Table 14 Channel test (1) (2) Grade...

Table 14

Channel test

	(1)	(2)
	Grade	Turnover
Open	0.1241^***	0.1258^***
Open	(2.71)	(2.96)
Size	0.1267^***	−0.0191^*
Size	(10.96)	(−1.75)
Lev	−0.4872^***	0.2222^***
Lev	(−7.08)	(3.77)
Growth	−0.0721^***	0.1130^***
Growth	(−5.13)	(9.11)
Top1	0.0024^***	0.0019^**
Top1	(3.07)	(2.42)
Dual	−0.0025	−0.0329^*
Dual	(−0.12)	(−1.69)
CFO	0.2064
CFO	(1.56)
ROA	3.1749^***
ROA	(13.27)
Big4		0.0374
Big4		(0.60)
Loss		0.1604^***
Loss		(8.26)
QFII	6.2022^***	7.6974^***
QFII	(2.82)	(3.17)
Constant	0.2122	0.8036^***
Constant	(0.93)	(3.67)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.1808	0.0656
N	6,520	10,351

	(1)	(2)
	Grade	Turnover
Open	0.1241^***	0.1258^***
Open	(2.71)	(2.96)
Size	0.1267^***	−0.0191^*
Size	(10.96)	(−1.75)
Lev	−0.4872^***	0.2222^***
Lev	(−7.08)	(3.77)
Growth	−0.0721^***	0.1130^***
Growth	(−5.13)	(9.11)
Top1	0.0024^***	0.0019^**
Top1	(3.07)	(2.42)
Dual	−0.0025	−0.0329^*
Dual	(−0.12)	(−1.69)
CFO	0.2064
CFO	(1.56)
ROA	3.1749^***
ROA	(13.27)
Big4		0.0374
Big4		(0.60)
Loss		0.1604^***
Loss		(8.26)
QFII	6.2022^***	7.6974^***
QFII	(2.82)	(3.17)
Constant	0.2122	0.8036^***
Constant	(0.93)	(3.67)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.1808	0.0656
N	6,520	10,351

Note(s): This table presents the regression results of channel test. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

[ViewLarge]

Sharing Unavailable