Table 6 Ordered logit model Variables...

Table 6

Ordered logit model

Variables	DEG	EIGEN	BET	CLOS	PCA	N-SCORE
CENTRALITY	−0.309**	−0.366**	−0.151*	0.0981	−0.169**	−0.347*
CENTRALITY	(0.136)	(0.161)	(0.0861)	(0.118)	(0.0849)	(0.185)
SIZE	0.344***	0.321***	0.279**	0.281**	0.320***	0.302***
SIZE	(0.115)	(0.112)	(0.112)	(0.112)	(0.114)	(0.112)
LEV	−1.187*	−1.087	−1.219*	−1.206*	−1.181*	−1.104
LEV	(0.699)	(0.686)	(0.709)	(0.685)	(0.702)	(0.696)
ROA	2.497	2.287	2.587	2.515	2.548	2.348
ROA	(2.113)	(2.088)	(2.122)	(2.091)	(2.121)	(2.125)
EXP	−0.273	−0.213	−0.268	−0.308	−0.235	−0.222
EXP	(0.480)	(0.480)	(0.467)	(0.477)	(0.478)	(0.471)
RECEI	2.067**	1.980**	1.975**	1.982**	2.007**	2.064**
RECEI	(0.948)	(0.965)	(0.970)	(0.954)	(0.972)	(0.988)
LOSS	0.356	0.357	0.369	0.381	0.361	0.343
LOSS	(0.285)	(0.288)	(0.286)	(0.286)	(0.287)	(0.288)
LOSS_t−1	0.124	0.116	0.123	0.110	0.127	0.123
LOSS_t−1	(0.249)	(0.244)	(0.243)	(0.240)	(0.246)	(0.243)
CLEAN_t−1	−2.894***	−2.846***	−2.897***	−2.899***	−2.884***	−2.863***
CLEAN_t−1	(0.217)	(0.216)	(0.219)	(0.219)	(0.218)	(0.217)
AC_SIZE	−0.00340	−0.00514	−0.0374	−0.0156	−0.0219	−0.0307
AC_SIZE	(0.0475)	(0.0474)	(0.0481)	(0.0475)	(0.0477)	(0.0481)
AC_MEET	0.0113	0.0102	0.00538	0.00801	0.00683	0.00889
AC_MEET	(0.0489)	(0.0479)	(0.0473)	(0.0473)	(0.0480)	(0.0476)
B_MEET	0.0284	0.0284	0.0339	0.0331	0.0309	0.0318
B_MEET	(0.0293)	(0.0294)	(0.0287)	(0.0289)	(0.0289)	(0.0289)
B_INDEP	−1.624***	−1.403***	−1.415***	−1.406***	−1.475***	−1.487***
B_INDEP	(0.456)	(0.448)	(0.439)	(0.439)	(0.445)	(0.445)
BIG4	−1.037***	−1.042***	−1.058***	−1.033***	−1.064***	−1.038***
BIG4	(0.273)	(0.267)	(0.272)	(0.272)	(0.272)	(0.264)
AF_t−1	0.0634	0.0537	0.0531	0.0429	0.0624	0.0453
AF_t−1	(0.106)	(0.104)	(0.105)	(0.104)	(0.105)	(0.105)
RLAW	−0.533**	−0.485**	−0.557**	−0.553**	−0.528**	−0.528**
RLAW	(0.230)	(0.232)	(0.224)	(0.224)	(0.227)	(0.225)
REST_LINKS	0.00248	0.00701	−0.00344	0.00115	−0.000619	0.00172
REST_LINKS	(0.0639)	(0.0629)	(0.0635)	(0.0629)	(0.0634)	(0.0634)
LINKS_TOTAL	0.0914	0.0550	0.0826	0.0261	0.100	0.0885
LINKS_TOTAL	(0.0613)	(0.0542)	(0.0627)	(0.0588)	(0.0631)	(0.0607)
Observations	1,798	1,798	1,798	1,798	1,798	1,798
Wald χ²	1309.04		1303.89	1299.73	1290.32	1291.68
Pseudo R2	0.3929	0.3938	0.3913	0.3908	0.3923	0.3926

