Note(s): This table reports the regression results examining the moderating effect of firm size on the relationship between blockholder exit threat (ET) and management tone manipulation (AbTone). The sample is divided into high-size and low-size groups based on the median value of total assets. All regressions include control variables, year-fixed effects and industry-fixed effects. Standard errors are clustered by firm. t-statistics are reported in parentheses. The p-value for the difference in ET coefficients between groups is obtained using the bdiff command with 1,000 bootstrap replications and clustered standard errors. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively. Variable definitions are provided in Table 1