Table 3. Regression results (internal controls combined)

Nonprofit fraud	Model 1		Model 2		Model 3
Nonprofit fraud	Coef. (S.E.)	Odds ratio	Coef. (S.E.)	Odds ratio	Coef. (S.E.)	Odds ratio
Governance policies	–0.153^***(0.039)	0.858^***(0.033)			–0.131^***(0.040)	0.877^***(0.035)
Financial audit systems			–0.312^***(0.100)	0.732^***(0.074)	–0.221^**(0.105)	0.802^**(0.083)
Org. charateristics
Board size	–0.102	0.903	–0.115	0.891	–0.102	0.903
Board size	(0.088)	(0.080)	(0.088)	(0.078)	(0.088)	(0.080)
Board independence	–0.222	0.800	–0.262	0.769	–0.197	0.821
Board independence	(0.241)	(0.194)	(0.239)	(0.185)	(0.242)	(0.198)
Org. age	0.006^*	1.007^*	0.007^*	1.008^*	0.007^*	1.007^*
	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)
Org. size	–0.070^**	0.932^**	–0.065^**	0.937^**	–0.057^*	0.944^*
	(0.033)	(0.030)	(0.033)	(0.031)	(0.033)	(0.031)
Employee	–0.000	1.000	–0.001	0.999	–0.000	1.000
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Government grant	0.152	1.164	0.074	1.077	0.182	1.199
	(0.193)	(0.225)	(0.190)	(0.204)	(0.195)	(0.233)
Donative org.	–0.229	0.798	–0.265	0.767	–0.214	0.808
	(0.179)	(0.142)	(0.177)	(0.136)	(0.179)	(0.145)
Debt ratio	0.893^***	2.442^***	0.894^***	2.446^***	0.945^***	2.573^***
	(0.250)	(0.603)	(0.246)	(0.603)	(0.250)	(0.642)
Family relation	0.456^**	1.578^**	0.344^*	1.410^*	0.404^*	1.500^*
	(0.220)	(0.351)	(0.221)	(0.312)	(0.224)	(0.338)
Location (urban=1)	–0.220	0.803	–0.189	0.827	–0.263	0.769
	(0.191)	(0.155)	(0.192)	(0.159)	(0.194)	(0.149)
NTEE-code control	Yes		Yes		Yes
Constant	1.769^***	5.862^***	1.451^**	4.269^**	1.608^***	4.992^***
	(0.515)	(3.020)	(0.520)	(2.218)	(0.520)	(2.594)
Observations	1,280	1,280	1,280	1,280	1,280	1,280

p<0.1,
p<0.05,
p<0.01.
Org, organization; NTEE, national taxonomy of exempt entities.