id sid eid entity type fbem-15618 1 1 2766-824x QUANTITY fbem-15618 1 2 12 CARDINAL fbem-15618 1 3 3 CARDINAL fbem-15618 1 4 2023 279 CARDINAL fbem-15618 1 5 china GPE fbem-15618 1 6 tang1 NORP fbem-15618 1 7 huang1 PERSON fbem-15618 2 1 1school CARDINAL fbem-15618 2 2 guangxi university ORG fbem-15618 2 3 guangxi GPE fbem-15618 2 4 china GPE fbem-15618 2 5 1871982146@qq.com CARDINAL fbem-15618 2 6 d&o NORP fbem-15618 3 1 china GPE fbem-15618 3 2 2009 DATE fbem-15618 3 3 2022 CARDINAL fbem-15618 3 4 d&o NORP fbem-15618 4 1 d&o NORP fbem-15618 5 1 d&o NORP fbem-15618 6 1 d&o NORP fbem-15618 7 1 d&o NORP fbem-15618 8 1 d&o NORP fbem-15618 9 1 d&o NORP fbem-15618 9 2 d&o NORP fbem-15618 9 3 china GPE fbem-15618 10 1 d&o NORP fbem-15618 11 1 1 CARDINAL fbem-15618 11 2 d&o NORP fbem-15618 13 1 english NORP fbem-15618 13 2 d&o NORP fbem-15618 13 3 china GPE fbem-15618 13 4 2002 DATE fbem-15618 15 1 d&o NORP fbem-15618 17 1 d&o NORP fbem-15618 17 2 3 CARDINAL fbem-15618 20 1 d&o NORP fbem-15618 22 1 d&o NORP fbem-15618 22 2 d&o insurance ORG fbem-15618 22 3 d&o NORP fbem-15618 23 1 2 CARDINAL fbem-15618 23 2 english LANGUAGE fbem-15618 25 1 d&o NORP fbem-15618 25 2 two CARDINAL fbem-15618 26 1 d&o NORP fbem-15618 27 1 firstly ORDINAL fbem-15618 27 2 d&o NORP fbem-15618 30 1 secondly ORDINAL fbem-15618 30 2 d&o NORP fbem-15618 33 1 280 CARDINAL fbem-15618 34 1 d&o NORP fbem-15618 34 2 8 CARDINAL fbem-15618 34 3 d&o NORP fbem-15618 39 1 d&o NORP fbem-15618 40 1 d&o insurance ORG fbem-15618 42 1 d&o NORP fbem-15618 42 2 d&o NORP fbem-15618 43 1 d&o NORP fbem-15618 44 1 d&o NORP fbem-15618 45 1 1 CARDINAL fbem-15618 45 2 2a CARDINAL fbem-15618 45 3 2b CARDINAL fbem-15618 46 1 1 CARDINAL fbem-15618 46 2 d&o NORP fbem-15618 47 1 2a CARDINAL fbem-15618 47 2 d&o insurance ORG fbem-15618 48 1 2b CARDINAL fbem-15618 48 2 d&o NORP fbem-15618 49 1 3 CARDINAL fbem-15618 49 2 3.1 CARDINAL fbem-15618 50 1 2009 DATE fbem-15618 50 2 the china insurance regulatory commission ORG fbem-15618 51 1 d&o NORP fbem-15618 52 1 annual DATE fbem-15618 52 2 2009 DATE fbem-15618 52 3 2022 CARDINAL fbem-15618 52 4 shanghai GPE fbem-15618 52 5 shenzhen GPE fbem-15618 52 6 firstly ORDINAL fbem-15618 52 7 secondly ORDINAL fbem-15618 52 8 thirdly ORDINAL fbem-15618 52 9 the current year DATE fbem-15618 53 1 1% PERCENT fbem-15618 54 1 d&o insurance ORG fbem-15618 54 2 the china research data service ORG fbem-15618 55 1 3.2 CARDINAL fbem-15618 56 1 first ORDINAL fbem-15618 56 2 d&o NORP fbem-15618 57 1 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ GPE fbem-15618 57 2 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ ORG fbem-15618 57 3 each year DATE fbem-15618 58 1 d&o insurance ORG fbem-15618 59 1 1 CARDINAL fbem-15618 59 2 0 CARDINAL fbem-15618 60 1 1 CARDINAL fbem-15618 61 1 secondly ORDINAL fbem-15618 61 2 d&o NORP fbem-15618 62 1 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ GPE