Full Sample (N = 11,627)

TBTD as

dependent variable

Perm BTD as

dependent variable

Coefficient

t-value

Coefficient

t-value

Intercept

none

−0.106

-0.56

−0.097

−0.51

Female CEO

β₁

none

0.071

1.61

0.068

1.59

Gov CEO

β₂

+

0.036***

2.33

0.035**

2.28

Acc CEO

β₃

none

−0.122**

−2.11

−0.124**

−2.15

Female CEO * Gov CEO

β₄

+

0.090**

1.81

0.087**

1.73

Female CEO * Acc CEO

β₅

none

0.134

1.04

0.127

0.98

Gov CEO * Acc CEO

β₆

none

−0.002

−0.03

0.002

0.03

SOE

+

0.049

1.29

0.048

1.27

FAM

none

−0.001

−0.03

−0.004

−0.12

DA

+

0.129

1.27

0.131

1.29

LOSS

none

−0.122

−1.61

−0.128*

−1.67

INV

none

−0.037

−0.32

−0.035

−0.30

LI

none

−0.209

−0.81

−0.265

−1.02

FA

none

−0.339***

−2.63

−0.344***

−2.66

IA

none

−0.827***

−4.65

−0.844***

−4.73

AVL

none

−20.377***

−4.37

−20.350***

−4.37

TAIMP

none

10.285***

4.04

10.324***

4.04

EQUITY

none

12.764***

3.97

12.934***

4.01

EXP

none

13.705***

13.03

13.705***

13.45

GROA

none

0.017***

2.81

0.016***

2.80

LEV

none

−0.001

−0.75

−0.001

−0.74

SIZE

none

0.018*

1.70

0.020*

1.67

Year Fixed Effect

yes

yes

Industry Fixed Effect

yes

yes

F-value

124.96***

136.54***

Adjusted R²

0.9038

0.8476