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Second, the more mutual-fund holdings there are, the more likely managers are to release their IC self-assessment with an auditor's attestation, indicating that mutual funds have a positive impact on a firm's transparency in China.
First, firms who have the government, especially the central government, as their largest shareholder are more likely to disclose their IC self-assessment with an auditor's attestation, indicating that the Chinese government is under pressure not to take advantage of outside shareholders and to reduce its own agency problems with managers.
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It is obvious that more SOEs, both in terms of number and percentage, disclose and disclose with an auditor's attestation in the first three years than Non-SOEs, indicating SOEs move to disclose faster and more comprehensively than Non-SOEs.
Although the estimate for GOV*SEO is negative but insignificant as in Models 1 and 2, we find it negative and significant here indicating Non-SOEs are more likely to disclose IC information with an auditor's attestation when they plan to have SEOs.
On the other hand, GROW is negative and significant in Models 1 and 3, indicating high-growth firms with IC weaknesses are less likely to disclose and to attain an auditor's attestation to the IC report, which is reasonable.
Possible vindications of this are the several attestations of Neferhotep found northeast of Egypt, in the Levant, in particular the stela of the Governor of Byblos Yantinu and 4 scarab seals from Canaan, indicating that he retained enough power to maintain trade relations with this region.
These two charter attestations show that he was an early supporter of Stephen in the king's seizure of the throne from Henry's daughter Matilda.
Now, you indicated you wanted some attestation before Father Geoghan could be sent back at that time.
These findings indicate that our test variables may be more related to the likelihood of disclosure with an auditor's attestation rather than pure disclosure of IC self-assessment without attaining attestation.
The positive and highly significant estimate for FUND indicates that mutual fund holdings are positively related to the decision for IC disclosure with an auditor's attestation, which is consistent with H2.
Considered together, these results indicate that SEO, FUND, and CENTRAL*GOV can still explain the disclosure of an IC self-assessment report and attaining an auditor's attestation even when some firms have IC weaknesses.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com