Table AI Summary of the results of the...

Table AI

Summary of the results of the statistical analyses of robustness

	Granger causality Wald statistics^b	Ordinary least square regression with robust SEs			Hausman statistics for endogenity^c
Variable^a	F^b	Coef.	SE	Robust SE	Fixed effect	Random effect
Intercept	–	−0.549**	0.228	0.204	–	–
BSIZE_i,t	3.551***	−0.009	0.010	0.009	0.002	−0.002
INDBD_i,t	1.307	−0.025*	0.015	0.011	0.001	−0.016
CEOCHAIR_i,t	1.657	0.075**	0.029	0.025	0.115	0.081*
BMEET_i,t	0.118	0.004	0.029	0.003	−0.004	0.000
BFAEXP_i,t	2.353**	0.033***	0.010	0.009	−0.018	0.012
AUDCSIZE_i,t	2.787**	−0.043	0.030	0.030	−0.011	−0.013
NINDAC_i,t	1.368	0.01	0.027	0.025	0.039	0.001
ACMEET_i,t	2.791**	−0.004	0.009	0.001	0.010	0.005
ACFAEXP_i,t	2.665**	−0.004	0.021	0.017	0.010	0.018
LEV_i,t	0.266	0.285***	0.055	0.059	0.028	0.029
BIG4_i,t	1.631	0.120**	0.052	0.049	0.015	0.032
FSIZE_i,t	1.936	0.029***	0.009	0.009	0.028	0.036***
GROWTH_i,t	1.796	0.021	0.059	0.030	−0.009	0.000
	Statistical tests for Heteroscedasticity
	Breusch–Pagan/Cook–Weisberg test for heteroscedasticity χ²(1) = 45.420 Prob>χ²=0.000
	White’s test for heteroscedasticity χ2(102) = 137.500 Prob > χ2 = 0.011

	Granger causality Wald statistics^b	Ordinary least square regression with robust SEs			Hausman statistics for endogenity^c
Variable^a	F^b	Coef.	SE	Robust SE	Fixed effect	Random effect
Intercept	–	−0.549**	0.228	0.204	–	–
BSIZE_i,t	3.551***	−0.009	0.010	0.009	0.002	−0.002
INDBD_i,t	1.307	−0.025*	0.015	0.011	0.001	−0.016
CEOCHAIR_i,t	1.657	0.075**	0.029	0.025	0.115	0.081*
BMEET_i,t	0.118	0.004	0.029	0.003	−0.004	0.000
BFAEXP_i,t	2.353**	0.033***	0.010	0.009	−0.018	0.012
AUDCSIZE_i,t	2.787**	−0.043	0.030	0.030	−0.011	−0.013
NINDAC_i,t	1.368	0.01	0.027	0.025	0.039	0.001
ACMEET_i,t	2.791**	−0.004	0.009	0.001	0.010	0.005
ACFAEXP_i,t	2.665**	−0.004	0.021	0.017	0.010	0.018
LEV_i,t	0.266	0.285***	0.055	0.059	0.028	0.029
BIG4_i,t	1.631	0.120**	0.052	0.049	0.015	0.032
FSIZE_i,t	1.936	0.029***	0.009	0.009	0.028	0.036***
GROWTH_i,t	1.796	0.021	0.059	0.030	−0.009	0.000
	Statistical tests for Heteroscedasticity
	Breusch–Pagan/Cook–Weisberg test for heteroscedasticity χ²(1) = 45.420 Prob>χ²=0.000
	White’s test for heteroscedasticity χ2(102) = 137.500 Prob > χ2 = 0.011

Notes: ^aDefinitions of these variables are indicated under Table III; ^bGranger causality Wald statistics lagged variables which cause an impact on the dependent variable does not indicate significance level; ^cHR_o: Random effects are independent of the independent variable (Difference in coefficients not systematic); HR₁: Random effects are not independent of the independent variable (Difference in coefficients are systematic), Prob>χ² = 0.3192. *p<0.10; **p<0.05; ***p<0.01

Source: Author constructed

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