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

Table 4

Fixed effect regression of fair value, manager overconfidence, and debt ratio.

Regression model	(1) Lev	(2) Slev	(3) Llev
Con	−0.0451	−0.0139	−0.00618
	(0.000)	(0.035)	(0.418)
Afv × Con	0.0181	0.00410	−0.00176
	(0.004)	(0.339)	(0.559)
Afv	0.0462	0.0207	0.0184
	(0.005)	(0.003)	(0.001)
L1size	0.0186	0.00148	0.0108
	(0.002)	(0.372)	(0.004)
Growth	0.0166	0.00355	0.0238
	(0.032)	(0.205)	(0.000)
Prof	0.214	−0.0129	0.00184
	(0.000)	(0.000)	(0.555)
Ppe	−0.0451	0.140	0.169
	(0.000)	(0.001)	(0.005)
Year/Ind	Yes	Yes	Yes
N	14187	14187	14187
Adj. R^2	0.241	0.122	0.169

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