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

−0.107

−0.56

−0.098

−0.52

Female CEO

β₁

none

0.184*

1.86

0.186*

1.87

Gov CEO

β₂

+

0.030**

1.83

0.029**

1.78

Acc CEO

β₃

none

−0.064

−0.79

−0.065

−0.80

Female CEO * Gov CEO

β₄

+

0.164**

1.71

0.156*

1.61

Female CEO * Acc CEO

β₅

none

−0.247**

−2.50

−0.249**

−2.54

Gov CEO * Acc CEO

β₆

none

0.097

1.23

0.100

1.26

SOE

+

0.047

1.24

0.047

1.21

FAM

none

0.002

0.05

−0.001

−0.04

DA

+

0.129

1.27

0.130

1.29

LOSS

none

−0.125

−1.63

−0.130*

−1.70

INV

none

−0.041

−0.36

−0.039

−0.34

LI

none

−0.207

−0.80

−0.263

−1.01

FA

none

−0.337***

−2.62

−0.342***

−2.65

IA

none

−0.838***

−4.72

−0.855***

−4.80

AVL

none

−20.370***

−4.37

−20.342***

−4.36

TAIMP

none

10.285***

4.04

10.324***

4.04

EQUITY

none

12.755***

3.97

12.926***

4.01

EXP

none

13.705***

13.10

13.705***

13.06

GROA

none

0. 016***

2.80

0.015***

2.79

LEV

none

−0.001

−0.75

−0.001

−0.74

SIZE

none

0.020*

1.70

0.020*

1.68

Year Fixed Effect

yes

yes

Industry Fixed Effect

yes

yes

F-value

122.80***

121.79***

Adjusted R²

0.9214

0.8982