Table 6 Regression results- corporate...

Table 6

Regression results- corporate culture dimensions

Panel A: Corporate culture dimensions and earnings management
	Integrity	Teamwork	Innovation	Respect	Quality
zCULTURE	−0.0270***	−0.0132**	−0.0586***	−0.0181***	−0.0610***
zCULTURE	(0.0054)	(0.0063)	(0.0054)	(0.0052)	(0.0051)
All controls	Yes	Yes	Yes	Yes	Yes
Constant	−2.8888***	−2.8669***	−2.8671***	−2.8507***	−2.8539***
Constant	(0.0719)	(0.0720)	(0.0718)	(0.0722)	(0.0718)
Y/F/I/S FE	Yes	Yes	Yes	Yes	Yes
Observations	34,021	34,021	34,021	34,021	34,021
Adjusted R²	0.1962	0.1957	0.1984	0.1959	0.1990

Panel A: Corporate culture dimensions and earnings management
	Integrity	Teamwork	Innovation	Respect	Quality
zCULTURE	−0.0270***	−0.0132**	−0.0586***	−0.0181***	−0.0610***
zCULTURE	(0.0054)	(0.0063)	(0.0054)	(0.0052)	(0.0051)
All controls	Yes	Yes	Yes	Yes	Yes
Constant	−2.8888***	−2.8669***	−2.8671***	−2.8507***	−2.8539***
Constant	(0.0719)	(0.0720)	(0.0718)	(0.0722)	(0.0718)
Y/F/I/S FE	Yes	Yes	Yes	Yes	Yes
Observations	34,021	34,021	34,021	34,021	34,021
Adjusted R²	0.1962	0.1957	0.1984	0.1959	0.1990

Note(s): This table reports panel regressions of discretionary accruals quality (DAQ) on five dimensions of culture—Integrity, Teamwork, Innovation, Respect, and Quality—derived from Li et al.’s (2021) neural-network framework. Each column corresponds to one cultural dimension. 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