Table 11.
Endogenous test: total effect.
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| IDEN_IC | IDEN_FINANCE | IDEN_AUDIT | |
| IC_PSR_2 | −0.045 (−1.27) | ||
| FINANCE_PSR_2 | −0.069*** (−3.29) | ||
| AUDIT_PSR_2 | −0.140*** (−5.49) | ||
| GROWTH | 0.023 (0.68) | −0.002 (−0.08) | −0.118*** (−2.64) |
| INVENTORY | −0.183 (−0.82) | −0.035 (−0.22) | −0.054 (−0.28) |
| SIZE | 0.012 (0.51) | 0.008 (0.47) | 0.062*** (2.96) |
| LOSS | −0.061 (−0.59) | −0.028 (−0.41) | 0.110 (1.27) |
| AUDITOR_RESIGN | 0.058 (0.58) | 0.076 (1.06) | 0.089 (0.97) |
| AUDITOR | −0.068 (−0.65) | −0.020 (−0.21) | −0.037 (−0.34) |
| SOE | −0.004 (−0.06) | −0.036 (−0.82) | −0.027 (−0.48) |
| DUAL | 0.016 (0.21) | 0.070* (1.83) | −0.036 (−0.81) |
| FIRST | −0.000 (−0.25) | 0.000 (0.18) | −0.001 (−0.47) |
| MAO | 0.129 (0.74) | 0.115 (1.03) | −0.171 (−1.29) |
| INDEPEN | 0.198 (0.40) | 0.149 (0.48) | 0.533 (1.47) |
| MANSHARE | 0.217 (0.67) | 0.006 (0.06) | −0.052 (−0.47) |
| TRADE | 0.002 (0.39) | −0.000 (−0.14) | 0.002 (0.84) |
| ROA_3 | −0.172 (−0.27) | 0.015 (0.05) | 0.385 (1.10) |
| INDUSTRY | −0.005 (−0.51) | −0.003 (−0.54) | −0.001 (−0.14) |
| _cons | 3.913*** (6.77) | 4.106*** (10.38) | 2.897*** (6.10) |
| N | 442 | 1,132 | 914 |
| R-Square | 0.016 | 0.018 | 0.057 |
| Adj.R-Square | −0.02 | 0.00 | 0.04 |
* and ***
are indicated to be significant at 10 and 1%, respectively.