Table 5.
Regression of the types of earnings management on audit committee features.
| Name of variable | Model (1) Depended Variable: AEM |
Model (2) Depended Variable: REM_SG&A |
Model (3) Depended Variable: REM_PROD |
Model (4) Depended Variable: REM_CFO |
|---|---|---|---|---|
| C | 0.025 (721/0) | −0.554 (445/0-) | 2.021 (243/2) | −2.420* (044/2-) |
| ACEXP | −4.012*** (010/4-) | 0.001 (545/1) | −0.052 (364/0-) | −0.002 (597/0-) |
| ACSIZE | −0.002*** (067/0) | 0.011 (128/0) | −0.025 (860/0-) | −0.045 (414/0-) |
| INCO | −0.001 (146/0-) | −0.014 (750/1-) | −0.006 (518/1-) | −0.005 (352/0-) |
| SIZE | 0.578 (540/3) | −0.254 (904/0-) | −0.112** (563/2-) | −0.186** (576/2-) |
| MB | −0.210 (913/1-) | 0.100 (299/1) | 0.002 (139/0-) | −0.001 (629/1-) |
| LEV | −0.221 (475/0-) | 0.114* (060/2) | −0.256 (224/1-) | 0.121 (616/0) |
| ROA | 2.007*** (886/3) | 0.541 (654/1) | −1.002*** (660/3-) | 1.011*** (681/4) |
| MV | 0.040*** (562/4) | −0.001 (236/1-) | −0.227 (504/0-) | 7.845 (240/0) |
| LNAGE | 0.250 (563/1) | 0.201** (390/2) | 0.052 (637/0) | −0.025 (724/0-) |
| SG | 0.111 (212/2) | −0.078 (567/0-) | 0.125 (367/1) | −0.478 (405/2-) |
| CFO | −0.110*** (015/4-) | 0.001** (992/1) | −0.251 (129/0-) | −0.008*** (751/4-) |
| R 2 | 19.5 % | 3 % | 16.6 % | 17.1 % |
| Adjusted R 2 | 17.8 % | 1.5 % | 13.5 % | 15.6 % |
| Durbin-Watson statistics | 1.86 | 2.20 | 1.98 | 2.06 |
| F statistics | 7.452 | 4.325 | 5.578 | 7.24 |
| the p-value of the F statistic | 0.000 | 0.045 | 0.000 | 0.000 |