Out of Control: The (Over) Use of Controls in Accounting Research
指出会计研究对控制变量的重要性认识不足，通过模拟说明过多控制变量反而会引入偏差，并讨论测量误差和固定效应等问题，为未来研究提供实用建议。
ABSTRACT In the absence of random treatment assignment, the selection of appropriate control variables is essential to designing well-specified empirical tests of causal effects. However, the importance of control variables seems under-appreciated in accounting research relative to other methodological issues. Despite the frequent reliance on control variables, the accounting literature has limited guidance on how to select them. We evaluate the evolution in the use of control variables in accounting research and discuss some of the issues that researchers should consider when choosing control variables. Using simulations, we illustrate that more control is not always better and that some control variables can introduce bias into an otherwise well-specified model. We also demonstrate other issues with control variables, including the effects of measurement error and complications associated with fixed effects. Finally, we provide practical suggestions for future accounting research. Data Availability: All data used are publicly available from sources cited in the text. JEL Classifications: M40; M41; C18; C52.