Skip to main content

Table. 7 Mechanism test: Information asymmetry and capital occupation

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

Variable Info Fraud Fre Occ Fraud Fre
Model Xtreg
(1)
Xtlogit
(2)
Xtpoisson
(3)
Xtreg
(4)
Xtlogit
(5)
Xtpoisson
(6)
Multi −0.0619*** (− 5.75) −0.2137** (− 2.47) −0.1620*** (− 2.75) −0.0011* (− 1.69) −0.1221* (− 1.76) −0.0845* (− 1.86)
Info   0.1578** (2.40) 0.1826*** (4.12)   2.5479*** (3.91) 1.0430*** (4.20)
Controls Yes Yes Yes Yes Yes Yes
Individual fixed effect Yes Yes Yes Yes Yes Yes
Year fixed effect Yes Yes Yes Yes Yes Yes
Observations 19,065 9379 9514 24,453 13,646 13,695
L-likelihood   − 3010.61 − 4477.43   − 4552.45 − 7154.79
Chi2   274.33 323.40   380.13 454.43
R2 0.319    0.026   
F value 374.73    28.68   
  1. Notes. The model represented by column (2) delete 1897 groups due to these groups having the same dependent variables (i.e., all 1 or 0), and 9686 observations were dropped. The model represented by column (3) deleted 1689 groups because the dependent variables of these groups are all 0, and 9382 observations were dropped; additionally, this model deleted 169 groups (169 observations) because these groups only had one observation per group. Similarly, the model represented by column (5) deleted 1912 groups because these groups have the same dependent variables (i.e., all 1 or 0), and 10,807 observations were dropped; the model represented by column (6) deleted 1797 groups because the dependent variables of these groups were all 0, and 10,656 observations were dropped; additionally, this model deleted 102 groups (102 observations) because these groups only had one observation per group