Board characteristics and the likelihood of financial statements fraud: empirical evidence from an emerging market

Future Business Journal

Table 5 Regressions results

Variable	Pooled OLS model			Fixed-effect model			Random-effect model
Variable	Coefficient	t-Statistic	Sig	Coefficient	t-Statistic	Sig	Coefficient	t-Statistic	Sig
INDE	− 4.63	− 5.68	0.000*	− 5.97	− 7.89	0.000*	− 5.09	− 6.08	0.000*
BSIZE	3.68	6.31	0.001*	4.29	5.97	0.000*	3.99	4.99	0.000*
MEET	− 4.67	− 3.68	0.224	− 6.96	− 4.63	0.374	− 7.91	− 3.68	0.217
DIVE	− 7.89	− 5.67	0.190	− 8.11	− 6.58	0.227	− 6.67	− 6.07	0.189
CSIZE	− 5.32	− 3.09	0.000*	− 6.67	− 4.97	0.000*	− 5.78	− 3.94	0.000*
PROF	− 3.24	− 4.61	0.000*	− 4.43	− 6.83	0.000*	− 4.09	− 5.74	0.000*
LEVE	3.97	3.64	0.000*	5.39	4.76	0.000*	4.64	4.07	0.000*
Observations	402			Observations	402		Observations	402
Companies	67			Companies	67		Companies	67
R-squared	0.1971			R-squared	0.3217		R-squared	0.2617
F-statistic	9.89*			F-statistic	17.04*		F-statistic	13.98*