Audit Committee Disclosure Tone and Corporate Violations in China: Textual Analysis

Table 5

Audit committee disclosure tone and corporate violations.

Variable	VIOL	VIOL	VIOLN	VIOLN
	(1)	(2)	(3)	(4）
TONE	−0.464; (−1.94)	−0.654; (−2.62)	−0.347; (−2.56)	−0.454; (−3.43)
SIZE		−0.075; (−3.88)		−0.047; (−4.58)
LEV		0.529; (4.25)		0.455; (6.59)
ROA		−2.513; (−6.78)		−1.754; (−8.47)
GROW		0.029; (0.44)		−0.018; (−0.51)
TOP1		−1.004; (−6.64)		−0.573; (−7.30)
DUAL		0.059; (1.17)		0.039; (1.42)
INDI		−0.078; (−0.16)		0.216; (0.86)
BOARDN		0.033; (2.09)		0.018; (2.10)
BIG10		−0.075; (−1.80)		−0.031; (−1.39)
TURN		−0.051; (−1.17)		−0.036; (−1.62)
SOE		−0.263; (−5.43)		−0.173; (−6.63)
YEAR	Included	Included	Included	Included
INDU	Included	Included	Included	Included
Intercept	0.249; (0.88)	2.322	1.120; (6.43)	2.258; (7.68)
N	6210	6210	6210	6210
Pseudo R^2/adj R^2	0.025	0.106	0.039	0.098

Notes: , , and indicate statistically significant at the 10%, 5%, and 1% levels, respectively (two-tailed). t-values are in parentheses.