Table 4 Multiple regression analysis.
Model | ||||||
|---|---|---|---|---|---|---|
① | ② | ③ | ④ | ⑤ | ⑥ | |
AID | AID | AID | AID | AID | AID | |
Ln(1+Media) | 0.1604*** (0.000) | 0.4814*** (0.000) | ||||
Ln(1+Media) × GOV | 0.0872** (0.012) | |||||
Ln(1+Media1) | 0.1116** (0.000) | 0.3584*** (0.005) | ||||
Ln(1+Media1) × GOV | 0.0672*** (0.045) | |||||
Ln(1+Media2) | 0.1920*** (0.002) | 0.5542*** (0.000) | ||||
Ln(1+Media2) × GOV | 0.0981*** (0.045) | |||||
GOV | 0.0130 (0.739) | 0.0160 (0.681) | 0.0120 (0.757) | 0.5086** (0.012) | 0.4152** (0.002) | 0.3142** (0.044) |
SIZE | 0.1242*** (0.000) | 0.1364*** (0.000) | 0.1110*** (0.001) | 0.1284*** (0.000) | 0.1419*** (0.000) | 0.1143*** (0.000) |
ROA | 0.2358 (0.279) | 0.2119* (0.331) | 0.2479** (0.255) | 0.2323 (0.286) | 0.2136 (0.327) | 0.2425 (0.266) |
LEV | 0.0682*** (0.197) | 0.0720** (0.173) | 0.0664*** (0.209) | 0.0669 (0.205) | 0.0727 (0.169) | 0.0647 (0.221) |
STATE | 0.2492*** (0.000) | 0.2471*** (0.000) | 0.2633*** (0.000) | 0.2449*** (0.001) | 0.2401*** (0.001) | 0.2612*** (0.000) |
GROWTH | 0.0000 (0.539) | 0.0000 (0.531) | 0.0000 (0.547) | 0.0000 (0.529) | 0.0000 (0.506) | 0.0000 (0.545) |
CF | −1.6787*** (0.001) | −1.7666*** (0.001) | −1.6472** (0.001) | −1.6674** (0.001) | −1.7677*** (0.001) | −1.6331** (0.002) |
SALARY | 0.0200* (0.700) | 0.0227*** (0.661) | 0.0161*** (0.756) | 0.0187 (0.719) | 0.0196 (0.705) | 0.0150 (0.773) |
AUDIT | 0.6089*** (0.001) | 0.5394** (0.003) | 0.6415*** (0.000) | 0.6251*** (0.000) | 0.5544** (0.002) | 0.6625*** (0.000) |
YEAR/INDUST | Control | Control | Control | Control | Control | Control |
R2 | 0.310 | 0.317 | 0.305 | 0.313 | 0.321 | 0.307 |
N | 19889 | 19889 | 19889 | 19889 | 19889 | 19889 |
