Table 3 Results of the empirical...

Table 3

Results of the empirical analysis

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
$A E M$	−0.012**			−0.009***			−0.016***
$A E M$	(−2.03)			(−2.95)			(−3.17)
$R E M$		−0.028***			−0.044**			−0.022*
$R E M$		(−3.13)			(−2.04)			(−2.74)
$C S R$			0.146***	0.096*	0.129**		0.213***	0.140***
$C S R$			(2.55)	(1.95)	(2.25)		(6.82)	(5.51)
$S T A T E$						0.083**	0.009**	0.036**
$S T A T E$						(2.34)	(1.93)	(1.79)
$A E M \times C S R$				0.095*			0.010***
$A E M \times C S R$				(1.80)			(2.90)
$R E M \times C S R$					0.147***			0.134***
$R E M \times C S R$					(3.76)			(2.22)
$A E M \times S T A T E$							0.429**
$A E M \times S T A T E$							(2.36)
$R E M \times S T A T E$								0.345*
$R E M \times S T A T E$								(1.83)
$C S R \times S T A T E$							0.041*	0.049*
$C S R \times S T A T E$							(1.83)	(1.69)
$A E M \times C S R \times S T A T E$							0.141***
$A E M \times C S R \times S T A T E$							(3.39)
$R E M \times C S R \times S T A T E$								0.019***
$R E M \times C S R \times S T A T E$								(2.59)
$S I Z E$	−0.029***	−0.030***	−0.075***	−0.041***	−0.076**	−0.013	−0.051***	−0.0401*
$S I Z E$	(−2.74)	(−2.62)	(−2.79)	(−3.61)	(−2.51)	(−0.34)	(−6.99)	(−9.83)
$A G E$	−0.051	−0.018	−0.029	−0.049	−0.029	−0.025	−0.007	−0.005
$A G E$	(−1.00)	(−1.00)	(−1.24)	(−0.78)	(−0.48)	(−0.72)	(−0.28)	(−0.18)
$R O A$	0.026***	0.027***	0.021***	0.026***	0.014***	0.025	0.028	0.018
$R O A$	(4.13)	(3.13)	(4.65)	(3.34)	(2.68)	(0.67)	(1.14)	(0.86)
$L E V$	0.176***	0.169***	0.165***	0.017***	0.161***	0.179***	0.070***	0.075***
$L E V$	(3.26)	(2.87)	(2.69)	(2.71)	(2.64)	(4.23)	(3.51)	(3.84)
$B O A R D$	0.008**	−0.002*	−0.056**	−0.045***	−0.051***	0.017	−0.057***	−0.080
$B O A R D$	(1.98)	(−1.67)	(−1.99)	(−2.67)	(−2.88)	(0.49)	(−2.23)	(−3.02)
$W O M E N$	−0.035*	−0.034*	−0.026*	−0.033	−0.027	−0.035	−0.013	−0.042***
$W O M E N$	(−1.67)	(−1.69)	(−1.68)	(−0.75)	(−0.49)	(−0.98)	(−0.06)	(−2.10)
$I N D E P$	−0.019	−0.022	−0.043	−0.046	−0.036	−0.027	−0.079*	−0.059
$I N D E P$	(−0.31)	(−0.50)	(−1.37)	(−0.58)	(−0.80)	(−0.92)	(−3.35)	(−2.61)
Industry effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Adj. R-sq	0.134	0.112	0.150	0.174	0.168	0.138	0.341	0.362
Obs	1,239	1,290	1,287	1,237	1,287	1,290	1,203	1,252

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
$A E M$	−0.012**			−0.009***			−0.016***
$A E M$	(−2.03)			(−2.95)			(−3.17)
$R E M$		−0.028***			−0.044**			−0.022*
$R E M$		(−3.13)			(−2.04)			(−2.74)
$C S R$			0.146***	0.096*	0.129**		0.213***	0.140***
$C S R$			(2.55)	(1.95)	(2.25)		(6.82)	(5.51)
$S T A T E$						0.083**	0.009**	0.036**
$S T A T E$						(2.34)	(1.93)	(1.79)
$A E M \times C S R$				0.095*			0.010***
$A E M \times C S R$				(1.80)			(2.90)
$R E M \times C S R$					0.147***			0.134***
$R E M \times C S R$					(3.76)			(2.22)
$A E M \times S T A T E$							0.429**
$A E M \times S T A T E$							(2.36)
$R E M \times S T A T E$								0.345*
$R E M \times S T A T E$								(1.83)
$C S R \times S T A T E$							0.041*	0.049*
$C S R \times S T A T E$							(1.83)	(1.69)
$A E M \times C S R \times S T A T E$							0.141***
$A E M \times C S R \times S T A T E$							(3.39)
$R E M \times C S R \times S T A T E$								0.019***
$R E M \times C S R \times S T A T E$								(2.59)
$S I Z E$	−0.029***	−0.030***	−0.075***	−0.041***	−0.076**	−0.013	−0.051***	−0.0401*
$S I Z E$	(−2.74)	(−2.62)	(−2.79)	(−3.61)	(−2.51)	(−0.34)	(−6.99)	(−9.83)
$A G E$	−0.051	−0.018	−0.029	−0.049	−0.029	−0.025	−0.007	−0.005
$A G E$	(−1.00)	(−1.00)	(−1.24)	(−0.78)	(−0.48)	(−0.72)	(−0.28)	(−0.18)
$R O A$	0.026***	0.027***	0.021***	0.026***	0.014***	0.025	0.028	0.018
$R O A$	(4.13)	(3.13)	(4.65)	(3.34)	(2.68)	(0.67)	(1.14)	(0.86)
$L E V$	0.176***	0.169***	0.165***	0.017***	0.161***	0.179***	0.070***	0.075***
$L E V$	(3.26)	(2.87)	(2.69)	(2.71)	(2.64)	(4.23)	(3.51)	(3.84)
$B O A R D$	0.008**	−0.002*	−0.056**	−0.045***	−0.051***	0.017	−0.057***	−0.080
$B O A R D$	(1.98)	(−1.67)	(−1.99)	(−2.67)	(−2.88)	(0.49)	(−2.23)	(−3.02)
$W O M E N$	−0.035*	−0.034*	−0.026*	−0.033	−0.027	−0.035	−0.013	−0.042***
$W O M E N$	(−1.67)	(−1.69)	(−1.68)	(−0.75)	(−0.49)	(−0.98)	(−0.06)	(−2.10)
$I N D E P$	−0.019	−0.022	−0.043	−0.046	−0.036	−0.027	−0.079*	−0.059
$I N D E P$	(−0.31)	(−0.50)	(−1.37)	(−0.58)	(−0.80)	(−0.92)	(−3.35)	(−2.61)
Industry effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Adj. R-sq	0.134	0.112	0.150	0.174	0.168	0.138	0.341	0.362
Obs	1,239	1,290	1,287	1,237	1,287	1,290	1,203	1,252

Source(s): Author's own creation/work

The table reports the results of OLS models with fixed effects for year and industry for testing Hypotheses (1)-(4), standard errors are clustered by industry. The results reflect the effect of earnings management proxies (accrual-based (AEM) and real-based (REM)) on Tobin's Q variable as well as the moderating effect of CSR disclosure (CSR) and state ownership (STATE) in the above mentioned relationship. The variables are described in Appendix B. *, ** and *** indicate statistical significance at less than the 10%, 5% and 1% levels, respectively

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