fbem-15618 62 2 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ βˆ— 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 ORG fbem-15618 62 3 βˆ‘ 𝜎 PERSON fbem-15618 62 4 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ ORG fbem-15618 62 5 2 CARDINAL fbem-15618 62 6 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ GPE fbem-15618 62 7 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ βˆ— 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 ORG fbem-15618 62 8 βˆ‘ 𝜎 PERSON fbem-15618 62 9 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ ORG fbem-15618 62 10 3 CARDINAL fbem-15618 63 1 d&o NORP fbem-15618 64 1 4 CARDINAL fbem-15618 64 2 4.1 CARDINAL fbem-15618 65 1 descriptive statistics ORG fbem-15618 65 2 2 CARDINAL fbem-15618 66 1 d&o NORP fbem-15618 66 2 d&o insurance ORG fbem-15618 66 3 d&o NORP fbem-15618 67 1 secondly ORDINAL fbem-15618 67 2 281 CARDINAL fbem-15618 67 3 d&o NORP fbem-15618 67 4 ten CARDINAL fbem-15618 69 1 1 CARDINAL fbem-15618 70 1 annually DATE fbem-15618 71 1 d&o NORP fbem-15618 72 1 1 CARDINAL fbem-15618 72 2 d&o insurance ORG fbem-15618 72 3 0 CARDINAL fbem-15618 73 1 the end of the year DATE fbem-15618 73 2 the end of the year DATE fbem-15618 75 1 the end of the year DATE fbem-15618 78 1 1 CARDINAL fbem-15618 78 2 0 CARDINAL fbem-15618 82 1 1 CARDINAL fbem-15618 82 2 0 CARDINAL fbem-15618 85 1 1 CARDINAL fbem-15618 85 2 10 CARDINAL fbem-15618 85 3 0 CARDINAL fbem-15618 87 1 1 CARDINAL fbem-15618 87 2 the previous year's DATE fbem-15618 87 3 0 CARDINAL fbem-15618 88 1 year year year DATE fbem-15618 89 1 years DATE fbem-15618 92 1 2 CARDINAL fbem-15618 93 1 n=31349 PERSON fbem-15618 93 2 13.67 CARDINAL fbem-15618 93 3 13.58 MONEY fbem-15618 93 4 13.53 MONEY fbem-15618 93 5 0.000 0.000 0.000 1.000 0.000 1.000 MONEY fbem-15618 93 6 lev 0.418 DATE fbem-15618 93 7 0.410 MONEY fbem-15618 93 8 0.420 CARDINAL fbem-15618 93 9 0.067 CARDINAL fbem-15618 93 10 0.059 MONEY fbem-15618 93 11 0.071 0.066 MONEY fbem-15618 93 12 22.12 CARDINAL fbem-15618 93 13 1.204 MONEY fbem-15618 93 14 23.26 CARDINAL fbem-15618 93 15 22.23 CARDINAL fbem-15618 93 16 0.149 MONEY fbem-15618 93 17 0.168 MONEY fbem-15618 93 18 0.352 0.478 0.000 MONEY fbem-15618 93 19 0.375 0.053 MONEY fbem-15618 93 20 0.376 CARDINAL fbem-15618 93 21 1.386 MONEY fbem-15618 93 22 0.287 0.452 MONEY fbem-15618 93 23 0.447 MONEY fbem-15618 93 24 3.091 MONEY fbem-15618 93 25 big10 GPE fbem-15618 93 26 0.495 1.000 MONEY fbem-15618 93 27 1.000 0.562 DATE fbem-15618 93 28 1.000 MONEY fbem-15618 93 29 0.152 1.000 CARDINAL fbem-15618 93 30 0.156 1.000 CARDINAL fbem-15618 93 31 0.152 1.000 4.2 CARDINAL fbem-15618 94 1 3 CARDINAL fbem-15618 94 2 d&o NORP fbem-15618 95 1 1 CARDINAL fbem-15618 96 1 2 CARDINAL fbem-15618 97 1 3 CARDINAL fbem-15618 97 2 year DATE fbem-15618 98 1 d&o NORP fbem-15618 98 2 0.147 CARDINAL fbem-15618 98 3 1% PERCENT fbem-15618 99 1 d&o NORP fbem-15618 100 