Robustness analysis for equation (4)
| Variables | Model 10 | Model 11 | Model 12 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYDIR | −0.0666 (−1.07) | −0.1083 (−1.68) | −0.0368 (−0.61) |
| FAMILYDIR*COVID-19 | −0.0052 (−0.06) | ||
| COVID-19 | 0.1244*** (5.44) | ||
| BODMEET | 0.0193*** (10.45) | 0.0216*** (8.32) | 0.0168*** (6.44) |
| BODSIZE | 0.0504*** (5.57) | 0.0419*** (3.41) | 0.0630*** (4.68) |
| IDR | 0.0075*** (3.56) | 0.0071* (2.47) | 0.0089** (2.86) |
| INVESTPROP | 0.0036*** (16.41) | 0.0039*** (12.36) | 0.0033*** (10.90) |
| LEV | 0.8557*** (25.63) | 0.8209*** (16.89) | 0.8817*** (19.10) |
| ROE | 0.4367*** (4.23) | 0.8323*** (5.43) | 0.1467 (1.04) |
| INVR | −0.1150*** (−3.45) | −0.0686 (−1.46) | −0.1621*** (−3.39) |
| FIRMAGE | 0.0023* (2.07) | −0.0005 (−0.30) | 0.0046** (2.95) |
| BIG4 | 0.4837*** (16.15) | 0.4732*** (9.52) | 0.4927*** (13.15) |
| ADMEXP | −0.2619*** (−4.21) | −0.3233*** (−4.15) | −0.1340 (−1.28) |
| ICE | 0.0804** (2.67) | 0.0989** (2.79) | 0.0296 (0.50) |
| AIQ | −0.0971** (−2.85) | −0.0502 (−0.93) | −0.1274** (−2.91) |
| _cons | 12.4255*** (79.37) | 12.4612*** (58.72) | 12.4643*** (53.38) |
| N | 5,960 | 2,914 | 3,046 |
| adj. R2 | 0.2876 | 0.2765 | 0.2750 |
| F | 161.3759 | 86.6433 | 89.8412 |
| Variables | Model 10 | Model 11 | Model 12 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYDIR | −0.0666 (−1.07) | −0.1083 (−1.68) | −0.0368 (−0.61) |
| FAMILYDIR*COVID-19 | −0.0052 (−0.06) | ||
| COVID-19 | 0.1244*** (5.44) | ||
| BODMEET | 0.0193*** (10.45) | 0.0216*** (8.32) | 0.0168*** (6.44) |
| BODSIZE | 0.0504*** (5.57) | 0.0419*** (3.41) | 0.0630*** (4.68) |
| IDR | 0.0075*** (3.56) | 0.0071* (2.47) | 0.0089** (2.86) |
| INVESTPROP | 0.0036*** (16.41) | 0.0039*** (12.36) | 0.0033*** (10.90) |
| LEV | 0.8557*** (25.63) | 0.8209*** (16.89) | 0.8817*** (19.10) |
| ROE | 0.4367*** (4.23) | 0.8323*** (5.43) | 0.1467 (1.04) |
| INVR | −0.1150*** (−3.45) | −0.0686 (−1.46) | −0.1621*** (−3.39) |
| FIRMAGE | 0.0023* (2.07) | −0.0005 (−0.30) | 0.0046** (2.95) |
| BIG4 | 0.4837*** (16.15) | 0.4732*** (9.52) | 0.4927*** (13.15) |
| ADMEXP | −0.2619*** (−4.21) | −0.3233*** (−4.15) | −0.1340 (−1.28) |
| ICE | 0.0804** (2.67) | 0.0989** (2.79) | 0.0296 (0.50) |
| AIQ | −0.0971** (−2.85) | −0.0502 (−0.93) | −0.1274** (−2.91) |
| _cons | 12.4255*** (79.37) | 12.4612*** (58.72) | 12.4643*** (53.38) |
| 5,960 | 2,914 | 3,046 | |
| adj. | 0.2876 | 0.2765 | 0.2750 |
| F | 161.3759 | 86.6433 | 89.8412 |
Note(s): FAMILYDIR = family members on board of directors, 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)
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