Table 5 Robustness test (1) (2) (3) (4)...

Table 5

Robustness test

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	CAR	CAR (RATIO)	CAR (MEDIAN)	CAR [−1, +1]	CAR [−2, +2]	CAR (2SLS)
EP	2.888^**	0.964^*	2.896^**	2.642^**	3.673^**	2.768^**
EP	(1.91)	(1.33)	(1.91)	(1.88)	(2.16)	(1.83)
EP*IC	−0.400^**	−0.683^*	−0.408^**	−0.294^*	−0.435^**	−0.373^*
EP*IC	(−1.71)	(−1.62)	(−1.74)	(−1.35)	(−1.66)	(−1.59)
IC	−0.017^*	−0.037^**	−0.030^**	−0.003	−0.014	−0.017^*
IC	(−1.63)	(−1.96)	(−2.17)	(−0.33)	(−1.18)	(−1.58)
EP*SIZE	0.014	0.006	0.016	−0.014	0.004	0.010
EP*SIZE	(0.64)	(0.24)	(0.72)	(−0.70)	(0.15)	(0.42)
SIZE	0.003^***	0.004^***	0.003^***	0.002^**	0.003^***	0.003^***
SIZE	(3.09)	(3.10)	(3.06)	(1.67)	(3.10)	(3.55)
EP*ROA	1.217^***	2.022^***	1.198^***	1.349^***	1.444^***	1.224^***
EP*ROA	(3.05)	(4.07)	(3.00)	(3.65)	(3.23)	(3.03)
ROA	0.138^***	0.157^***	0.136^***	0.059^***	0.125^***	0.141^***
ROA	(5.71)	(5.20)	(5.59)	(2.62)	(4.60)	(5.77)
LEV	0.011^*	0.015^*	0.011^*	0.010^*	0.013^*	0.013^**
LEV	(1.56)	(1.64)	(1.50)	(1.50)	(1.60)	(1.84)
BETA	−0.002	−0.002	−0.003	0.002	−0.000	−0.003
BETA	(−0.69)	(−0.60)	(−0.80)	(0.68)	(−0.14)	(−1.01)
GROWTH	0.006^*	0.008^**	0.006^*	0.007^**	0.010^***	0.006^*
GROWTH	(1.58)	(1.70)	(1.49)	(2.12)	(2.36)	(1.45)
EP*BIG4	−0.089	−0.100	−0.092	−0.083	−0.054	−0.096
EP*BIG4	(−0.92)	(−0.83)	(−0.95)	(−0.93)	(−0.50)	(−0.98)
BIG4	0.002	0.001	0.002	0.004	0.003	0.003
BIG4	(0.48)	(0.12)	(0.50)	(1.22)	(0.85)	(0.76)
EP*BOARD	−0.145	−0.166	−0.146	−0.092	−0.253^*	−0.127
EP*BOARD	(−0.85)	(−0.78)	(−0.86)	(−0.58)	(−1.32)	(−0.78)
BOARD	0.000	−0.002	0.000	−0.007	−0.009	−0.000
BOARD	(0.03)	(−0.30)	(0.03)	(−1.10)	(−1.22)	(−0.01)
EP*INDEP	−0.331	−0.217	−0.323	−0.139	−0.573	−0.310
EP*INDEP	(−0.56)	(−0.29)	(−0.54)	(−0.25)	(−0.86)	(−0.54)
INDEP	0.032^*	0.029	0.032^*	0.012	0.024	0.029^*
INDEP	(1.45)	(1.06)	(1.45)	(0.60)	(0.98)	(1.41)
FIRMAGE	−0.004	−0.005	−0.004	−0.001	0.001	−0.002
FIRMAGE	(−1.00)	(−0.98)	(−1.00)	(−0.32)	(0.17)	(−0.63)
DUMMY			0.004^*
DUMMY			(1.43)
Constant	0.038	−0.060^**	0.118^*	−0.007	0.012	0.028
Constant	(0.55)	(−1.80)	(1.33)	(−0.10)	(0.16)	(0.41)
Observations	3,930	3,930	3,930	3,930	3,930	3,930
R-squared	0.057	0.055	0.057	0.041	0.051	0.054
Adj R-squared	0.048	0.047	0.048	0.032	0.043
F-statistic	12.30^***	12.01^***	11.74^***	8.38^***	10.85^***

