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

Table 8

Robust test: the Heckman two-stage model.

Variable	VIOL	VIOLN
TONE	−2.457; (−3.88)	−3.673; (−9.46)
IMR	1.523; (3.85)	2.278; (9.42)
Control variable	Included	Included
INDU/YEAR	Included	Included
Intercept	4.383; (5.21)	5.894; (11.69)
N	6,210	6,210
Pseudo R^2/adj R^2	0.107	0.109

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