Table 9 Regression results of intermediate effects.

Dig

0.03842***

0.02839**

0.03727***

1.2161**

0.03736***

− 0.05297*

0.03779***

(3.7616)

(1.9662)

(3.6668)

(2.3659)

(3.6472)

(− 1.6867)

(3.7104)

Size

10.918***

− 0.8966

10.955***

54.198***

10.871***

− 0.7573

10.909***

(11.9706)

(− 1.3836)

(12.0619)

(2.5872)

(11.9128)

(− 0.5066)

(11.9897)

Lev

0.3417***

− 0.01468

0.3423***

− 4.3881

0.3455***

− 0.02395

0.3414***

(3.8974)

(− 0.1556)

(3.9145)

(− 1.2991)

(3.9335)

(− 0.0947)

(3.8908)

Age

− 0.1319

0.2500*

− 0.1420

0.6681

− 0.1325

− 0.01939

− 0.1322

(− 1.0366)

(1.7616)

(− 1.1150)

(0.1281)

(− 1.0307)

(− 0.0618)

(− 1.0341)

Shrcr1

0.0004051

− 0.001094

0.0004493

0.02957

0.0003793

− 0.001993

0.0003813

(0.2667)

(− 0.8172)

(0.2972)

(0.4919)

(0.2499)

(− 0.6068)

(0.2533)

Board

− 0.01624

− 0.03642

− 0.01477

− 4.1348

− 0.01263

0.4290**

− 0.01113

(− 0.2676)

(− 0.3623)

(− 0.2466)

(− 1.1012)

(− 0.2093)

(2.4531)

(− 0.1837)

Independent

− 0.1873

0.09033

− 0.1910

− 16.409

− 0.1730

0.3509

− 0.1831

(− 1.0568)

(0.3136)

(− 1.0983)

(− 1.6401)

(− 0.9763)

(0.6304)

(− 1.0379)

Roa

2.5193***

0.2064

2.5110***

78.220***

2.4510***

− 1.8530***

2.4972***

(14.1142)

(1.3734)

(14.0796)

(11.9084)

(13.0949)

(− 3.2841)

(14.0385)

GI

0.04040***

(3.1696)

CSR

0.0008728*

(1.6536)

JSTICKY

− 0.01193*

(− 1.8818)

Year

Control

Control

Control

Control

Control

Control

Control

Firm

Control

Control

Control

Control

Control

Control

Control

_cons

− 24.624***

2.3450

− 24.719***

− 130.17*

− 24.511***

2.1652

− 24.599***

(− 9.0508)

(1.1502)

(− 9.1304)

(− 1.9441)

(− 9.0131)

(0.4879)

(− 9.0709)

N

2750

2750

2750

2750

2750

2750

2750

R²

0.6357

0.02147

0.6374

0.2621

0.6364

0.01778

0.6366