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	CAR	CAR (RATIO)	CAR (MEDIAN)	CAR [−1, +1]	CAR [−2, +2]	CAR (2SLS)
EP	2.888^**	0.964^*	2.896^**	2.642^**	3.673^**	2.768^**
EP	(1.91)	(1.33)	(1.91)	(1.88)	(2.16)	(1.83)
EP*IC	−0.400^**	−0.683^*	−0.408^**	−0.294^*	−0.435^**	−0.373^*
EP*IC	(−1.71)	(−1.62)	(−1.74)	(−1.35)	(−1.66)	(−1.59)
IC	−0.017^*	−0.037^**	−0.030^**	−0.003	−0.014	−0.017^*
IC	(−1.63)	(−1.96)	(−2.17)	(−0.33)	(−1.18)	(−1.58)
EP*SIZE	0.014	0.006	0.016	−0.014	0.004	0.010
EP*SIZE	(0.64)	(0.24)	(0.72)	(−0.70)	(0.15)	(0.42)
SIZE	0.003^***	0.004^***	0.003^***	0.002^**	0.003^***	0.003^***
SIZE	(3.09)	(3.10)	(3.06)	(1.67)	(3.10)	(3.55)
EP*ROA	1.217^***	2.022^***	1.198^***	1.349^***	1.444^***	1.224^***
EP*ROA	(3.05)	(4.07)	(3.00)	(3.65)	(3.23)	(3.03)
ROA	0.138^***	0.157^***	0.136^***	0.059^***	0.125^***	0.141^***
ROA	(5.71)	(5.20)	(5.59)	(2.62)	(4.60)	(5.77)
LEV	0.011^*	0.015^*	0.011^*	0.010^*	0.013^*	0.013^**
LEV	(1.56)	(1.64)	(1.50)	(1.50)	(1.60)	(1.84)
BETA	−0.002	−0.002	−0.003	0.002	−0.000	−0.003
BETA	(−0.69)	(−0.60)	(−0.80)	(0.68)	(−0.14)	(−1.01)
GROWTH	0.006^*	0.008^**	0.006^*	0.007^**	0.010^***	0.006^*
GROWTH	(1.58)	(1.70)	(1.49)	(2.12)	(2.36)	(1.45)
EP*BIG4	−0.089	−0.100	−0.092	−0.083	−0.054	−0.096
EP*BIG4	(−0.92)	(−0.83)	(−0.95)	(−0.93)	(−0.50)	(−0.98)
BIG4	0.002	0.001	0.002	0.004	0.003	0.003
BIG4	(0.48)	(0.12)	(0.50)	(1.22)	(0.85)	(0.76)
EP*BOARD	−0.145	−0.166	−0.146	−0.092	−0.253^*	−0.127
EP*BOARD	(−0.85)	(−0.78)	(−0.86)	(−0.58)	(−1.32)	(−0.78)
BOARD	0.000	−0.002	0.000	−0.007	−0.009	−0.000
BOARD	(0.03)	(−0.30)	(0.03)	(−1.10)	(−1.22)	(−0.01)
EP*INDEP	−0.331	−0.217	−0.323	−0.139	−0.573	−0.310
EP*INDEP	(−0.56)	(−0.29)	(−0.54)	(−0.25)	(−0.86)	(−0.54)
INDEP	0.032^*	0.029	0.032^*	0.012	0.024	0.029^*
INDEP	(1.45)	(1.06)	(1.45)	(0.60)	(0.98)	(1.41)
FIRMAGE	−0.004	−0.005	−0.004	−0.001	0.001	−0.002
FIRMAGE	(−1.00)	(−0.98)	(−1.00)	(−0.32)	(0.17)	(−0.63)
DUMMY			0.004^*
DUMMY			(1.43)
Constant	0.038	−0.060^**	0.118^*	−0.007	0.012	0.028
Constant	(0.55)	(−1.80)	(1.33)	(−0.10)	(0.16)	(0.41)
Observations	3,930	3,930	3,930	3,930	3,930	3,930
R-squared	0.057	0.055	0.057	0.041	0.051	0.054
Adj R-squared	0.048	0.047	0.048	0.032	0.043
F-statistic	12.30^***	12.01^***	11.74^***	8.38^***	10.85^***

Source(s): Authors' own work

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