| Dependent | Model 1 | Model 2 | Model 3 |
| DA | Info | Info | |
| (Constant) | 0.2027*** (0.0000) | −0.8054*** (0.0000) | −0.7986*** (0.0000) |
| Incent | 0.0098* (0.0521) | 0.0464** (0.0276) | 0.0465** (0.0283) |
| DA | −0.0135 (0.6666) | ||
| Chairman | 0.0017 (0.1323) | ||
| Indep_Director | −0.0313* (0.0514) | ||
| Size | −0.0191*** (0.0000) | 0.0679*** (0.0000) | 0.0668*** (0.0000) |
| Accfirm | −0.0018 (0.2546) | ||
| Audit | −0.0125*** (0.0009) | ||
| Leverage | −0.2439*** (0.0000) | −0.2424*** (0.0000) | |
| BtoM | 0.0811*** (0.0000) | 0.0811*** (0.0000) | |
| Var-Indyld | 278.5099*** (0.0000) | 278.5324*** (0.0000) | |
| Industry | Control | Control | Control |
| Adjusted R2 | 0.0869 | 0.2032 | 0.2024 |
| F-Value | 21.1779*** | 57.0490*** | 54.1153*** |