Table 5

Regression results of CEOs' overconfidence and financial reporting complexity alternatives

Panel A: regression results of CEOs' overconfidence on financial reporting complexity alternatives
VariablesComplexity4Complexity5Complexity6
Coeft-statCoeft-statCoeft-stat
CEOOC0.562***2.926−2.071*−1.7380.102**2.430
InterceptYesYesYes
ControlsYesYesYes
YEAR_FEYesYesYes
IND_FEYesYesYes
Adj_R20.2020.1950.414
F2.860***2.773***6.181***
Observations1,4451,4451,445
Panel B: regression results of CEOs' overconfidence alternatives on financial reporting complexity
Complexity1Complexity2Complexity3Complexity1Complexity2Complexity3
Coef. [t-stat]Coef. [t-stat]Coef. [t-stat]Coef. [t-stat]Coef. [t-stat]Coef. [t-stat]
CEOOC10.067** [2.167]0.047** [2.147]0.062 [1.653]   
CEOOC2   0.064** [2.071]0.045** [2.050]0.061 [1.619]
InterceptYesYesYesYesYesYes
ControlsYesYesYesYesYesYes
YEAR_FEYesYesYesYesYesYes
IND_FEYesYesYesYesYesYes
Adj_R20.1890.1860.1560.1900.1880.156
F2.705***2.679***2.354***2.718***2.702***2.359***
Observations1,4451,4451,4451,4451,4451,445

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

Source(s): Author’s own creation

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