《Table 4Regression analysis:Corporate integrity and internal control quality.》

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《Does corporate integrity improve the quality of internal control》

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Note:***，**and*indicate significance at the 1%，5%and 10%levels，respectively（two-tailed test）.

To investigate the influence of market competition，we again use model（3）to retest the association between corporate integrity and internal control weaknesses in the subsamples of high and low market competition.Table 6 presents the results of the logit regression，in which the coefficient estimates for the industry and year fixed-effects are suppressed for brevity.For the high market competition subsample，column（1）shows that the coefficient of Integrity displays an insignificant negative relation，but in the low market competition subsample，column（2）shows that the coefficient is positive with a significance level of 1%.Finally，in the pooled sample，we add the interaction of Integrity and HHI into model（3），and column（3）shows that the coefficient of interaction between these factors is significantly positive.These results show that a substitute effect exists between corporate integrity and market competition，thereby providing proof for Hypothesis 3.