Impact of corporate culture dimensions on financial reporting transparency
| Variables | TRNSP1 | TRNSP2 | TRNSP3 | TRNSP4 | TRNSP5 |
|---|---|---|---|---|---|
| Panel A. Creative Corporate Culture and Financial Reporting Transparency | |||||
| CRECULT | 0.701*** | 1.596*** | 1.198*** | 0.071*** | 0.006*** |
| (0.134) | (0.232) | (0.190) | (0.004) | (0.001) | |
| YEAR_FE | YES | YES | YES | YES | YES |
| INDUSTRY_FE | YES | YES | YES | YES | YES |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.192 | 0.180 | 0.170 | 0.238 | 0.209 |
| Adj R-squared | 0.162 | 0.149 | 0.139 | 0.209 | 0.179 |
| F (Sig) | 6.284 (0.000) | 5.776 (0.000) | 5.413 (0.000) | 8.225 (0.000) | 6.981 (0.000) |
| Panel B. Competitive Corporate Culture and Financial Reporting Transparency | |||||
| COMCULT | 0.575*** | 1.393*** | 1.049*** | 0.088*** | 0.008*** |
| (0.132) | (0.229) | (0.187) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.188 | 0.174 | 0.165 | 0.314 | 0.277 |
| Adj R-squared | 0.157 | 0.143 | 0.134 | 0.288 | 0.249 |
| F (Sig) | 6.101 (0.000) | 5.558 (0.000) | 5.233 (0.000) | 12.08 (0.000) | 10.09 (0.000) |
| Panel C. Control Corporate Culture and Financial Reporting Transparency | |||||
| CONCULT | 0.570*** | 1.197*** | 0.961*** | 0.067*** | 0.006*** |
| (0.146) | (0.253) | (0.207) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.185 | 0.165 | 0.160 | 0.235 | 0.197 |
| Adj R-squared | 0.154 | 0.133 | 0.128 | 0.206 | 0.167 |
| F (Sig) | 5.959 (0.000) | 5.194 (0.000) | 4.990 (0.000) | 8.086 (0.000) | 6.462 (0.000) |
| Panel D. Collaborative Corporate Culture and Financial Reporting Transparency | |||||
| COLCULT | 0.704*** | 1.590*** | 1.251*** | 0.044*** | 0.004*** |
| (0.127) | (0.218) | (0.178) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.195 | 0.184 | 0.177 | 0.161 | 0.148 |
| Adj R-squared | 0.164 | 0.153 | 0.145 | 0.129 | 0.115 |
| F (Sig) | 6.379 (0.000) | 5.944 (0.000) | 5.651 (0.000) | 5.043 (0.000) | 4.562 (0.000) |
| Variables | |||||
|---|---|---|---|---|---|
| 0.701*** | 1.596*** | 1.198*** | 0.071*** | 0.006*** | |
| (0.134) | (0.232) | (0.190) | (0.004) | (0.001) | |
| YEAR_FE | YES | YES | YES | YES | YES |
| INDUSTRY_FE | YES | YES | YES | YES | YES |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.192 | 0.180 | 0.170 | 0.238 | 0.209 |
| Adj R-squared | 0.162 | 0.149 | 0.139 | 0.209 | 0.179 |
| F (Sig) | 6.284 (0.000) | 5.776 (0.000) | 5.413 (0.000) | 8.225 (0.000) | 6.981 (0.000) |
| 0.575*** | 1.393*** | 1.049*** | 0.088*** | 0.008*** | |
| (0.132) | (0.229) | (0.187) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.188 | 0.174 | 0.165 | 0.314 | 0.277 |
| Adj R-squared | 0.157 | 0.143 | 0.134 | 0.288 | 0.249 |
| F (Sig) | 6.101 (0.000) | 5.558 (0.000) | 5.233 (0.000) | 12.08 (0.000) | 10.09 (0.000) |
| 0.570*** | 1.197*** | 0.961*** | 0.067*** | 0.006*** | |
| (0.146) | (0.253) | (0.207) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.185 | 0.165 | 0.160 | 0.235 | 0.197 |
| Adj R-squared | 0.154 | 0.133 | 0.128 | 0.206 | 0.167 |
| F (Sig) | 5.959 (0.000) | 5.194 (0.000) | 4.990 (0.000) | 8.086 (0.000) | 6.462 (0.000) |
| 0.704*** | 1.590*** | 1.251*** | 0.044*** | 0.004*** | |
| (0.127) | (0.218) | (0.178) | (0.004) | (0.001) | |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,480 | 1,480 | 1,480 | 1,480 | 1,480 |
| R-squared | 0.195 | 0.184 | 0.177 | 0.161 | 0.148 |
| Adj R-squared | 0.164 | 0.153 | 0.145 | 0.129 | 0.115 |
| F (Sig) | 6.379 (0.000) | 5.944 (0.000) | 5.651 (0.000) | 5.043 (0.000) | 4.562 (0.000) |
Note(s): Standard errors in parentheses. Variable definitions are located in Appendix 3. ***p < 0.01, **p < 0.05, *p < 0.10
Source(s): Table created by author
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