Emerald Publishing

Table 7

D&O insurance, operating risk, and management tone manipulation

Variable	(1)
Variable	D_Roa
D&O	0.006^***
D&O	(4.91)
D_Roa
Size	−0.008^***
Size	(−20.20)
Lev	0.077^***
Lev	(27.43)
Growth	0.001^***
Growth	(4.86)
Dir	−0.011^**
Dir	(−2.02)
Top1	−0.022^***
Top1	(−8.08)
ROE	−0.059^***
ROE	(−20.58)
Loss	0.027^***
Loss	(18.45)
OCF	0.017^***
OCF	(3.08)
LR	0.003^***
LR	(9.18)
Dual	0.002^*
Dual	(1.71)
BM	−0.009^***
BM	(−17.95)
Board	−0.012^***
Board	(−5.64)
_cons	0.230^***
_cons	(22.81)
Year	Yes
Industry	Yes
N	21141.000
r2_a	0.242

Variable	(1)
Variable	D_Roa
D&O	0.006^***
D&O	(4.91)
D_Roa
Size	−0.008^***
Size	(−20.20)
Lev	0.077^***
Lev	(27.43)
Growth	0.001^***
Growth	(4.86)
Dir	−0.011^**
Dir	(−2.02)
Top1	−0.022^***
Top1	(−8.08)
ROE	−0.059^***
ROE	(−20.58)
Loss	0.027^***
Loss	(18.45)
OCF	0.017^***
OCF	(3.08)
LR	0.003^***
LR	(9.18)
Dual	0.002^*
Dual	(1.71)
BM	−0.009^***
BM	(−17.95)
Board	−0.012^***
Board	(−5.64)
_cons	0.230^***
_cons	(22.81)
Year	Yes
Industry	Yes
N	21141.000
r2_a	0.242

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