Table 6 Further analysis Variables (1)...

Table 6

Further analysis

Variables	(1) CAR	(2) CAR	(3) CAR	(4) CAR
	(Main board)	(Star board)	(SOEs)	(Non-SOEs)
EP	2.349^**	131.527^***	0.124^**	6.235^***
EP	(1.68)	(2.75)	(2.14)	(2.68)
EP*IC	−0.321^*	−13.294^**	−0.304	−0.670^**
EP*IC	(−1.50)	(−2.19)	(−0.87)	(−2.00)
IC	−0.013^*	−0.158^**	−0.009	−0.036^**
IC	(−1.32)	(−1.70)	(−0.38)	(−1.75)
EP*SIZE	0.014	−0.165	0.053^**	−0.028
EP*SIZE	(0.66)	(−0.24)	(1.68)	(−0.89)
SIZE	0.003^***	0.019^**	−0.011	0.005^***
SIZE	(3.01)	(1.92)	(−0.85)	(2.50)
EP*ROA	1.103^***	12.467^***	0.597	1.889^***
EP*ROA	(2.80)	(3.26)	(0.95)	(3.86)
ROA	0.142^***	0.076	0.272^***	0.122^***
ROA	(5.73)	(0.43)	(2.96)	(3.04)
LEV	0.011^*	0.029	0.002	0.029^**
LEV	(1.49)	(0.49)	(0.04)	(2.20)
BETA	−0.004	0.021^*	0.012^**	−0.009^**
BETA	(−1.23)	(1.32)	(1.96)	(−1.69)
GROWTH	0.005	0.014	0.003	0.014^**
GROWTH	(1.22)	(0.62)	(0.38)	(2.05)
EP*BIG4	−0.103	5.983^**	−0.182^*	−0.063
EP*BIG4	(−1.12)	(1.99)	(−1.60)	(−0.37)
BIG4	−0.000	−0.009	−0.039^**	0.004
BIG4	(−0.12)	(−0.39)	(−2.29)	(0.54)
EP*BOARD	−0.139	−10.687^**	−0.073	−0.345
EP*BOARD	(−0.85)	(−1.82)	(−0.35)	(−1.19)
BOARD	−0.003	0.068^*	0.046^**	−0.010
BOARD	(−0.44)	(1.30)	(1.65)	(−0.81)
EP*INDEP	−0.301	−51.751^***	0.245	−0.830
EP*INDEP	(−0.53)	(−2.63)	(0.34)	(−0.83)
INDEP	0.027	0.159	0.116^**	0.017
INDEP	(1.21)	(0.89)	(1.87)	(0.37)
FIRMAGE	−0.002	0.018	0.061^*	−0.006
FIRMAGE	(−0.57)	(0.74)	(1.38)	(−0.92)
Constant	0.019	0.315	−0.030	0.151
Constant	(0.29)	(0.49)	(−0.09)	(1.09)
Observations	3,720	210	1,682	2,241
R-squared	0.055	0.256	0.385	0.073
Adj R-squared	0.046	0.168	0.052	0.058
F-statistic	11.41^***	2.95^***	3.64^***	8.75^***

Variables	(1) CAR	(2) CAR	(3) CAR	(4) CAR
	(Main board)	(Star board)	(SOEs)	(Non-SOEs)
EP	2.349^**	131.527^***	0.124^**	6.235^***
EP	(1.68)	(2.75)	(2.14)	(2.68)
EP*IC	−0.321^*	−13.294^**	−0.304	−0.670^**
EP*IC	(−1.50)	(−2.19)	(−0.87)	(−2.00)
IC	−0.013^*	−0.158^**	−0.009	−0.036^**
IC	(−1.32)	(−1.70)	(−0.38)	(−1.75)
EP*SIZE	0.014	−0.165	0.053^**	−0.028
EP*SIZE	(0.66)	(−0.24)	(1.68)	(−0.89)
SIZE	0.003^***	0.019^**	−0.011	0.005^***
SIZE	(3.01)	(1.92)	(−0.85)	(2.50)
EP*ROA	1.103^***	12.467^***	0.597	1.889^***
EP*ROA	(2.80)	(3.26)	(0.95)	(3.86)
ROA	0.142^***	0.076	0.272^***	0.122^***
ROA	(5.73)	(0.43)	(2.96)	(3.04)
LEV	0.011^*	0.029	0.002	0.029^**
LEV	(1.49)	(0.49)	(0.04)	(2.20)
BETA	−0.004	0.021^*	0.012^**	−0.009^**
BETA	(−1.23)	(1.32)	(1.96)	(−1.69)
GROWTH	0.005	0.014	0.003	0.014^**
GROWTH	(1.22)	(0.62)	(0.38)	(2.05)
EP*BIG4	−0.103	5.983^**	−0.182^*	−0.063
EP*BIG4	(−1.12)	(1.99)	(−1.60)	(−0.37)
BIG4	−0.000	−0.009	−0.039^**	0.004
BIG4	(−0.12)	(−0.39)	(−2.29)	(0.54)
EP*BOARD	−0.139	−10.687^**	−0.073	−0.345
EP*BOARD	(−0.85)	(−1.82)	(−0.35)	(−1.19)
BOARD	−0.003	0.068^*	0.046^**	−0.010
BOARD	(−0.44)	(1.30)	(1.65)	(−0.81)
EP*INDEP	−0.301	−51.751^***	0.245	−0.830
EP*INDEP	(−0.53)	(−2.63)	(0.34)	(−0.83)
INDEP	0.027	0.159	0.116^**	0.017
INDEP	(1.21)	(0.89)	(1.87)	(0.37)
FIRMAGE	−0.002	0.018	0.061^*	−0.006
FIRMAGE	(−0.57)	(0.74)	(1.38)	(−0.92)
Constant	0.019	0.315	−0.030	0.151
Constant	(0.29)	(0.49)	(−0.09)	(1.09)
Observations	3,720	210	1,682	2,241
R-squared	0.055	0.256	0.385	0.073
Adj R-squared	0.046	0.168	0.052	0.058
F-statistic	11.41^***	2.95^***	3.64^***	8.75^***

Source(s): Authors' own work

Sharing Unavailable