| Full Sample (N = 11,627) | ||||||
| Variables | Parameter | Expected Sign | TBTD as dependent variable | Perm BTD as dependent variable | ||
| Coefficient | t-value | Coefficient | t-value | |||
| Intercept | none | −0.104 | −0.55 | −0.095 | −0.50 | |
| Female CEO | β1 | none | −0.084 | −1.62 | −0.085 | −1.63 |
| Gov CEO | β2 | + | −0.032 | −0.56 | −0.025 | −0.45 |
| Acc CEO | β3 | none | −0.085 | −1.55 | −0.089 | −1.60 |
| Female CEO * Gov CEO | β4 | + | 0.147** | 2.04 | 0.141** | 1.97 |
| Female CEO * Acc CEO | β5 | none | −0.093 | −1.12 | −0.089 | −1.06 |
| Gov CEO * Acc CEO | β6 | none | 0.023 | 0.30 | 0.018 | 0.23 |
| SOE | + | 0.045 | 1.20 | 0.044 | 1.17 | |
| FAM | none | 0.006 | 0.17 | 0.003 | 0.08 | |
| DA | + | 0.129 | 1.27 | 0.130 | 1.28 | |
| LOSS | none | −0.126* | −1.65 | −0.132* | −1.72 | |
| INV | none | −0.041 | −0.35 | −0.039 | −0.33 | |
| LI | none | −0.202 | −0.79 | −0.258 | −1.00 | |
| FA | none | −0.333*** | −2.57 | −0.338*** | −2.61 | |
| IA | none | −0.819*** | −4.64 | −0.835*** | −4.72 | |
| AVL | none | −20.399*** | −4.36 | −20.372*** | −4.36 | |
| TAIMP | none | 10.282*** | 4.04 | 10.321*** | 4.04 | |
| EQUITY | none | 12.730*** | 3.96 | 12.899*** | 4.00 | |
| EXP | none | 13.705*** | 13.09 | 13.705*** | 13.05 | |
| GROA | none | 0.016*** | 2.81 | 0.017*** | 2.81 | |
| LEV | none | −0.001 | −0.75 | −0.001 | −0.74 | |
| SIZE | none | 0.021* | 1.72 | 0.020* | 1.69 | |
| Year Fixed Effect |
|
| yes |
| yes |
|
| Industry Fixed Effect |
| yes | yes | |||
| F-value | 124.87*** | 123.70*** | ||||
| Adjusted R2 | 0.8974 | 0.8253 | ||||