Table 4 Regression results of CEO...

Table 4

Regression results of CEO overconfidence on financial reporting complexity

Variables	Complexity1		Complexity2		Complexity3
Variables	Coef	t-stat	Coef	t-stat	Coef	t-stat
CEOOC	0.593***	3.457	0.422***	3.460	0.610***	2.909
CEOTen	0.066**	2.206	0.047**	2.189	0.061*	1.680
CEOFinExpt	−0.161	−0.696	−0.127	−0.772	0.021	0.074
BInd	0.967*	1.965	0.619*	1.769	1.086*	1.806
BFinExpt	0.604	1.127	0.402	1.054	0.230	0.351
InstOwn	1.409**	2.571	0.998**	2.559	1.311*	1.957
Size	0.295***	4.065	0.206***	3.981	0.344***	3.880
ROA	0.481	0.623	0.429	0.782	2.209**	2.343
Accruals	0.146	0.277	0.117	0.312	−0.149	−0.230
Loss	−0.127	−0.362	−0.053	−0.213	0.006	0.014
SalesG	0.154	0.903	0.115	0.950	0.057	0.274
MTB	0.001	0.297	0.001	0.317	0.002	0.343
LnAge	−0.596**	−2.296	−0.434**	−2.352	−0.422	−1.332
ForeignS	−0.011	−0.039	−0.010	−0.048	−0.339	−0.985
Segment	0.436**	2.263	0.330**	2.410	0.375	1.594
Intercept	8.699***	5.380	11.885***	10.330	5.624***	2.846
YEAR_FE	YES		YES		YES
IND_FE	YES		YES		YES
Adj_R²	0.240		0.239		0.196
F	3.318***		3.298***		2.784***
Observations	1,445		1,445		1,445

Variables	Complexity1		Complexity2		Complexity3
Variables	Coef	t-stat	Coef	t-stat	Coef	t-stat
CEOOC	0.593***	3.457	0.422***	3.460	0.610***	2.909
CEOTen	0.066**	2.206	0.047**	2.189	0.061*	1.680
CEOFinExpt	−0.161	−0.696	−0.127	−0.772	0.021	0.074
BInd	0.967*	1.965	0.619*	1.769	1.086*	1.806
BFinExpt	0.604	1.127	0.402	1.054	0.230	0.351
InstOwn	1.409**	2.571	0.998**	2.559	1.311*	1.957
Size	0.295***	4.065	0.206***	3.981	0.344***	3.880
ROA	0.481	0.623	0.429	0.782	2.209**	2.343
Accruals	0.146	0.277	0.117	0.312	−0.149	−0.230
Loss	−0.127	−0.362	−0.053	−0.213	0.006	0.014
SalesG	0.154	0.903	0.115	0.950	0.057	0.274
MTB	0.001	0.297	0.001	0.317	0.002	0.343
LnAge	−0.596**	−2.296	−0.434**	−2.352	−0.422	−1.332
ForeignS	−0.011	−0.039	−0.010	−0.048	−0.339	−0.985
Segment	0.436**	2.263	0.330**	2.410	0.375	1.594
Intercept	8.699***	5.380	11.885***	10.330	5.624***	2.846
YEAR_FE	YES		YES		YES
IND_FE	YES		YES		YES
Adj_R²	0.240		0.239		0.196
F	3.318***		3.298***		2.784***
Observations	1,445		1,445		1,445

Note(s): Statistical significance is denoted by *p < 0.10, **p < 0.05, ***p < 0.01. Variables are as defined in Appendix 2

Source: Author’s own creation

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