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

Table 7

Robust test: propensity score matching method.

Variable	VIOL	VIOLN
TONE	−0.654; (−2.62)	−0.454; (−3.43)
Control variable	Included	Included
INDU/YEAR	Included	Included
Intercept	2.400; (4.31)	2.324; (7.74)
N	5,837	5,837
Pseudo R^2/adj R^2	0.107	0.096

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.