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 |