Table 8 Tokenism – regression model...

Table 8

Tokenism – regression model

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	PEG	PEG	PEG	MPEG	MPEG	MPEG
Intercept	0.084***	0.083***	0.083***	0.151***	0.152***	0.143***
Intercept	(14.964)	(14.884)	(13.897)	(29.048)	(29.631)	(25.929)
FD1	−0.002			−0.002
FD1	(−1.187)			(−1.465)
FD2		−0.003**			−0.004**
FD2		(−2.171)			(−2.527)
FD3			−0.003**			−0.006***
FD3			(−2.296)			(−4.509)
LNBOD	−0.01***	−0.01***	−0.01***	−0.02***	−0.02***	−0.017***
LNBOD	(−5.194)	(−5.017)	(−4.618)	(−10.871)	(−11.143)	(−8.363)
INDPER	−0.003	−0.002	−0.002	0.001	0.001	0.002
INDPER	(−0.834)	(−0.77)	(−0.805)	(0.269)	(0.258)	(0.615)
CEODUAL	0.002**	0.002**	0.002**	−0.003***	−0.003***	−0.003***
CEODUAL	(2.025)	(2.053)	(2.026)	(−3.384)	(−3.398)	(−3.423)
LNMEET	0.008***	0.008***	0.008***	−0.001	−0.001	−0.001
LNMEET	(5.164)	(5.132)	(5.17)	(−0.826)	(−0.837)	(−0.708)
BIG4	−0.001	−0.001	−0.001	0.001	0.001	0.001
BIG4	(−0.625)	(−0.539)	(−0.651)	(0.394)	(0.575)	(0.358)
AUDOPIN	0.007***	0.007***	0.007***	−0.003***	−0.003**	−0.003***
AUDOPIN	(6.078)	(6.064)	(6.054)	(−2.59)	(−2.544)	(−2.765)
RESTATE	0.005**	0.005**	0.005**	0.009***	0.009***	0.009***
RESTATE	(2.306)	(2.299)	(2.303)	(4.27)	(4.279)	(4.252)
LNSIZE	−0.001***	−0.001***	−0.001***	−0.001***	−0.001***	−0.001***
LNSIZE	(−2.819)	(−2.605)	(−2.778)	(−3.797)	(−3.767)	(−3.409)
LEVER	0.032***	0.032***	0.032***	0.027***	0.027***	0.027***
LEVER	(10.71)	(10.72)	(10.712)	(9.539)	(9.527)	(9.54)
LOSS	0.031***	0.03***	0.031***	0.02***	0.019***	0.02***
LOSS	(12.687)	(12.672)	(12.693)	(8.807)	(8.763)	(8.801)
ROA	−0.062***	−0.062***	−0.062***	−0.04***	−0.04***	−0.04***
ROA	(−15.599)	(−15.611)	(−15.589)	(−10.93)	(−10.959)	(−10.874)
SALEGR	−0.006**	−0.006**	−0.006**	0.007***	0.007***	0.007***
SALEGR	(−2.074)	(−2.141)	(−2.078)	(2.719)	(2.696)	(2.649)
BETA	0.018***	0.018***	0.018***	0.018***	0.018***	0.018***
BETA	(16.325)	(16.336)	(16.273)	(17.612)	(17.589)	(17.277)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	14.14	14.19	14.18	11.13	11.12	11.24

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	PEG	PEG	PEG	MPEG	MPEG	MPEG
Intercept	0.084***	0.083***	0.083***	0.151***	0.152***	0.143***
Intercept	(14.964)	(14.884)	(13.897)	(29.048)	(29.631)	(25.929)
FD1	−0.002			−0.002
FD1	(−1.187)			(−1.465)
FD2		−0.003**			−0.004**
FD2		(−2.171)			(−2.527)
FD3			−0.003**			−0.006***
FD3			(−2.296)			(−4.509)
LNBOD	−0.01***	−0.01***	−0.01***	−0.02***	−0.02***	−0.017***
LNBOD	(−5.194)	(−5.017)	(−4.618)	(−10.871)	(−11.143)	(−8.363)
INDPER	−0.003	−0.002	−0.002	0.001	0.001	0.002
INDPER	(−0.834)	(−0.77)	(−0.805)	(0.269)	(0.258)	(0.615)
CEODUAL	0.002**	0.002**	0.002**	−0.003***	−0.003***	−0.003***
CEODUAL	(2.025)	(2.053)	(2.026)	(−3.384)	(−3.398)	(−3.423)
LNMEET	0.008***	0.008***	0.008***	−0.001	−0.001	−0.001
LNMEET	(5.164)	(5.132)	(5.17)	(−0.826)	(−0.837)	(−0.708)
BIG4	−0.001	−0.001	−0.001	0.001	0.001	0.001
BIG4	(−0.625)	(−0.539)	(−0.651)	(0.394)	(0.575)	(0.358)
AUDOPIN	0.007***	0.007***	0.007***	−0.003***	−0.003**	−0.003***
AUDOPIN	(6.078)	(6.064)	(6.054)	(−2.59)	(−2.544)	(−2.765)
RESTATE	0.005**	0.005**	0.005**	0.009***	0.009***	0.009***
RESTATE	(2.306)	(2.299)	(2.303)	(4.27)	(4.279)	(4.252)
LNSIZE	−0.001***	−0.001***	−0.001***	−0.001***	−0.001***	−0.001***
LNSIZE	(−2.819)	(−2.605)	(−2.778)	(−3.797)	(−3.767)	(−3.409)
LEVER	0.032***	0.032***	0.032***	0.027***	0.027***	0.027***
LEVER	(10.71)	(10.72)	(10.712)	(9.539)	(9.527)	(9.54)
LOSS	0.031***	0.03***	0.031***	0.02***	0.019***	0.02***
LOSS	(12.687)	(12.672)	(12.693)	(8.807)	(8.763)	(8.801)
ROA	−0.062***	−0.062***	−0.062***	−0.04***	−0.04***	−0.04***
ROA	(−15.599)	(−15.611)	(−15.589)	(−10.93)	(−10.959)	(−10.874)
SALEGR	−0.006**	−0.006**	−0.006**	0.007***	0.007***	0.007***
SALEGR	(−2.074)	(−2.141)	(−2.078)	(2.719)	(2.696)	(2.649)
BETA	0.018***	0.018***	0.018***	0.018***	0.018***	0.018***
BETA	(16.325)	(16.336)	(16.273)	(17.612)	(17.589)	(17.277)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	14.14	14.19	14.18	11.13	11.12	11.24

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]

Sharing Unavailable