Table 11 Mechanism testing 2: Regression grouped by More negative news.

Pre zodiac year

0.329*

−0.057

0.085***

−0.003

(0.135)

(0.117)

(0.025)

(0.022)

Family firm

0.999***

0.654***

0.070*

0.073*

(0.175)

(0.158)

(0.032)

(0.029)

Taoist atmosphere

7.302***

0.901

1.185***

0.543*

(1.492)

(1.286)

(0.275)

(0.237)

Firm size

2.002***

1.874***

0.073***

0.017

(0.085)

(0.078)

(0.016)

(0.014)

Firm age

0.039

0.554*

−0.063

0.038

(0.260)

(0.249)

(0.048)

(0.046)

Firm profitability

1.980**

3.541***

−0.213^†

−0.000

(0.619)

(0.652)

(0.114)

(0.120)

Firm leverage

−0.723*

−0.065

−0.423***

−0.384***

(0.348)

(0.324)

(0.064)

(0.060)

CSR evaluation

0.014***

0.010**

0.002**

0.001*

(0.004)

(0.004)

(0.001)

(0.001)

SOE

−0.498^†

−0.208

−0.108*

−0.086^†

(0.267)

(0.243)

(0.049)

(0.045)

Largest shareholding

0.008

0.007

0.003**

0.001

(0.006)

(0.005)

(0.001)

(0.001)

Duality

0.108

0.001

0.041^†

0.017

(0.129)

(0.114)

(0.024)

(0.021)

Inddirector

0.553

−0.380

−0.032

0.087

(0.662)

(0.577)

(0.122)

(0.106)

Firm visibility

−0.057

0.174***

0.002

0.025**

(0.063)

(0.043)

(0.012)

(0.008)

Chairman age

0.012

0.019**

−0.000

0.001

(0.008)

(0.007)

(0.002)

(0.001)

Chairman gender

0.228

−0.032

−0.051

0.094*

(0.288)

(0.251)

(0.053)

(0.046)

Chairman education

0.000

0.054

0.013

0.004

(0.053)

(0.046)

(0.010)

(0.008)

Chairman overseas background

0.015

0.101

−0.023

0.010

(0.211)

(0.179)

(0.039)

(0.033)

Industry competition

−0.376

0.186

0.091

−0.112

(0.858)

(0.633)

(0.158)

(0.117)

Market development

−0.079

0.104

0.017

0.001

(0.097)

(0.083)

(0.018)

(0.015)

Constant

−36.327***

−39.889***

−0.871

−0.386

(3.082)

(2.818)

(0.569)

(0.520)

Firm fixed effect

Yes

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Yes

Observations

15,870

19,936

15,870

19,936

R-squared

0.612

0.595

0.522

0.529