1 3 CARDINAL fbem-15618 100 2 1 CARDINAL fbem-15618 100 3 2 CARDINAL fbem-15618 100 4 3 CARDINAL fbem-15618 100 5 0.524 CARDINAL fbem-15618 100 6 34.82 CARDINAL fbem-15618 100 7 0.151 CARDINAL fbem-15618 100 8 14.39 CARDINAL fbem-15618 100 9 0.147 CARDINAL fbem-15618 100 10 12.53 CARDINAL fbem-15618 100 11 34373 34373 DATE fbem-15618 100 12 34373 year DATE fbem-15618 105 1 0.047 CARDINAL fbem-15618 106 1 d&o NORP fbem-15618 106 2 d&o NORP fbem-15618 107 1 d&o NORP fbem-15618 108 1 d&o NORP fbem-15618 109 1 d&o NORP fbem-15618 110 1 d&o insurance ORG fbem-15618 111 1 d&o NORP fbem-15618 112 1 d&o NORP fbem-15618 114 1 d&o NORP fbem-15618 118 1 d&o NORP fbem-15618 118 2 d&o NORP fbem-15618 118 3 d&o NORP fbem-15618 119 1 d&o NORP fbem-15618 120 1 d&o NORP fbem-15618 122 1 d&o NORP fbem-15618 123 1 d&o NORP fbem-15618 124 1 10 CARDINAL fbem-15618 125 1 1 CARDINAL fbem-15618 125 2 2 CARDINAL fbem-15618 125 3 3 CARDINAL fbem-15618 125 4 4 CARDINAL fbem-15618 125 5 d&o NORP fbem-15618 126 1 1 CARDINAL fbem-15618 126 2 2 CARDINAL fbem-15618 126 3 1% PERCENT fbem-15618 127 1 1 CARDINAL fbem-15618 127 2 d&o NORP fbem-15618 128 1 2 CARDINAL fbem-15618 129 1 3 CARDINAL fbem-15618 129 2 d&o NORP fbem-15618 129 3 d&o NORP fbem-15618 131 1 d&o NORP fbem-15618 131 2 d&o NORP fbem-15618 132 1 d&o insurance ORG fbem-15618 133 1 d&o NORP fbem-15618 133 2 d&o NORP fbem-15618 134 1 d&o NORP fbem-15618 135 1 d&o NORP fbem-15618 135 2 d&o NORP fbem-15618 136 1 d&o NORP fbem-15618 137 1 d&o NORP fbem-15618 138 1 4 CARDINAL fbem-15618 138 2 5 CARDINAL fbem-15618 138 3 6 CARDINAL fbem-15618 138 4 4 CARDINAL fbem-15618 138 5 d&o NORP fbem-15618 139 1 4 CARDINAL fbem-15618 139 2 5 CARDINAL fbem-15618 139 3 d&o NORP fbem-15618 140 1 6 CARDINAL fbem-15618 140 2 d&o NORP fbem-15618 140 3 d&o NORP fbem-15618 141 1 283 CARDINAL fbem-15618 141 2 4 CARDINAL fbem-15618 142 1 d&o NORP fbem-15618 142 2 1 CARDINAL fbem-15618 142 3 2 CARDINAL fbem-15618 142 4 3 CARDINAL fbem-15618 142 5 4 CARDINAL fbem-15618 142 6 5 CARDINAL fbem-15618 142 7 da da da tobin PERSON fbem-15618 142 8 18 CARDINAL fbem-15618 142 9 0.168 CARDINAL fbem-15618 142 10 5.78 CARDINAL fbem-15618 142 11 0.637 CARDINAL fbem-15618 142 12 1.89 CARDINAL fbem-15618 142 13 0.165 CARDINAL fbem-15618 142 14 9.04 CARDINAL fbem-15618 142 15 0.149 CARDINAL fbem-15618 142 16 7.08 CARDINAL fbem-15618 142 17 0.058 CARDINAL fbem-15618 142 18 2.21 CARDINAL fbem-15618 142 19 34737 year DATE fbem-15618 159 1 4.4.1 CARDINAL fbem-15618 160 1 only about 10% PERCENT fbem-15618 160 2 d&o insurance ORG fbem-15618 161 1 1:1 CARDINAL fbem-15618 162 1 d&o NORP fbem-15618 163 1 1 CARDINAL fbem-15618 163 2 5 CARDINAL fbem-15618 163 3 d&o NORP fbem-15618 164 1 4.4.2 CARDINAL fbem-15618 164 2 d&o NORP fbem-15618 165 1 two CARDINAL fbem-15618 166 1 d&o NORP fbem-15618 167 1 d&o NORP fbem-15618 168 1 d&o NORP fbem-15618 168 2 d&o insurance ORG fbem-15618 169 1 2 