Robustness analysis for equation (3)
| Variables | Model 7 | Model 8 | Model 9 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYMAG | −0.1726*** (−3.82) | −0.1793*** (−3.85) | −0.1796*** (−4.10) |
| FAMILYMAG*COVID-19 | −0.0154 (−0.25) | ||
| COVID-19 | 0.1257*** (8.17) | ||
| BODMEET | 0.0188*** (10.23) | 0.0213*** (8.23) | 0.0162*** (6.24) |
| BODSIZE | 0.0512*** (5.71) | 0.0436*** (3.58) | 0.0627*** (4.71) |
| IDR | 0.0080*** (3.81) | 0.0075** (2.60) | 0.0094** (3.04) |
| INVESTPROP | 0.0034*** (15.51) | 0.0037*** (11.67) | 0.0031*** (10.30) |
| LEV | 0.8376*** (25.09) | 0.8053*** (16.56) | 0.8629*** (18.71) |
| ROE | 0.4435*** (4.31) | 0.8366*** (5.47) | 0.1535 (1.09) |
| INVR | −0.1187*** (−3.57) | −0.0801 (−1.71) | −0.1576*** (−3.30) |
| FIRMAGE | 0.0023* (2.08) | −0.0003 (−0.20) | 0.0045** (2.90) |
| BIG4 | 0.4828*** (16.17) | 0.4667*** (9.41) | 0.4944*** (13.23) |
| ADMEXP | −0.2782*** (−4.50) | −0.3324*** (−4.29) | −0.1617 (−1.55) |
| ICE | 0.0765* (2.55) | 0.0953** (2.70) | 0.0266 (0.45) |
| AIQ | −0.0923** (−2.72) | −0.0455 (−0.84) | −0.1221** (−2.79) |
| _cons | 12.4351*** (80.78) | 12.4554*** (59.51) | 12.4911*** (54.39) |
| N | 5,960 | 2,914 | 3,046 |
| adj. R2 | 0.2911 | 0.2795 | 0.2789 |
| F | 164.1466 | 87.9217 | 91.5926 |
| Variables | Model 7 | Model 8 | Model 9 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYMAG | −0.1726*** (−3.82) | −0.1793*** (−3.85) | −0.1796*** (−4.10) |
| FAMILYMAG*COVID-19 | −0.0154 (−0.25) | ||
| COVID-19 | 0.1257*** (8.17) | ||
| BODMEET | 0.0188*** (10.23) | 0.0213*** (8.23) | 0.0162*** (6.24) |
| BODSIZE | 0.0512*** (5.71) | 0.0436*** (3.58) | 0.0627*** (4.71) |
| IDR | 0.0080*** (3.81) | 0.0075** (2.60) | 0.0094** (3.04) |
| INVESTPROP | 0.0034*** (15.51) | 0.0037*** (11.67) | 0.0031*** (10.30) |
| LEV | 0.8376*** (25.09) | 0.8053*** (16.56) | 0.8629*** (18.71) |
| ROE | 0.4435*** (4.31) | 0.8366*** (5.47) | 0.1535 (1.09) |
| INVR | −0.1187*** (−3.57) | −0.0801 (−1.71) | −0.1576*** (−3.30) |
| FIRMAGE | 0.0023* (2.08) | −0.0003 (−0.20) | 0.0045** (2.90) |
| BIG4 | 0.4828*** (16.17) | 0.4667*** (9.41) | 0.4944*** (13.23) |
| ADMEXP | −0.2782*** (−4.50) | −0.3324*** (−4.29) | −0.1617 (−1.55) |
| ICE | 0.0765* (2.55) | 0.0953** (2.70) | 0.0266 (0.45) |
| AIQ | −0.0923** (−2.72) | −0.0455 (−0.84) | −0.1221** (−2.79) |
| _cons | 12.4351*** (80.78) | 12.4554*** (59.51) | 12.4911*** (54.39) |
| 5,960 | 2,914 | 3,046 | |
| adj. | 0.2911 | 0.2795 | 0.2789 |
| F | 164.1466 | 87.9217 | 91.5926 |
Note(s): FAMILYMAG = family members on management positions, 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.