Table 10. Family control, political...

Table 10.

Family control, political connections and CSRD – entropy balancing

Variables	Before entropy balancing				After entropy balancing
	Treat		Control		Treat		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive statistics before and after entropy balancing
FC	0.606	0.239	0.424	0.245	0.606	0.239	0.605	0.239
PC	0.289	0.206	0.195	0.158	0.289	0.206	0.289	0.206
FSIZE	22.170	1.887	21.650	2.476	22.170	1.887	22.170	1.892
ROA	0.055	0.003	0.049	0.004	0.055	0.003	0.055	0.003
LEV	0.429	0.049	0.469	0.062	0.429	0.049	0.430	0.049
CAPIN	0.441	0.058	0.397	0.060	0.441	0.058	0.441	0.058
CASHH	0.074	0.010	0.064	0.008	0.074	0.010	0.074	0.010
KZ	0.853	57.900	1.486	67.560	0.853	57.900	0.855	57.920
AGE	3.224	0.246	3.364	0.192	3.224	0.246	3.225	0.245
BOARD	7.574	3.899	7.290	3.691	7.574	3.899	7.574	3.899
INDBM	1.895	0.392	1.783	0.341	1.895	0.392	1.895	0.392
FBM	1.196	1.219	1.186	0.942	1.196	1.219	1.196	1.219
			(1)			(2)
			CSRD			CSRD
Panel B: Regressions using entropy-balanced sample
FC			−6.040*** (1.258)
PC						−3.605*** (1.352)
AUDIT			0.024 (0.279)			0.007 (0.296)
FC × AUDIT			1.643*** (0.318)
PC × AUDIT						0.815*** (0.290)
Observations			1108			1108
Adjusted $R^{2}$			0.381			0.345

Variables	Before entropy balancing				After entropy balancing
	Treat		Control		Treat		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive statistics before and after entropy balancing
FC	0.606	0.239	0.424	0.245	0.606	0.239	0.605	0.239
PC	0.289	0.206	0.195	0.158	0.289	0.206	0.289	0.206
FSIZE	22.170	1.887	21.650	2.476	22.170	1.887	22.170	1.892
ROA	0.055	0.003	0.049	0.004	0.055	0.003	0.055	0.003
LEV	0.429	0.049	0.469	0.062	0.429	0.049	0.430	0.049
CAPIN	0.441	0.058	0.397	0.060	0.441	0.058	0.441	0.058
CASHH	0.074	0.010	0.064	0.008	0.074	0.010	0.074	0.010
KZ	0.853	57.900	1.486	67.560	0.853	57.900	0.855	57.920
AGE	3.224	0.246	3.364	0.192	3.224	0.246	3.225	0.245
BOARD	7.574	3.899	7.290	3.691	7.574	3.899	7.574	3.899
INDBM	1.895	0.392	1.783	0.341	1.895	0.392	1.895	0.392
FBM	1.196	1.219	1.186	0.942	1.196	1.219	1.196	1.219
			(1)			(2)
			CSRD			CSRD
Panel B: Regressions using entropy-balanced sample
FC			−6.040*** (1.258)
PC						−3.605*** (1.352)
AUDIT			0.024 (0.279)			0.007 (0.296)
FC × AUDIT			1.643*** (0.318)
PC × AUDIT						0.815*** (0.290)
Observations			1108			1108
Adjusted $R^{2}$			0.381			0.345

Note(s):

This table reports the results of the regression of family control, political connections and the moderating role of audit committees on CSR disclosure using PSM analysis. Firms with audit committee size above the cross-sectional median are classified as the treatment group, while those below the median form the control group. Panel A displays the mean and variance of the control variables for both groups, before and after applying entropy balancing. Panel B reports the regression results using the entropy-balanced sample. Detailed definitions of variables are provided in Appendix 1 Table A1. All regressions controlled for industry and time fixed effects. The standard errors are reported in parentheses. ***, ** and * denote significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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