The Influence of Fair Value Measurement on Radical Financing of Irrational Managers Based on Fixed Effects Model and Fisher Permutation Test

Table 10

Tests on earnings forecasts and executive characteristics measuring overconfidence.

Regression model	(1)	(2)	(3)
Variable	Lev	Slev	Llev
Con2	0.0206	0.0221	0.0162
	(0.320)	(0.046)	(0.391)
Afv × Con2	0.0546	0.0214	−0.0528
	(0.090)	(0.264)	(0.026)
Afv	0.0546	0.0226	0.0183
	(0.000)	(0.000)	(0.000)
L1size	0.0189	0.00168	0.0109
	(0.000)	(0.028)	(0.000)
Growth	0.0217	0.00363	0.0238
	(0.000)	(0.038)	(0.000)
Prof	−0.0269	−0.0131	0.00182
	(0.000)	(0.000)	(0.354)
Ppe	0.203	0.141	0.170
	(0.000)	(0.000)	(0.000)
Year/Ind	Yes	Yes	Yes
N	14187	14187	14187
Adj.R^2	0.234	0.120	0.169
Con3	−0.00656	−0.00336	0.0226
	(0.729)	(0.756)	(0.161)
Afv × Con3	0.0615	0.0146	−0.0166
	(0.013)	(0.324)	(0.439)
Afv	0.0490	0.0276	0.0139
	(0.004)	(0.007)	(0.272)
L1size	0.00532	−0.00440	0.0129
	(0.288)	(0.149)	(0.002)
Growth	0.0301	0.00632	0.0229
	(0.018)	(0.249)	(0.006)
Prof	−0.0364	−0.00897	−0.0104
	(0.000)	(0.006)	(0.021)
Ppe	0.253	0.168	0.177
	(0.000)	(0.000)	(0.000)
Year/Ind	Yes	Yes	Yes
N	1105	1105	1105
Adj.R^2	0.230	0.148	0.226

Symbols , , and represent significance levels of 1%, 5%, and 10%, respectively.