D&O insurance and management tone manipulation
| Variable | (1) | (2) |
|---|---|---|
| Abtone | Abtone | |
| D&O | 0.006** | 0.005** |
| (2.51) | (2.12) | |
| Size | 0.004*** | |
| (5.27) | ||
| Lev | −0.001 | |
| (−0.22) | ||
| Growth | 0.000 | |
| (0.77) | ||
| Dir | 0.024** | |
| (2.25) | ||
| Top1 | 0.025*** | |
| (4.64) | ||
| ROE | −0.009 | |
| (−1.63) | ||
| Loss | −0.001 | |
| (−0.21) | ||
| OCF | −0.013 | |
| (−1.22) | ||
| LR | −0.003*** | |
| (−6.06) | ||
| Dual | 0.001 | |
| (0.72) | ||
| BM | −0.008*** | |
| (−8.25) | ||
| Board | 0.014*** | |
| (3.34) | ||
| _cons | −0.034*** | −0.166*** |
| (−5.29) | (−8.31) | |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| N | 21141.000 | 21141.000 |
| r2_a | 0.081 | 0.089 |
| Variable | (1) | (2) |
|---|---|---|
| 0.006** | 0.005** | |
| (2.51) | (2.12) | |
| 0.004*** | ||
| (5.27) | ||
| −0.001 | ||
| (−0.22) | ||
| 0.000 | ||
| (0.77) | ||
| 0.024** | ||
| (2.25) | ||
| 0.025*** | ||
| (4.64) | ||
| −0.009 | ||
| (−1.63) | ||
| −0.001 | ||
| (−0.21) | ||
| −0.013 | ||
| (−1.22) | ||
| −0.003*** | ||
| (−6.06) | ||
| 0.001 | ||
| (0.72) | ||
| −0.008*** | ||
| (−8.25) | ||
| 0.014*** | ||
| (3.34) | ||
| −0.034*** | −0.166*** | |
| (−5.29) | (−8.31) | |
| Yes | Yes | |
| Yes | Yes | |
| N | 21141.000 | 21141.000 |
| r2_a | 0.081 | 0.089 |
Note(s): ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. Numbers in parentheses are the t-values
Source(s): Table by authors
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