Table 3 Changing the measurement of dependent variables.

GI

− 0.005***

− 0.032**

(− 2.58)

(− 2.21)

lnGI

− 0.009***

− 0.061***

(− 5.33)

(− 5.02)

Size

− 0.029***

− 0.027***

− 0.039

− 0.026

(− 6.63)

(− 6.22)

(− 1.38)

(− 0.92)

Age

0.075***

0.074***

0.364***

0.355***

(11.46)

(11.29)

(7.96)

(7.78)

ROA

− 0.098***

− 0.094***

− 0.543***

− 0.511***

(− 3.81)

(− 3.64)

(− 3.66)

(− 3.45)

Lev

0.093***

0.092***

0.309**

0.300**

(4.06)

(4.01)

(2.06)

(2.00)

Growth

0.001

0.001

0.006

0.006

(0.46)

(0.47)

(0.53)

(0.54)

CashFlow

0.047***

0.048***

0.249**

0.260**

(2.64)

(2.73)

(2.19)

(2.29)

BM

− 0.004*

− 0.006**

− 0.049**

− 0.057***

(− 1.66)

(− 2.09)

(− 2.57)

(− 3.00)

Intan

0.059

0.057

0.394

0.380

(1.14)

(1.10)

(1.28)

(1.24)

SOE

0.020**

0.019*

0.058

0.051

(2.00)

(1.90)

(0.94)

(0.82)

Indep

− 0.001

− 0.001

− 0.001

− 0.001

(− 1.28)

(− 1.25)

(− 0.25)

(− 0.22)

Dual

− 0.005

− 0.005

− 0.046*

− 0.046*

(− 1.18)

(− 1.18)

(− 1.87)

(− 1.86)

Inst

− 0.000

− 0.000

− 0.001

0.000

(− 1.29)

(− 0.69)

(− 0.60)

(0.06)

Board

− 0.023

− 0.023

− 0.054

− 0.058

(− 1.30)

(− 1.33)

(− 0.47)

(− 0.50)

Top1

0.000

0.000

0.002*

0.002

(1.08)

(0.94)

(1.65)

(1.49)

Salary

0.009***

0.009***

0.029*

0.029*

(3.24)

(3.23)

(1.66)

(1.65)

Constant

0.609***

0.573***

1.154*

0.895

(5.69)

(5.36)

(1.66)

(1.29)

N

23,836

23,836

23,836

23,836

Firm fixed effect

YES

YES

YES

YES

Year fixed effect

YES

YES

YES

YES

Adjusted-R²

0.496

0.497

0.593

0.593