《Table 6Relation between corporate integrity and market competition on 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）.

First，in accordance with the study by Bai et al.（2005），we choose eight indicators and build a comprehensive governance index（Governance）via principal component analysis.These eight indictors include a dummy that reflects whether the CEO and the chairman of the board are the same person，a dummy that reflects whether an enterprise owns its parent company，a dummy that reflects whether an enterprise is listed in another market，a dummy that reflects whether a company is state-controlled，and indicators giving the proportion of independent directors，the management shareholding ratio，the shareholding ratio of the largest shareholder and the ratio of the company’s largest shareholder to its second largest shareholder.After controlling for this comprehensive variable，the results listed in column（1）of Table 7 show that a significantly negative correlation still exists between corporate integrity（Integrity）and internal control weaknesses（IC＿Dum）.