The Influence of Fair Value Measurement on Radical Financing of Irrational Managers Based on Fixed Effects Model and Fisher Permutation Test
Table 6
The influence of internal control on the adjustment of fair value measurement.
Regression model
(1) Lev
(2) Lev
(3) Slev
(4) Slev
(5) Llev
(6) Llev
Variable
MIC = 0
MIC = 1
MIC = 0
MIC = 1
MIC = 0
MIC = 1
Con
−0.0472
−0.0341
−0.0242
−0.0110
−0.000415
−0.00572
(0.000)
(0.000)
(0.000)
(0.000)
(0.952)
(0.222)
Afv × Con
0.0296
0.00894
0.00814
0.00403
0.00359
−0.00475
(0.022)
(0.241)
(0.277)
(0.343)
(0.741)
(0.472)
Afv
0.0295
0.0608
0.0166
0.0236
0.0129
0.0194
(0.002)
(0.000)
(0.003)
(0.000)
(0.106)
(0.000)
L1size
0.0206
0.0175
0.00242
0.00172
0.00915
0.00850
(0.000)
(0.000)
(0.123)
(0.054)
(0.000)
(0.000)
Dual
−0.0251
−0.0379
0.00242
−0.0000897
−0.0260
−0.0178
(0.001)
(0.000)
(0.565)
(0.971)
(0.000)
(0.000)
Prof
−0.0189
−0.0564
−0.00791
−0.0230
−0.00180
0.0148
(0.000)
(0.000)
(0.000)
(0.000)
(0.409)
(0.000)
Growth
0.0232
0.0275
0.00285
0.00521
0.0275
0.0263
(0.003)
(0.000)
(0.521)
(0.026)
(0.000)
(0.000)
Ppe
0.189
0.149
0.151
0.129
0.131
0.210
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
Year/Ind
Yes
Yes
Yes
Yes
Yes
Yes
Empirical value
0.092
0.324
0.223
N
3803
8629
3803
8629
3803
8629
Adj. R2
0.218
0.282
0.148
0.125
0.154
0.195
Symbols ,, and represent significance levels of 1%, 5%, and 10%, respectively. The empirical P value is the result of 1000 repeated sampling of Fisher permutation test. When , the difference between groups is significant, the same below.
