Main regression (2009–2011, n: 1,118)
| Regression | Expected | Coefficients |
|---|---|---|
| Direction | ||
| Intercept | ? | 0.044 1.307 |
| NAS | − | 0.031 3.159*** |
| AC_FIN | − | 0.000 −0.053 |
| AC_IND | − | 0.000 0.092 |
| AC_MEET | − | 0.000 −0.023 |
| AC_SIZE | ? | 0.018 1.360 |
| BIG_4 | − | 0.001 0.169 |
| LEVERAGE | + | −0.021 −2.859*** |
| FAMILY_F | − | −0.005 −1.407* |
| BOD_BUMI | + | −0.002 −0.261 |
| EQUITY | + | −0.081 −1.912* |
| LOSS | + | 0.035 8.925*** |
| POLCON | + | 0.000 −0.132 |
| ASSETS | + | −0.002 −0.925 |
| Period Fixed | Yes | |
| Industries Fixed | Yes | |
| Adjusted R2 | 0.111 | |
| F-statistic | 7.614*** | |
| VIF(Regression) | 1.213 |
| Regression | Expected | Coefficients |
|---|---|---|
| Direction | ||
| ? | 0.044 | |
| − | 0.031 | |
| − | 0.000 | |
| − | 0.000 | |
| − | 0.000 | |
| ? | 0.018 | |
| − | 0.001 | |
| + | −0.021 | |
| −0.005 | ||
| + | −0.002 | |
| −0.081 | ||
| 0.035 | ||
| + | 0.000 | |
| + | −0.002 | |
| Yes | ||
| Yes | ||
| 0.111 | ||
| 1.213 |
Note(s): Please refer to Table 2 for operational definitions. *, ** and *** represent 10, 5 and 1% significant levels, respectively
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