | 8.68 | 1.41 | −.203 | −2.6 | .01 |
LOSS(D) | 637 | .442 | 1.51 | 633 | .267 | .456 | .025 | 1.1 | .265 |
CFO | 598 | .064 | .204 | 613 | −.584 | .612 | .647 | 1.05 | .297 |
SALES | 625 | 16,941 | .713 | 624 | 23,481.5 | .693 | −6539.9 | 2.4 | .018 |
INV | 611 | .143 | .121 | 624 | .149 | .130 | −.005 | −.8 | .433 |