Heckman model
| Panel A | ||||
|---|---|---|---|---|
| First step | ||||
| IR_release | ||||
| antiself | −0.851*** | |||
| (0.00) | ||||
| IFRS | 3.644*** | |||
| (0.00) | ||||
| ROA | 2.431* | |||
| (0.06) | ||||
| size | 0.277*** | |||
| (0.00) | ||||
| Nonex | −0.003 | |||
| (0.56) | ||||
| lev | 0.120 | |||
| (0.73) | ||||
| BoardSize | −0.013 | |||
| (0.54) | ||||
| Constant | −8.181*** | |||
| (0.00) | ||||
| Pseudo R2 | 0.415 | |||
| Panel B | ||||
| Second step | (1) | (2) | (3) | (4) |
| l_eps_st | 0.024*** | 0.016*** | 0.023*** | 0.022*** |
| (0.00) | (0.00) | (0.00) | (0.00) | |
| ln_nana | 0.004 | −0.001 | 0.002 | 0.005** |
| (0.11) | (0.50) | (0.34) | (0.02) | |
| Controlled | 0.004 | 0.005 | 0.006 | −0.006 |
| (0.31) | (0.25) | (0.15) | (0.20) | |
| IR_first | 0.006** | 0.004 | 0.006** | 0.004* |
| (0.02) | (0.11) | (0.02) | (0.10) | |
| W | 0.004 | 0.017** | 0.007 | 0.001 |
| (0.68) | (0.04) | (0.43) | (0.88) | |
| IR_release_Cluster1 | −0.019*** | |||
| (0.00) | ||||
| IR_release_Cluster2 | 0.004* | |||
| (0.07) | ||||
| IR_release_Cluster3 | 0.022*** | |||
| (0.00) | ||||
| Constant | 0.004 | 0.018*** | 0.005 | −0.006 |
| (0.49) | (0.00) | (0.41) | (0.34) | |
| /mills | ||||
| Lambda | −0.028*** | −0.009** | −0.026*** | −0.017*** |
| (0.00) | (0.05) | (0.00) | (0.00) | |
| p | 0.000 | 0.000 | 0.000 | 0.000 |
| Chi2 | 104.193 | 195.230 | 105.628 | 186.236 |
| rho | −0.976 | −0.381 | −0.919 | −0.684 |
| N | 1,091.000 | 1,091.000 | 1,091.000 | 1,091.000 |
| Panel A | ||||
|---|---|---|---|---|
| First step | ||||
| antiself | −0.851 | |||
| (0.00) | ||||
| IFRS | 3.644 | |||
| (0.00) | ||||
| ROA | 2.431 | |||
| (0.06) | ||||
| size | 0.277 | |||
| (0.00) | ||||
| Nonex | −0.003 | |||
| (0.56) | ||||
| lev | 0.120 | |||
| (0.73) | ||||
| BoardSize | −0.013 | |||
| (0.54) | ||||
| Constant | −8.181 | |||
| (0.00) | ||||
| Pseudo R2 | 0.415 | |||
| Panel B | ||||
| Second step | (1) | (2) | (3) | (4) |
| l_eps_st | 0.024 | 0.016 | 0.023 | 0.022 |
| (0.00) | (0.00) | (0.00) | (0.00) | |
| ln_nana | 0.004 | −0.001 | 0.002 | 0.005 |
| (0.11) | (0.50) | (0.34) | (0.02) | |
| Controlled | 0.004 | 0.005 | 0.006 | −0.006 |
| (0.31) | (0.25) | (0.15) | (0.20) | |
| IR_first | 0.006 | 0.004 | 0.006 | 0.004 |
| (0.02) | (0.11) | (0.02) | (0.10) | |
| W | 0.004 | 0.017 | 0.007 | 0.001 |
| (0.68) | (0.04) | (0.43) | (0.88) | |
| IR_release_Cluster1 | −0.019 | |||
| (0.00) | ||||
| IR_release_Cluster2 | 0.004 | |||
| (0.07) | ||||
| IR_release_Cluster3 | 0.022 | |||
| (0.00) | ||||
| Constant | 0.004 | 0.018 | 0.005 | −0.006 |
| (0.49) | (0.00) | (0.41) | (0.34) | |
| /mills | ||||
| Lambda | −0.028 | −0.009 | −0.026 | −0.017 |
| (0.00) | (0.05) | (0.00) | (0.00) | |
| 0.000 | 0.000 | 0.000 | 0.000 | |
| Chi2 | 104.193 | 195.230 | 105.628 | 186.236 |
| rho | −0.976 | −0.381 | −0.919 | −0.684 |
| 1,091.000 | 1,091.000 | 1,091.000 | 1,091.000 |
Notes: *p < 0.10, **p < 0.05, ***p < 0.01