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

Table 8

The influence of environmental uncertainty on the adjustment of fair value measurement.

Regression model	(1) Lev	(2) Lev	(3) Slev	(4) Slev	(5) Llev	(6) Llev
Variable	MEU = 0	MEU = 1	MEU = 0	MEU = 1	MEU = 0	MEU = 1
Con	−0.0512	−0.0321	−0.0149	−0.0140	−0.0185	0.00384
	(0.000)	(0.000)	(0.000)	(0.000)	(0.001)	(0.464)
Afv × Con	0.0235	0.00500	0.00820	0.00284	0.00647	−0.00774
	(0.008)	(0.610)	(0.116)	(0.600)	(0.413)	(0.354)
Afv	0.0238	0.0731	0.0104	0.0306	0.0122	0.0231
	(0.000)	(0.000)	(0.008)	(0.000)	(0.027)	(0.000)
L1size	0.00682	0.0284	−0.00120	0.00458	0.00594	0.0127
	(0.000)	(0.000)	(0.258)	(0.000)	(0.000)	(0.000)
Prof	−0.0370	−0.0241	−0.0180	−0.0114	0.00269	0.00419
	(0.000)	(0.000)	(0.000)	(0.000)	(0.451)	(0.156)
Growth	0.0328	0.0278	−0.000188	0.00284	0.0628	0.0191
	(0.001)	(0.000)	(0.967)	(0.195)	(0.000)	(0.000)
Ppe	0.0928	0.228	0.135	0.137	0.165	0.219
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Year/Ind	Yes	Yes	Yes	Yes	Yes	Yes
Empirical value	0.061		0.106		0.093
N	6619	5813	6619	5813	6619	5813
Adj. R^2	0.243	0.276	0.122	0.144	0.184	0.175

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