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Future Business Journal

Table 8 Moderated regression analysis (MRA) results for the moderating role of external financing needs on the relationship between corporate governance and firm value

From: Corporate governance, external financing, and earnings management: new evidence from an emerging market

Variable

Coef

t-stat

CGS

0.492**

2.82

EFN

− 0.101***

− 5.45

DEBR

− 0.846***

− 9.85

PROF

0.237**

2.72

SIZE

0.0913***

6.81

BIG4

− 0.0873**

− 3.05

EFN*CGS

− 0.0847

− 0.36

Constant

− 0.883**

− 2.63

Year FE

Yes

 

Industry FE

Yes

 

N

2604

 

R-sq

0.120

 
  1. This table presents MRA results for the moderating role of external financing needs on the relationship between corporate governance and firm value in Eq. (13): TQit = β0 + β1CGSit + β2EFNit + β3EFN*CGSit + β4SIZEit + β5PROFit + β6DEBRit + β7BIG4it + eit. The definitions for the variables are provided previously. *, **, and *** indicate statistical significance at 10%, 5%, and 1%, respectively
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