Dependent variable | Corporate governance index | G | Construct as Bai Chongen et al. [ |
Independent variable | Proportion of sued amount | LRisk | (Amount involved in the case/total assets)*100 |
Intermediary variable | OL | OL | (Accounts payable + notes payable + other accounts payable)/shareholder’s equity |
FL | FL | (Short-term loan + long-term loan)/shareholder’s equity | |
Control variable | Legal environment | Law | Measured by “‘market intermediary organisation and legal environment”’ in Fan Gang index |
Internal strategy | Strat | In Wang Huacheng et al. [ |
|
Corporate culture | Resp | If social responsibility report is provided externally, the value is 1, otherwise it is 0. | |
Profitability | ROA | Net profit/total asset | |
Corporate growth | Grow | Sale proceeds at the end of the year/sales proceeds at the end of last year-1 | |
Asset-liability ratio | Lev | Total liability/total asset | |
Corporate scale | Size | Natural logarithm of total assets | |
Year dummy | Year | If listed from t − 8 to t, Year dummy = 0, otherwise, Year dummy = 1 | |
Industry dummy | Industry | According to industry classification guide of China Securities Regulatory Commission, Category C is classified by two digits, and the rest is classified by one digit, with a total of 21 industry variables |
LRisk | −0.007 |
−0.051 |
−0.009 |
LRisk | −0.007 |
0.001 | −0.009 |
(−2.31) | (−2.32) | (−2.61) | (−2.31) | (0.14) | (−2.55) | ||
FL | 0.041 |
OL | 0.044 |
||||
(8.63) | (3.37) | ||||||
LRisk*FL | −0.003 |
LRisk*OL | −0.005 | ||||
(0.67) | (−1.11) | ||||||
Controls | Control | Control | Control | Controls | Control | Control | Control |
Year | Control | Control | Control | Year | Control | Control | Control |
Industry | Control | Control | Control | Industry | Control | Control | Control |
Constant | −1.338 |
−13.989 |
−0.848 |
Constant | −1.338 |
0.610 | −1.293 |
(−3.38) | (−5.23) | (−2.21) | (−3.38) | (0.49) | (−3.25) | ||
982 | 982 | 982 | 982 | 982 | 982 | ||
Adj. |
0.234 | 0.174 | 0.300 | Adj. |
0.234 | 0.083 | 0.243 |
2011 | 49 | 4.359 | 12 | 0.514 | 5 | 3.418 | 13 | 0.561 | 36 | 3.798 |
2012 | 84 | 1.817 | 13 | 0.63 | 10 | 0.802 | 14 | 0.886 | 70 | 0.931 |
2013 | 175 | 3.631 | 20 | 1.9 | 26 | 0.808 | 58 | 2.216 | 117 | 1.415 |
2014 | 322 | 6.452 | 50 | 2.092 | 24 | 2.586 | 60 | 4.35 | 262 | 2.102 |
2015 | 325 | 3.165 | 27 | 1.398 | 23 | 0.642 | 52 | 1.988 | 273 | 1.177 |
2016 | 1484 | 8.935 | 50 | 3.291 | 28 | 1.532 | 872 | 3.885 | 612 | 5.05 |
2017 | 237 | 19.285 | 56 | 7.908 | 48 | 3.082 | 148 | 13.924 | 89 | 5.361 |
2018 | 629 | 36.323 | 378 | 28.095 | 126 | 5.149 | 495 | 27.767 | 134 | 8.556 |
Total | 3305 | 83.967 | 606 | 45.828 | 290 | 18.019 | 1712 | 55.577 | 1593 | 28.39 |
LRisk | −0.013 |
−0.007 |
LP | 0.029 (0.80) | |
LRisk*LP | 0.004 |
|
ToC | −0.005 (−0.13) | |
LRisk*ToC | −0.010 |
|
Year | Control | Control |
Industry | Control | Control |
Constant | −1.363 |
−1.435 |
982 | 982 | |
Adj. |
0.235 | 0.233 |
LRisk | −0.010 |
−0.008 |
−0.001 |
−0.023 |
−0.007 |
(−1.56) | (−0.30) | (−0.01) | (−1.98) | (−0.45) | |
IMR | 0.0574 | ||||
(0.38) | |||||
Controls | Control | Control | Control | Control | Control |
Year | Control | Control | Control | Control | Control |
Industry | Control | Control | Control | Control | |
Constant | −2.469 |
−1.077 |
−1.853 |
−1.323 |
−1.006 |
(−5.66) | (−2.83) | (−5.36) | (−3.36) | (−2.68) | |
618 | 982 | 982 | 982 | 982 | |
Adj. |
0.205 | 0.230 | 0.173 | 0.256 | 0.152 |
G | 982 | 0.0314 | 0.5384 | −1.0274 | 2.1878 |
LRisk | 982 | 2.6402 | 7.7834 | 0.0001 | 106.6978 |
OL | 982 | 0.6708 | 3.5338 | −76.6759 | 56.4142 |
FL | 982 | 1.0515 | 6.7368 | −73.9349 | 162.8783 |
Law | 982 | 8.9192 | 4.6887 | −0.2 | 16.94 |
Strate | 982 | 215.6843 | 303.1892 | 1.1966 | 2479.183 |
Resp | 982 | 0.0478 | 0.2135 | 0 | 1 |
Growth | 982 | 0.054 | 0.8408 | −1 | 15.8560 |
ROA | 982 | −7.6465 | 136.6108 | −2474.181 | 0.3127 |
Lev | 982 | 0.8465 | 3.5150 | 0.0702 | 63.9712 |
Size | 982 | 22.2609 | 1.3118 | 17.2770 | 26.2169 |
LRisk | −0.007 |
|
Law | −0.006 (−1.56) | −0.006 (−1.58) |
Strate | 0.016 |
0.014 |
Resp | 0.111 (1.51) | 0.110 (1.51) |
Growth | −0.061 |
−0.061 |
ROA | −0.112 |
−0.094 |
Lev | −0.118 |
−0.122 |
Size | 0.058 |
0.068 |
Year | Control | Control |
Industry | Control | Control |
Constant | −1.085 |
−1.341 |
982 | 982 | |
Adj. |
0.231 | 0.234 |