Robustness analysis for equation (1)
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYFIRM | 0.0018 (0.20) | 0.0032 (0.34) | 0.0277** (2.94) |
| FAMILYFIRM*COVID-19 | 0.0282* (2.27) | ||
| COVID-19 | 0.1101*** (13.94) | ||
| BODMEET | 0.0239*** (22.45) | 0.0246*** (16.77) | 0.0233*** (15.09) |
| BODSIZE | 0.0635*** (14.66) | 0.0620*** (10.35) | 0.0670*** (10.67) |
| IDR | 0.0103*** (9.64) | 0.0100*** (6.73) | 0.0110*** (7.21) |
| INVESTPROP | 0.0040*** (26.71) | 0.0043*** (20.68) | 0.0036*** (17.06) |
| LEV | 0.7946*** (41.40) | 0.7852*** (28.82) | 0.7993*** (29.55) |
| ROE | 0.3475*** (5.71) | 0.5253*** (6.03) | 0.1835* (2.16) |
| INVR | −0.1990*** (−11.04) | −0.1917*** (−7.71) | −0.2093*** (−7.95) |
| FIRMAGE | 0.0035*** (5.23) | 0.0029** (2.93) | 0.0040*** (4.27) |
| BIG4 | 0.4814*** (38.40) | 0.5056*** (27.44) | 0.4591*** (26.93) |
| ADMEXP | −0.1295*** (−7.07) | −0.1380*** (−5.80) | −0.1098*** (−3.80) |
| ICE | 0.0146 (0.89) | 0.0221 (1.08) | 0.0025 (0.09) |
| AIQ | −0.0378* (−1.99) | 0.0244 (0.89) | −0.1018*** (−3.84) |
| _cons | 12.1387*** (158.40) | 12.0735*** (113.11) | 12.2910*** (111.48) |
| N | 18,396 | 9,512 | 8,884 |
| adj. R2 | 0.3249 | 0.3210 | 0.3132 |
| F | 591.1711 | 346.9108 | 312.5602 |
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYFIRM | 0.0018 (0.20) | 0.0032 (0.34) | 0.0277** (2.94) |
| FAMILYFIRM*COVID-19 | 0.0282* (2.27) | ||
| COVID-19 | 0.1101*** (13.94) | ||
| BODMEET | 0.0239*** (22.45) | 0.0246*** (16.77) | 0.0233*** (15.09) |
| BODSIZE | 0.0635*** (14.66) | 0.0620*** (10.35) | 0.0670*** (10.67) |
| IDR | 0.0103*** (9.64) | 0.0100*** (6.73) | 0.0110*** (7.21) |
| INVESTPROP | 0.0040*** (26.71) | 0.0043*** (20.68) | 0.0036*** (17.06) |
| LEV | 0.7946*** (41.40) | 0.7852*** (28.82) | 0.7993*** (29.55) |
| ROE | 0.3475*** (5.71) | 0.5253*** (6.03) | 0.1835* (2.16) |
| INVR | −0.1990*** (−11.04) | −0.1917*** (−7.71) | −0.2093*** (−7.95) |
| FIRMAGE | 0.0035*** (5.23) | 0.0029** (2.93) | 0.0040*** (4.27) |
| BIG4 | 0.4814*** (38.40) | 0.5056*** (27.44) | 0.4591*** (26.93) |
| ADMEXP | −0.1295*** (−7.07) | −0.1380*** (−5.80) | −0.1098*** (−3.80) |
| ICE | 0.0146 (0.89) | 0.0221 (1.08) | 0.0025 (0.09) |
| AIQ | −0.0378* (−1.99) | 0.0244 (0.89) | −0.1018*** (−3.84) |
| _cons | 12.1387*** (158.40) | 12.0735*** (113.11) | 12.2910*** (111.48) |
| 18,396 | 9,512 | 8,884 | |
| adj. | 0.3249 | 0.3210 | 0.3132 |
| F | 591.1711 | 346.9108 | 312.5602 |
Note(s): FAMILYFIRM = family firm, COVID-19 = COVID-19 pandemic, BODMEET = board meetings, BODSIZE = directors on the board, IDR = independent directors on the board, INVESTPROP = institutional investor shareholder ratio, LEV = total liability/total assets, ROE = return on equity, INVR = inventory/total revenue, FIRMAGE = firm living years, BIG4 = Big 4 audit firm, ADMEXP = administrative expenses/operating revenue, ICE = internal control weaknesses, and AIQ = audit opinion; *p < 0.1, **p < 0.05, ***p < 0.01 (t statistics in parentheses)
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.