Emerald Publishing

Table 8

D&O insurance, agency cost, and management tone manipulation

Variable	(1)
Variable	Fee
D&O	0.006^***
D&O	(3.13)
Fee
Size	−0.019^***
Size	(−31.08)
Lev	−0.014^***
Lev	(−3.40)
Growth	0.002^***
Growth	(5.82)
Dir	0.016^**
Dir	(2.05)
Top1	−0.048^***
Top1	(−12.54)
ROE	−0.035^***
ROE	(−8.65)
Loss	0.045^***
Loss	(21.58)
OCF	−0.074^***
OCF	(−9.40)
LR	0.003^***
LR	(7.93)
Dual	0.001
Dual	(0.46)
BM	−0.003^***
BM	(−3.81)
Board	0.002
Board	(0.55)
_cons	0.500^***
_cons	(34.97)
Year	Yes
Industry	Yes
N	21141.000
r2_a	0.288

Variable	(1)
Variable	Fee
D&O	0.006^***
D&O	(3.13)
Fee
Size	−0.019^***
Size	(−31.08)
Lev	−0.014^***
Lev	(−3.40)
Growth	0.002^***
Growth	(5.82)
Dir	0.016^**
Dir	(2.05)
Top1	−0.048^***
Top1	(−12.54)
ROE	−0.035^***
ROE	(−8.65)
Loss	0.045^***
Loss	(21.58)
OCF	−0.074^***
OCF	(−9.40)
LR	0.003^***
LR	(7.93)
Dual	0.001
Dual	(0.46)
BM	−0.003^***
BM	(−3.81)
Board	0.002
Board	(0.55)
_cons	0.500^***
_cons	(34.97)
Year	Yes
Industry	Yes
N	21141.000
r2_a	0.288

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