From: Board of directors and earnings manipulation: evidence from regulatory change
Dependent Variable | (1) | (2) | (3) | |||
---|---|---|---|---|---|---|
Pre-Period (2015 and 2016) | Post-Period (2018 and 2019) | Full-Period | ||||
MCDA | MCDA | MCDA | ||||
Independent Variables | Coefficient | t-value | Coefficient | t-value | Coefficient | t-value |
BIND | −0.146 | (−1.23) | −0.450** | (−1.65) | −0.224*** | (−2.33) |
BEXP | 0.051 | (0.54) | −0.454*** | (−2.02) | −0.137** | (−1.78) |
CEOD | −0.002 | (−0.24) | 0.000 | (.) | 0.007 | (0.54) |
BDIV | 0.039 | (0.40) | 0.277 | (0.99) | 0.169*** | (2.05) |
FD | 0.111 | (0.86) | −0.170 | (−0.47) | −0.116 | (−1.20) |
BMEET | 0.008** | (1.81) | 0.002 | (0.23) | 0.000 | (0.06) |
BSIZE | 0.010 | (0.75) | −0.033 | (−0.79) | 0.009 | (0.75) |
ACIND | −0.042 | (−0.67) | 0.246 | (1.00) | 0.133*** | (2.20) |
ACEXP | −0.071 | (−1.09) | 0.112 | (0.94) | −0.003 | (−0.06) |
BIG4 | −0.012 | (−0.27) | 0.005 | (0.05) | 0.023 | (0.68) |
ROA | 0.002 | (1.48) | −0.002 | (−0.64) | −0.001 | (−0.85) |
LEVE | −0.165*** | (−2.30) | 0.004 | (0.02) | 0.002 | (0.04) |
FAGE | 0.016*** | (2.45) | −0.016 | (−0.85) | 0.011*** | (2.88) |
TANG | 0.012 | (0.19) | −0.058 | (−0.33) | 0.015 | (0.30) |
FSIZE | 0.062** | (1.80) | 0.089 | (1.02) | 0.047*** | (2.34) |
LOSS(D) | 0.024 | (1.54) | 0.048 | (1.16) | 0.043*** | (2.79) |
CFO | −0.911*** | (−21.88) | −0.001 | (−1.63) | −0.002*** | (−4.61) |
SALES | 0.046*** | (2.58) | 0.128*** | (2.21) | 0.031** | (1.73) |
INV | −0.251*** | (−2.22) | 0.651*** | (2.84) | 0.553*** | (6.84) |
Constant | −1.162*** | (−3.14) | 0.055 | (0.06) | −0.977*** | (−4.89) |
Observations | 394 | Â | 381 | Â | 977 | Â |
Groups(firms) | 207 | Â | 205 | Â | 217 | Â |
R2 | 0.778 | Â | 0.170 | Â | 0.188 | Â |
F-Statistics | 31.343*** | Â | 1.801*** | Â | 9.042*** | Â |