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 |