Variables	DEG	EIGEN	BET	CLOS	PCA	N-SCORE
CENTRALITY	−0.309**	−0.366**	−0.151*	0.0981	−0.169**	−0.347*
CENTRALITY	(0.136)	(0.161)	(0.0861)	(0.118)	(0.0849)	(0.185)
SIZE	0.344***	0.321***	0.279**	0.281**	0.320***	0.302***
SIZE	(0.115)	(0.112)	(0.112)	(0.112)	(0.114)	(0.112)
LEV	−1.187*	−1.087	−1.219*	−1.206*	−1.181*	−1.104
LEV	(0.699)	(0.686)	(0.709)	(0.685)	(0.702)	(0.696)
ROA	2.497	2.287	2.587	2.515	2.548	2.348
ROA	(2.113)	(2.088)	(2.122)	(2.091)	(2.121)	(2.125)
EXP	−0.273	−0.213	−0.268	−0.308	−0.235	−0.222
EXP	(0.480)	(0.480)	(0.467)	(0.477)	(0.478)	(0.471)
RECEI	2.067**	1.980**	1.975**	1.982**	2.007**	2.064**
RECEI	(0.948)	(0.965)	(0.970)	(0.954)	(0.972)	(0.988)
LOSS	0.356	0.357	0.369	0.381	0.361	0.343
LOSS	(0.285)	(0.288)	(0.286)	(0.286)	(0.287)	(0.288)
LOSS_t−1	0.124	0.116	0.123	0.110	0.127	0.123
LOSS_t−1	(0.249)	(0.244)	(0.243)	(0.240)	(0.246)	(0.243)
CLEAN_t−1	−2.894***	−2.846***	−2.897***	−2.899***	−2.884***	−2.863***
CLEAN_t−1	(0.217)	(0.216)	(0.219)	(0.219)	(0.218)	(0.217)
AC_SIZE	−0.00340	−0.00514	−0.0374	−0.0156	−0.0219	−0.0307
AC_SIZE	(0.0475)	(0.0474)	(0.0481)	(0.0475)	(0.0477)	(0.0481)
AC_MEET	0.0113	0.0102	0.00538	0.00801	0.00683	0.00889
AC_MEET	(0.0489)	(0.0479)	(0.0473)	(0.0473)	(0.0480)	(0.0476)
B_MEET	0.0284	0.0284	0.0339	0.0331	0.0309	0.0318
B_MEET	(0.0293)	(0.0294)	(0.0287)	(0.0289)	(0.0289)	(0.0289)
B_INDEP	−1.624***	−1.403***	−1.415***	−1.406***	−1.475***	−1.487***
B_INDEP	(0.456)	(0.448)	(0.439)	(0.439)	(0.445)	(0.445)
BIG4	−1.037***	−1.042***	−1.058***	−1.033***	−1.064***	−1.038***
BIG4	(0.273)	(0.267)	(0.272)	(0.272)	(0.272)	(0.264)
AF_t−1	0.0634	0.0537	0.0531	0.0429	0.0624	0.0453
AF_t−1	(0.106)	(0.104)	(0.105)	(0.104)	(0.105)	(0.105)
RLAW	−0.533**	−0.485**	−0.557**	−0.553**	−0.528**	−0.528**
RLAW	(0.230)	(0.232)	(0.224)	(0.224)	(0.227)	(0.225)
REST_LINKS	0.00248	0.00701	−0.00344	0.00115	−0.000619	0.00172
REST_LINKS	(0.0639)	(0.0629)	(0.0635)	(0.0629)	(0.0634)	(0.0634)
LINKS_TOTAL	0.0914	0.0550	0.0826	0.0261	0.100	0.0885
LINKS_TOTAL	(0.0613)	(0.0542)	(0.0627)	(0.0588)	(0.0631)	(0.0607)
Observations	1,798	1,798	1,798	1,798	1,798	1,798
Wald χ²	1309.04		1303.89	1299.73	1290.32	1291.68
Pseudo R2	0.3929	0.3938	0.3913	0.3908	0.3923	0.3926

Note(s): Estimated coefficients (std. errors) using the logit regression of equation (1). The dependent variable is OPINION_CAT in all the regressions. The first row indicates the centrality measure used. All the estimations include year and industry-fixed effects and clustering by firm. See Appendix I for the definition of the variables. ***, **, * for 1%, 5% and 10% significance level

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