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Table. 5 The regression results of hypotheses

From: Multiple large shareholders and corporate fraud: evidence from China

Variable Fraud
Xtlogit
(1)
Fre
Xtpoisson
(2)
Fraud
Xtlogit
(3)
Fre
Xtpoisson
(4)
Multi −0.1180* (− 1.70) −0.0864* (−1.92) −0.1661** (−2.21) −0.1336*** (− 2.76)
Multi×Scfc    −0.2795* (−1.96) − 0.3359* (− 1.81)
Size 0.1819*** (3.43) 0.1649*** (4.91) 0.1631*** (3.31) 0.1688*** (5.42)
Lev −0.2137 (−1.06) − 0.0622 (− 0.49) 0.0198 (0.10) 0.0594 (0.50)
Roa −1.9968*** (−4.49) − 1.4080*** (− 5.41) −1.9804*** (− 4.70) −1.4762*** (− 6.04)
Lnboard 0.3136 (1.44) 0.3691*** (2.66) 0.2943 (1.44) 0.4056*** (3.10)
Big10 −0.1672** (−2.45) − 0.1503*** (−3.45) −0.1384** (− 2.15) −0.1305*** (− 3.17)
Ana − 0.1089*** (− 3.31) −0.1079*** (− 4.99) −0.0917*** (− 2.93) −0.0942*** (− 4.57)
Dual 0.1024 (1.34) 0.0845* (1.76) 0.0678 (0.95) 0.0829* (1.86)
Turnover 0.0617** (2.52) 0.0622*** (4.05) 0.0662*** (2.85) 0.0619*** (4.27)
Scfc 0.2781 (1.25) 0.3114** (2.26) 0.6544*** (2.96) 0.6268*** (4.73)
Individual fixed effect Yes Yes Yes Yes
Year fixed effect Yes Yes Yes Yes
Observations 13,806 13,843 13,806 13,843
L-likelihood − 4590.32 − 7226.44 − 5130.83 − 8090.22
Chi2 378.10 457.62 417.24 521.48
  1. Notes. The model represents by column (1) removed 1923 groups because they contain the same dependent variables (i.e., all 1 or 0), and 10,898 observations are dropped. The model represented by column (2) deletes 1808 groups because the dependent variables of these groups are all 0, and 10,754 observations are dropped; this model additionally drops 107 groups (107 observations) because these groups only have one observation per group (similar to the process in the section below). Xtlogit represents a fixed-effect Logit model. Xtpoisson represents a fixed-effect Poisson model (similar to the process in the section below). The z-statistics of the estimated parameters are shown in brackets. *, **, **, denote significance at the 10%, 5%, and 1% levels, respectively (the same is true for subsequent tables)