Table 7

2SLS regression analysis

Variables(1)(2)(3)(4)(5)(6)(7)(8)(9)
LNFEMFEMDUMFEMPER
1st stagePEGMPEG1st stagePEGMPEG1st stagePEGMPEG
Intercept−9.561***0.081***0.146***−15.209***0.071***0.126***−15.466***0.073***0.148***
(−21.880)(13.965)(27.199)(−38.26)(9.889)(19.1)(−39.414)(11.554)(25.274)
INDAVGFEM22.24***  20.208***  16.504***  
(16.766)  (18.883)  (18.512)  
LNFEM    −0.006***−0.011***   
    (−3.022)(−6.508)   
FEMDUM       −0.009***−0.004*
       (−3.68)(−1.80)
FEMPER −0.012*−0.027***      
 (−1.829)(−4.447)      
LNBOD2.326***−0.009***−0.018***3.992***−0.005*−0.009***3.976***−0.005**−0.018***
(14.516)(−4.489)(−9.436)(27.106)(−1.724)(−3.659)(31.54)(−2.159)(−8.115)
INDPER0.945***−0.0020.0031.79***−0.0010.005*1.401***−0.0010.002
(4.439)(−0.564)(0.929)(9.759)(−0.152)(1.707)(8.432)(−0.075)(0.599)
CEODUAL−0.0680.002**−0.003***−0.0930.002**−0.003***0.0040.002**−0.003***
(−0.965)(1.997)(−3.483)(−1.581)(1.986)(−3.504)(0.081)(2.016)(−3.411)
BIG40.196−0.0010.0020.488***−0.0010.0020.364***0.0010.002
(1.614)(−0.514)(0.925)(5.274)(−0.356)(1.219)(2.781)(0.172)(0.927)
RESTATE0.0370.005**0.009***−0.0710.005**0.009***−0.0440.005**0.009***
(0.231)(2.292)(4.264)(−0.549)(2.282)(4.249)(−0.362)(2.31)(4.283)
LNSIZE0.315***−0.001**−0.001***0.438***−0.001*−0.001*0.267***−0.001−0.001***
(10.371)(−2.313)(−2.693)(16.194)(−1.832)(−1.811)(12.761)(−1.635)(−3.148)
LEVER−0.529***0.032***0.027***−0.441**0.033***0.027***−0.2380.032***0.027***
(−2.696)(10.727)(9.576)(−2.486)(10.764)(9.656)(−1.447)(10.723)(9.528)
LOSS0.1860.03***0.019***−0.0060.03***0.019***0.0110.03***0.019***
(1.173)(12.647)(8.65)(−0.052)(12.592)(8.552)(0.067)(12.443)(8.638)
ROA−0.210−0.062***−0.04***−0.22−0.062***−0.04***−0.028−0.062***−0.04***
(−0.913)(−15.577)(−10.924)(−1.09)(−15.546)(−10.867)(−0.113)(−15.653)(−10.979)
SALEGR−0.324*−0.006**0.006**−0.739***−0.006**0.005**−0.507***−0.006**0.006**
(−1.729)(−2.212)(2.342)(−5.028)(−2.355)(2.071)(−3.324)(−2.428)(2.523)
BETA0.0430.018***0.017***−0.148**0.017***0.017***0.0220.017***0.018***
(0.505)(16.031)(16.996)(−2.328)(15.788)(16.589)(0.344)(15.709)(17.194)
LNMEET 0.008***−0.001 0.008***−0.001 0.008***−0.001
 (5.207)(−0.74) (5.217)(−0.735) (5.165)(−0.831)
AUDOPIN 0.006***−0.003*** 0.006***−0.003*** 0.006***−0.003**
 (5.956)(−2.748) (5.888)(−2.875) (6.055)(−2.549)
IMR 0.0010.002** 0.0010.004*** 0.003**0.001
 (1.23)(2.239) (1.493)(4.434) (2.536)(1.259)
IndustryYesYesYesYesYesYesYesYesYes
YearYesYesYesYesYesYesYesYesYes
Observations8,2248,2248,2248,2248,2248,2248,2248,2248,224
Adj R2/Pseudo16.4514.2311.2432.8414.2511.3926.1114.2411.19

Note(s): ***, **, * indicate statistical significance at the 1, 5 and 10 percent levels, respectively, based on a two-tailed test. t-statistics are in parentheses. Standard errors are two-way clustered by firm and year to correct for cross-sectional and time-series dependence. See Appendix for variable definitions

Source(s): Computed by authors
[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options