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

Table 6

Robust test: the alternative period of violations.

Variable	VIOL	VIOLN
TONE	−0.539; (−2.25)	−0.526; (−3.75)
Control variable	Included	Included
INDU/YEAR	Included	Included
Intercept	1.613; (3.10)	2.027; (6.52)
N	6,210	6,210
Pseudo R^2/adj R^2	0.094	0.107

Notes: , , and indicate statistically significant at the 10%, 5%, and 1% levels, respectively (two-tailed). t-values are in parentheses. The robustness test only lists the regression results of the main variables and does not report the control variables.