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Table 6 Multiple large shareholders and different types of fraud

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

  Information disclosure fraud Operating fraud Leader fraud
Variable Fraud(1) Fre(2) Fraud(3) Fre(4) Fraud(5) Fre(6)
Multi −0.1520*(−1.88) − 0.1184**(− 2.32) 0.0115(0.13) −0.0242(− 0.44) −0.2600(− 1.08) −0.1000(− 1.07)
Controls YES YES YES YES YES YES
Individualfixed effect Yes Yes Yes Yes Yes Yes
Year fixed effect Yes Yes Yes Yes Yes Yes
Observations 10,265 10,302 9222 9259 5574 5574
L-likelihood − 3339.49 − 5627.14 − 2967.60 − 5001.61 − 1420.27 − 2206.27
Chi2 339.71 443.08 341.74 393.39 169.82 246.88
  1. Notes: *, **, **, respectively, denote significance at the 10%, 5%, and 1% levels