Table 5 Industrial heterogeneity...

Table 5

Industrial heterogeneity analysis

Corporate culture and earnings management
	Energy	Materials	Industrials	Consumer discretionary	Consumer staples	Health care	Financials	Information technology (IT)	Communication services	Utilities	Real estate
zCULTURE	−0.0291	0.0690**	−0.0161	−0.0292**	−0.0296	−0.0236	−0.4454*	−0.0205*	−0.0410	−0.0410	−0.7663
zCULTURE	(0.0215)	(0.0310)	(0.0159)	(0.0134)	(0.0306)	(0.0158)	(0.2232)	(0.0106)	(0.0257)	(0.0257)	(0.4758)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−2.7768***	−2.3071***	−3.1500***	−2.6681***	−2.8427***	−2.2355***	0.3387	−2.8411***	−4.0231***	−4.0231***	6.3320
Constant	(0.1929)	(0.2586)	(0.3827)	(0.1508)	(0.2497)	(0.1597)	(2.3267)	(0.1680)	(0.3356)	(0.3356)	(4.8327)
Y/F/S FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	2,871	2,144	6,072	5,869	1,604	6,055	61	7,844	958	480	63
Adjusted R²	0.3007	0.2538	0.2422	0.1481	0.2474	0.2991	0.6916	0.3362	0.2285	0.2285	0.6980

Corporate culture and earnings management
	Energy	Materials	Industrials	Consumer discretionary	Consumer staples	Health care	Financials	Information technology (IT)	Communication services	Utilities	Real estate
zCULTURE	−0.0291	0.0690**	−0.0161	−0.0292**	−0.0296	−0.0236	−0.4454*	−0.0205*	−0.0410	−0.0410	−0.7663
zCULTURE	(0.0215)	(0.0310)	(0.0159)	(0.0134)	(0.0306)	(0.0158)	(0.2232)	(0.0106)	(0.0257)	(0.0257)	(0.4758)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−2.7768***	−2.3071***	−3.1500***	−2.6681***	−2.8427***	−2.2355***	0.3387	−2.8411***	−4.0231***	−4.0231***	6.3320
Constant	(0.1929)	(0.2586)	(0.3827)	(0.1508)	(0.2497)	(0.1597)	(2.3267)	(0.1680)	(0.3356)	(0.3356)	(4.8327)
Y/F/S FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	2,871	2,144	6,072	5,869	1,604	6,055	61	7,844	958	480	63
Adjusted R²	0.3007	0.2538	0.2422	0.1481	0.2474	0.2991	0.6916	0.3362	0.2285	0.2285	0.6980

Note(s): This table reports panel regressions of DAQ on zCULTURE (Li et al., 2021) estimated separately by GICS industry sector. Standard errors in parentheses. *, *, and *** denote 10%, 5%, and 1% significance, respectively. All models include year, firm, industry, and state fixed effects

Source(s): The authors

[ViewLarge]

Sharing Unavailable