Table 9

Regression results after replacing tone manipulation measures

Variable(1)(2)(3)
Abtone1DUM_AbtoneAbtone2
D&O0.005**0.106**0.005***
(1.97)(2.12)(2.85)
Size0.004***0.076***0.001**
(4.59)(4.63)(2.04)
Lev−0.003−0.0140.010**
(−0.53)(−0.13)(2.30)
Growth0.0000.0070.001
(0.70)(0.69)(1.54)
Dir0.025**0.432**0.007
(2.30)(2.02)(0.92)
Top10.027***0.354***0.011***
(5.00)(3.39)(2.61)
ROE−0.011*−0.063−0.013***
(−1.91)(−0.56)(−2.98)
Loss−0.010***−0.0010.004*
(−3.44)(−0.02)(1.91)
OCF−0.003−0.344−0.022**
(−0.24)(−1.60)(−2.57)
LR−0.003***−0.056***−0.001***
(−6.01)(−4.95)(−3.07)
Dual0.0010.0370.000
(0.64)(1.03)(0.22)
BM−0.008***−0.131***−0.003***
(−8.03)(−6.93)(−4.12)
Board0.015***0.200**0.010***
(3.52)(2.46)(3.32)
_cons−0.156***−2.756***0.016
(−7.80)(−6.98)(1.04)
YearYesYesYes
IndustryYesYesYes
N21141.00021134.00010893.000
r2_a0.087 0.066

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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