Table 6

OLS regression results

Var.Bias_SalesBias_NIBias_CFBias_ CAPEX
(1)(2)(3)(4)
PFR−0.700***−0.009**−0.028***−0.075***
(0.000)(0.044)(0.003)(0.000)
SIZE0.095***0.000−0.001−0.006***
(0.000)(0.774)(0.177)(0.000)
LEV−1.257***0.002−0.021***−0.046***
(0.000)(0.610)(0.000)(0.000)
ROA−2.152***−0.949***−0.941***−0.118***
(0.000)(0.000)(0.000)(0.000)
MTB−0.018−0.003***−0.003***−0.012***
(0.130)(0.004)(0.002)(0.000)
BETA−0.0080.0010.004**0.005*
(0.696)(0.182)(0.039)(0.088)
VOL−0.062−0.024***−0.032***−0.018
(0.501)(0.001)(0.001)(0.186)
Foreign−0.061***−0.001*−0.0010.004**
(0.000)(0.065)(0.150)(0.023)
Blockholder−0.004***0.000−0.000−0.000
(0.000)(0.583)(0.145)(0.635)
DA0.2250.026***0.069***0.011
(0.122)(0.004)(0.000)(0.576)
BIG4−0.064***0.000−0.0010.005
(0.002)(0.792)(0.723)(0.179)
Market0.116***−0.002*−0.001−0.012***
(0.000)(0.077)(0.438)(0.004)
Industry FEIncludedIncludedIncludedIncluded
Year FEIncludedIncludedIncludedIncluded
N2,9832,8852,5292072
R20.3780.9400.8370.266

Note(s): This regression uses robust standard errors. Values in parentheses indicate p-values. *, **, and *** denote statistical significance at the 10, 5, and 1% levels, respectively

Source(s): The authors
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