Underlying mechanisms test results
| Variable | Financial Effect | Human Effect |
|---|---|---|
| (1) | (2) | |
| Fned | −0.229* | 0.226*** |
| (−1.81) | (6.39) | |
| Size | 0.010 | 0.004** |
| (0.79) | (1.99) | |
| Lev | −0.094 | −0.024*** |
| (−1.60) | (−3.36) | |
| Growth | 0.007 | 0.001 |
| (0.94) | (0.32) | |
| Age | −0.021*** | 0.006* |
| (−2.66) | (1.73) | |
| ROA | 0.309*** | 0.015 |
| (6.67) | (0.36) | |
| Cashflow | 0.006 | 0.006 |
| (0.06) | (0.44) | |
| Board | −0.054*** | −0.120*** |
| (−2.92) | (−3.17) | |
| Indep | 0.097 | −0.016*** |
| (1.07) | (−9.00) | |
| Dual | −0.009 | 0.006 |
| (−1.13) | (0.51) | |
| Mshare | 0.061*** | −1.515*** |
| (6.83) | (−24.40) | |
| FM | 0.464*** | 0.001 |
| (5.34) | (0.36) | |
| Child | 0.009 | 0.009*** |
| (0.53) | (2.66) | |
| HT | 0.030** | −0.001** |
| (2.16) | (−2.42) | |
| Law | 0.003*** | 0.939*** |
| (3.58) | (13.28) | |
| Year | Y | Y |
| Industry | Y | Y |
| Cons | 0.227 | 1129 |
| (0.70) | (0.192) | |
| N | 1,129 | 1,129 |
| R2 | 0.213 | 0.883 |
| Variable | Financial Effect | Human Effect |
|---|---|---|
| (1) | (2) | |
| −0.229* | 0.226*** | |
| (−1.81) | (6.39) | |
| 0.010 | 0.004** | |
| (0.79) | (1.99) | |
| −0.094 | −0.024*** | |
| (−1.60) | (−3.36) | |
| 0.007 | 0.001 | |
| (0.94) | (0.32) | |
| −0.021*** | 0.006* | |
| (−2.66) | (1.73) | |
| 0.309*** | 0.015 | |
| (6.67) | (0.36) | |
| 0.006 | 0.006 | |
| (0.06) | (0.44) | |
| −0.054*** | −0.120*** | |
| (−2.92) | (−3.17) | |
| 0.097 | −0.016*** | |
| (1.07) | (−9.00) | |
| −0.009 | 0.006 | |
| (−1.13) | (0.51) | |
| 0.061*** | −1.515*** | |
| (6.83) | (−24.40) | |
| 0.464*** | 0.001 | |
| (5.34) | (0.36) | |
| 0.009 | 0.009*** | |
| (0.53) | (2.66) | |
| 0.030** | −0.001** | |
| (2.16) | (−2.42) | |
| 0.003*** | 0.939*** | |
| (3.58) | (13.28) | |
| Y | Y | |
| Y | Y | |
| 0.227 | 1129 | |
| (0.70) | (0.192) | |
| 1,129 | 1,129 | |
| 0.213 | 0.883 |
Note(s): This table shows the regression results for the underlying mechanism test. Column (1) is used to test the resource effect and Column (2) is used to test the human effect. We report t-statistics in parentheses. All models include year and industry-fixed effects. *, ** and *** indicate two-tailed statistical significance at the 10%, 5% and 1% levels, respectively. All variables are defined in Appendix
Source(s): Table by authors