Robustness analysis for equation (2)
| Variables | Model 4 | Model 5 | Model 6 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FOWN | −0.0003 (−0.67) | −0.0007 (−1.77) | −0.0016*** (−4.17) |
| FOWN*COVID-19 | −0.0017** (−3.13) | ||
| COVID-19 | 0.1966*** (8.44) | ||
| BODMEET | 0.0199*** (11.97) | 0.0224*** (9.56) | 0.0172*** (7.35) |
| BODSIZE | 0.0378*** (4.67) | 0.0305** (2.74) | 0.0487*** (4.14) |
| IDR | 0.0062*** (3.30) | 0.0055* (2.11) | 0.0079** (2.91) |
| INVESTPROP | 0.0034*** (16.77) | 0.0038*** (12.84) | 0.0031*** (11.11) |
| LEV | 0.8323*** (27.49) | 0.7912*** (17.72) | 0.8597*** (20.74) |
| ROE | 0.5216*** (5.55) | 0.8649*** (6.14) | 0.2778* (2.18) |
| INVR | −0.0555 (−1.86) | 0.0023 (0.05) | −0.1187** (−2.80) |
| FIRMAGE | 0.0013 (1.26) | −0.0012 (−0.80) | 0.0031* (2.22) |
| BIG4 | 0.5211*** (20.10) | 0.5124*** (12.26) | 0.5252*** (15.93) |
| ADMEXP | −0.1923*** (−4.45) | −0.1892*** (−3.70) | −0.1784* (−2.17) |
| ICE | 0.0602* (2.20) | 0.0771* (2.36) | 0.0243 (0.48) |
| AIQ | −0.0609* (−2.12) | 0.0655 (1.46) | −0.1530*** (−4.11) |
| _cons | 12.5464*** (89.91) | 12.5029*** (65.09) | 12.7197*** (62.65) |
| N | 7,252 | 3,486 | 3,766 |
| adj. R2 | 0.2843 | 0.2731 | 0.2731 |
| F | 192.9809 | 101.7015 | 109.8148 |
| Variables | Model 4 | Model 5 | Model 6 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FOWN | −0.0003 (−0.67) | −0.0007 (−1.77) | −0.0016*** (−4.17) |
| FOWN*COVID-19 | −0.0017** (−3.13) | ||
| COVID-19 | 0.1966*** (8.44) | ||
| BODMEET | 0.0199*** (11.97) | 0.0224*** (9.56) | 0.0172*** (7.35) |
| BODSIZE | 0.0378*** (4.67) | 0.0305** (2.74) | 0.0487*** (4.14) |
| IDR | 0.0062*** (3.30) | 0.0055* (2.11) | 0.0079** (2.91) |
| INVESTPROP | 0.0034*** (16.77) | 0.0038*** (12.84) | 0.0031*** (11.11) |
| LEV | 0.8323*** (27.49) | 0.7912*** (17.72) | 0.8597*** (20.74) |
| ROE | 0.5216*** (5.55) | 0.8649*** (6.14) | 0.2778* (2.18) |
| INVR | −0.0555 (−1.86) | 0.0023 (0.05) | −0.1187** (−2.80) |
| FIRMAGE | 0.0013 (1.26) | −0.0012 (−0.80) | 0.0031* (2.22) |
| BIG4 | 0.5211*** (20.10) | 0.5124*** (12.26) | 0.5252*** (15.93) |
| ADMEXP | −0.1923*** (−4.45) | −0.1892*** (−3.70) | −0.1784* (−2.17) |
| ICE | 0.0602* (2.20) | 0.0771* (2.36) | 0.0243 (0.48) |
| AIQ | −0.0609* (−2.12) | 0.0655 (1.46) | −0.1530*** (−4.11) |
| _cons | 12.5464*** (89.91) | 12.5029*** (65.09) | 12.7197*** (62.65) |
| 7,252 | 3,486 | 3,766 | |
| adj. | 0.2843 | 0.2731 | 0.2731 |
| F | 192.9809 | 101.7015 | 109.8148 |
Note(s): FOWN = equity owned by family members, 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.