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The significance of the control variables in Model 2 is quite similar with that in
Model 1, though there are some differences. For the restatement sample, whereas
FT
is
significant in Model 1, it is insignificant in Model 2. On the contrary, whereas
MARKETCAP
is insignificant in Model 1, it is significant in Model 2. For the non-
restatement companies,
RCP
and
FT
are insignificant in Model 2, but they are significant
in Model 1.
Table 8 Logistic Regression for Restatement and Non-restatement Samples
(Dependent Variable =
EFFECTIVE
)
Predicted Sign
Restatement Sample
Non-restatement Sample
Coefficient
p-value
Coefficient
p-value
AS5
？
1.413
<0.001
1.418
<0.001
SIZE
＋
0.095
0.217
-0.005
0.950
ROA
＋
0.242
0.690
-0.565
0.285
LEV
－
-0.199
0.469
-0.183
0.500
PE
－
0.000
0.968
-0.003
0.094
MB
－
0.009
0.622
0.043
0.023
BIGN
？
0.327
0.198
0.578
0.004
RCP
－
-0.007
0.050
-0.006
0.101
FT
－
-0.300
0.115
-0.277
0.112
AGLOSS
－
-0.434
0.031
-0.752
<0.001
MARKETCAP
＋
0.000
0.077
0.000
0.001
CONSTANT
-0.292
0.816
16.321
0.985
YEAR
(include)
(include)
INDUSTRY
(include)
(include)
LR chi squared
128.71
<0.001
213.85
<0.001
Pseudo R
2
0.099
0.111
Sample size
1271
8634
Note: Variables are defined in Table 2. P-values are based on two-tailed tests.