Regression results (moderating effect of executive directors’ financial knowledge)
| Variables | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|
| FirmCmplx1 | 0.079*** (0.002) | 0.178** (0.040) | ||
| FirmCmplx2 | 0.078*** (0.000) | 0.169*** (0.001) | ||
| ExeFinKnow | 0.301** (0.044) | 0.320 (0.519) | 0.217** (0.019) | 0.897** (0.037) |
| FirmCmplx1* ExeFinKnow | −0.927*** (0.000) | |||
| FirmCmplx2* ExeFinKnow | −0.120** (0.013) | |||
| Raudit | −0.181*** (0.000) | −0.145*** (0.000) | −0.141*** (0.000) | −0.150*** (0.00) |
| AudTenure | 0.039*** (0.001) | 0.043*** (0.010) | 0.199** (0.031) | 0.052*** (0.000) |
| LossInd | −0.060* (0.094) | −0.075 (0.126) | −0.066*** (0.010) | −0.088*** (0.020) |
| BusyInd | 0.171*** (0.000) | 0.024 (0.779) | 0.025 (0.431) | 0.025 (0.366) |
| FirmAGE | 0.016 (0.307) | 0.054 (0.207) | 0.033*** (0.009) | 0.014 (0.320) |
| Big4 | 0.084** (0.011) | 0.141*** (0.005) | 0.056*** (0.008) | 0.077*** (0.003) |
| ExportInD | −0.012 (0.858) | 0.104 (0.594) | −0.004 (0.995) | 0.106 (0.106) |
| Const | 2.108*** (0.000) | 1.819** (0.032) | 1.936*** (0.000) | 1.521*** (0.001) |
| AR(1) | −2.581*** (0.009) | −2.612*** (0.009) | −2.577*** (0.010) | −2.573*** (0.010) |
| AR(2) | −0.915 (0.360) | −0.999 (0.317) | −0.928 (0.353) | −1.004 (0.316) |
| Hansen J-Statistics | 46.07 (0.469) | 28.79 (0.761) | 55.01 (0.623) | 59.11 (0.328) |
| Variables | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|
| FirmCmplx1 | 0.079 | 0.178 | ||
| FirmCmplx2 | 0.078 | 0.169 | ||
| ExeFinKnow | 0.301 | 0.320 (0.519) | 0.217 | 0.897 |
| FirmCmplx1 | −0.927 | |||
| FirmCmplx2 | −0.120 | |||
| Raudit | −0.181 | −0.145 | −0.141 | −0.150 |
| AudTenure | 0.039 | 0.043 | 0.199 | 0.052 |
| LossInd | −0.060 | −0.075 (0.126) | −0.066 | −0.088 |
| BusyInd | 0.171 | 0.024 (0.779) | 0.025 (0.431) | 0.025 (0.366) |
| FirmAGE | 0.016 (0.307) | 0.054 (0.207) | 0.033 | 0.014 (0.320) |
| Big4 | 0.084 | 0.141 | 0.056 | 0.077 |
| ExportInD | −0.012 (0.858) | 0.104 (0.594) | −0.004 (0.995) | 0.106 (0.106) |
| Const | 2.108 | 1.819 | 1.936 | 1.521 |
| AR(1) | −2.581 | −2.612 | −2.577 | −2.573 |
| AR(2) | −0.915 (0.360) | −0.999 (0.317) | −0.928 (0.353) | −1.004 (0.316) |
| Hansen J-Statistics | 46.07 (0.469) | 28.79 (0.761) | 55.01 (0.623) | 59.11 (0.328) |
***p < 0.01 denotes significant at 1 % level, **p < 0.05 denotes significant at 5 % level, *p < 0.10 denotes significant at 10 % level
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