Table 6 Regressions with interaction...

Table 6

Regressions with interaction terms (2009–2011, n: 1,118)

Regression	Expected direction	1	2 Coeff	3 Coeff	4 Coeff	5 Coeff
Intercept	?	0.044 1.307	0.044 1.302	0.042 1.238	0.038 1.094	0.058 1.567
NAS	−	0.031 3.159***	0.033 2.999***	0.051 3.245***	0.064 2.038**	−0.034 −0.481
AC_FIN	−	0.000 −0.053	0.001 0.272	0.000 −0.080	0.000 −0.079	0.000 −0.026
AC_IND	−	0.000 0.092	0.000 0.087	0.006 1.209	0.000 0.096	0.000 0.061
AC_MEET	−	0.000 −0.023	0.000 −0.038	0.000 −0.039	0.004 0.713	0.000 −0.034
AC_SIZE	−	0.018 1.360	0.018 1.333	0.019 1.415	0.019 1.379	0.007 0.362
BIG_4	−	0.001 0.169	0.001 0.193	0.001 0.246	0.001 0.168	0.001 0.156
LEVERAGE	+	−0.021 −2.859***	−0.021 −2.856***	−0.021 −2.859***	−0.021 −2.862***	−0.021 −2.865***
FAMILY_F	−	−0.005 −1.407*	−0.005 −1.421*	−0.005 −1.483*	−0.004 −1.301*	−0.005 −1.367*
BOD_BUMI	+	−0.002 −0.261	−0.002 −0.275	−0.002 −0.250	−0.001 −0.181	−0.001 −0.192
EQUITY	+	−0.081 −1.912*	−0.080 −1.905**	−0.078 −1.848**	−0.079 −1.869**	−0.079 −1.866**
LOSS	+	0.035 8.925***	0.035 8.933***	0.036 9.021***	0.035 8.945***	0.035 8.938***
POLCON	+	0.000 −0.132	0.000 −0.123	0.000 −0.063	0.000 −0.131	0.000 −0.104
ASSETS	+	−0.002 −0.925	−0.002 −0.915	−0.002 −0.994	−0.002 −0.941	−0.002 −0.929
NASAC_FIN*	−		−0.009 −0.400
NASAC_IND*	−			−0.032 −1.624*
NASAC_MEET*	−				−0.021 −1.127
NASAC_SIZE*	−					0.056 0.915
Period fixed		Yes	Yes	Yes	Yes	Yes
Industry dummies		Yes	Yes	Yes	Yes	Yes
Adjusted R²		0.111	0.110	0.112	0.111	0.111
F-statistic		7.614***	7.272***	7.422***	7.332***	7.312***
VIF(Regression)		1.213	1.390	1.514	2.315	7.117

Regression	Expected direction	1	2Coeff	3Coeff	4Coeff	5Coeff
Intercept	?	0.0441.307	0.0441.302	0.0421.238	0.0381.094	0.0581.567
NAS	−	0.0313.159***	0.0332.999***	0.0513.245***	0.0642.038**	−0.034−0.481
AC_FIN	−	0.000−0.053	0.0010.272	0.000−0.080	0.000−0.079	0.000−0.026
AC_IND	−	0.0000.092	0.0000.087	0.0061.209	0.0000.096	0.0000.061
AC_MEET	−	0.000−0.023	0.000−0.038	0.000−0.039	0.0040.713	0.000−0.034
AC_SIZE	−	0.0181.360	0.0181.333	0.0191.415	0.0191.379	0.0070.362
BIG_4	−	0.0010.169	0.0010.193	0.0010.246	0.0010.168	0.0010.156
LEVERAGE	+	−0.021−2.859***	−0.021−2.856***	−0.021−2.859***	−0.021−2.862***	−0.021−2.865***
FAMILY_F	−	−0.005−1.407*	−0.005−1.421*	−0.005−1.483*	−0.004−1.301*	−0.005−1.367*
BOD_BUMI	+	−0.002−0.261	−0.002−0.275	−0.002−0.250	−0.001−0.181	−0.001−0.192
EQUITY	+	−0.081−1.912*	−0.080−1.905**	−0.078−1.848**	−0.079−1.869**	−0.079−1.866**
LOSS	+	0.0358.925***	0.0358.933***	0.0369.021***	0.0358.945***	0.0358.938***
POLCON	+	0.000−0.132	0.000−0.123	0.000−0.063	0.000−0.131	0.000−0.104
ASSETS	+	−0.002−0.925	−0.002−0.915	−0.002−0.994	−0.002−0.941	−0.002−0.929
NAS*AC_FIN	−		−0.009−0.400
NAS*AC_IND	−			−0.032−1.624*
NAS*AC_MEET	−				−0.021−1.127
NAS*AC_SIZE	−					0.0560.915
Period fixed		Yes	Yes	Yes	Yes	Yes
Industry dummies		Yes	Yes	Yes	Yes	Yes
Adjusted R²		0.111	0.110	0.112	0.111	0.111
F-statistic		7.614***	7.272***	7.422***	7.332***	7.312***
VIF(Regression)		1.213	1.390	1.514	2.315	7.117

Note(s): Please refer to Table 2 for operational definitions. *, ** and *** represent 10, 5 and 1% significant levels, respectively

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