CARDINAL fbem-15618 169 2 3 CARDINAL fbem-15618 169 3 5 CARDINAL fbem-15618 169 4 two CARDINAL fbem-15618 170 1 d&o NORP fbem-15618 171 1 5 CARDINAL fbem-15618 171 2 1 CARDINAL fbem-15618 171 3 2 CARDINAL fbem-15618 171 4 3 CARDINAL fbem-15618 171 5 0.133 CARDINAL fbem-15618 171 6 8.36 CARDINAL fbem-15618 172 1 0.034 CARDINAL fbem-15618 173 1 11.37 CARDINAL fbem-15618 173 2 3488 34737 DATE fbem-15618 180 1 0.688 0.101 5 CARDINAL fbem-15618 181 1 shanghai GPE fbem-15618 181 2 shenzhen GPE fbem-15618 181 3 2009 DATE fbem-15618 181 4 2022 CARDINAL fbem-15618 181 5 d&o NORP fbem-15618 181 6 d&o NORP fbem-15618 182 1 d&o NORP fbem-15618 183 1 d&o NORP fbem-15618 184 1 d&o NORP fbem-15618 185 1 firstly ORDINAL fbem-15618 185 2 d&o insurance ORG fbem-15618 186 1 secondly ORDINAL fbem-15618 186 2 284 CARDINAL fbem-15618 186 3 d&o NORP fbem-15618 188 1 the guangxi graduate education innovation project ORG fbem-15618 193 1 1 CARDINAL fbem-15618 193 2 noel o'sullivan PERSON fbem-15618 195 1 2009 DATE fbem-15618 195 2 33(2 DATE fbem-15618 195 3 146 CARDINAL fbem-15618 196 1 2 CARDINAL fbem-15618 196 2 yw wang PERSON fbem-15618 196 3 cw chen PERSON fbem-15618 198 1 economics & finance ORG fbem-15618 198 2 2016 DATE fbem-15618 198 3 45286 CARDINAL fbem-15618 199 1 3 CARDINAL fbem-15618 199 2 zhihong chen PERSON fbem-15618 199 3 oliver-zhen li PERSON fbem-15618 199 4 hong zou GPE fbem-15618 200 1 equity[j NORP fbem-15618 201 1 2016 DATE fbem-15618 201 2 61(1 CARDINAL fbem-15618 201 3 100 CARDINAL fbem-15618 202 1 4 CARDINAL fbem-15618 202 2 s wong GPE fbem-15618 204 1 journal of banking & finance ORG fbem-15618 204 2 2008 DATE fbem-15618 204 3 32(12 CARDINAL fbem-15618 204 4 2636-2645 DATE fbem-15618 205 1 5 CARDINAL fbem-15618 205 2 chen lin PERSON fbem-15618 205 3 micah-s. PERSON fbem-15618 205 4 hong zou GPE fbem-15618 207 1 journal of financial economics ORG fbem-15618 207 2 2011 DATE fbem-15618 207 3 102(3 DATE fbem-15618 207 4 507 CARDINAL fbem-15618 208 1 6 CARDINAL fbem-15618 208 2 griffith PERSON fbem-15618 210 1 university of chicago ORG fbem-15618 210 2 2007 DATE fbem-15618 210 3 487-544 CARDINAL fbem-15618 211 1 7 CARDINAL fbem-15618 211 2 jian sun PERSON fbem-15618 211 3 feng cao PERSON fbem-15618 213 1 2016 DATE fbem-15618 213 2 37173 CARDINAL fbem-15618 214 1 8 CARDINAL fbem-15618 214 2 chung PERSON fbem-15618 214 3 stephen-a. PERSON fbem-15618 214 4 jinyoung-p. wynn ORG fbem-15618 216 1 2015 DATE fbem-15618 216 2 551 CARDINAL fbem-15618 217 1 9 CARDINAL fbem-15618 217 2 patricia-m. dechow PERSON fbem-15618 217 3 richard-g. sloan PERSON fbem-15618 217 4 amy-p. sweeney PERSON fbem-15618 219 1 1995 DATE fbem-15618 219 2 70(2 DATE fbem-15618 219 3 193-225 CARDINAL fbem-15618 220 1 10 CARDINAL fbem-15618 220 2 k raghunandan GPE fbem-15618 220 3 kr subramanyam ORG fbem-15618 223 1 journal of accounting research ORG fbem-15618 223 2 2002 DATE fbem-15618 223 3 1247 CARDINAL