Corporate governance and integrated reporting practices – (nonfinancial firms)
| 1 | 2 | 3 | 4 | 5 | 6 | |
|---|---|---|---|---|---|---|
| Panel A: Model coefficients – baseline regression | ||||||
| BSIZE | 0.1229*** (0.107) | – | 0.023*** (0.138) | 0.583*** (0.108) | – | 0.5622*** (0.141) |
| BINDP | 0.314*** (0.109) | – | 0.432** (0.499) | 0.337*** (0.111) | – | 0.339** (0.504) |
| BGDIV | 0.3233*** (0.117) | – | 0.282** (0.116) | 0.892*** (0.112) | – | 0.235** (0.118) |
| BEXP | 0.129*** (0.102_) | – | −0.318** (0.124) | −0.283*** (0.103) | – | 0.138*** (0.124) |
| ACSIZE | – | 3.108*** (0.338) | 2.596*** (0.403) | – | 3.146*** (0.353) | 0.032*** (0.416) |
| ACINDP | – | 1.752*** (0.315) | −1.292*** (0.375) | – | −1.778*** (0.328) | 0.463*** (0.391) |
| ACEXP | – | 0.172 (0.114) | 0.823* (0.499) | – | 0.203* (0.112) | 0.734** (0.503) |
| ACMEET | – | – | – | −0.886 (0.822) | −2.646*** (0.853) | 0.023** (0.875) |
| FSIZE | – | – | – | 0.042 (2.221) | 2.522 (2.372) | 0.357** (2.389) |
| FAGE | – | – | – | 0.534 (0.691) | 0.47 (0.735) | 0.0409 (0.747) |
| LEV | – | – | – | 0.672*** (1.861) | 0.052** (2.642) | 0.234** (3.743) |
| IND | – | – | – | 0.132* (2.852) | 0.5312 (0.321) | 0.623*** (1.5312) |
| Observations | 2962 | 2962 | 2962 | 2962 | 2962 | 2962 |
| Pseudo R-squared | 0.097 | 0.322 | 0.0232 | 0.2517 | 0.0012 | 0.1622 |
| chi-squared | 119.1 | 294.9 | 316.5 | 121.1 | 305.3 | 322.5 |
| Prob > chi2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Panel B: Categorical outcome model marginal effects (dy/dx) | ||||||
| Categorical variable outcomes | ||||||
| Poor = 0 | Low = 1 | Average = 2 | Above- Average = 3 | Excellent = 4 | ||
| BSIZE | 0.032*** (0.013) | 0.1239*** (0.022) | 0.105*** (0.034) | 0.0244** (0.001) | 0.1272** (0.0004) | |
| BINDP | 0.071 (0.049) | 0.111 (0.077) | −0.175 (0.121) | −0.005 (0.003) | 0.189*** (0.001) | |
| BGDIV | 0.271** (0.011) | −0.043** (0.018) | 0.068** (0.028) | 0.002** (0.001) | 0.455** (0.0003) | |
| BEXP | 0.028** (0.012) | 0.043** (0.019) | 0.069** (0.03) | 0.002** (0.001) | −0.5971* (0.0003) | |
| ACSIZE | 0.263*** (0.042) | 0.412*** (0.073) | 0.650*** (0.102) | 0.019*** (0.005) | 0.259** (0.002) | |
| ACINDP | 0.134*** (0.038) | 0.210*** (0.062) | 0.332*** (0.094) | 0.010*** (0.003) | 0.5282** (0.001) | |
| ACEXP | 0.081* (0.049) | 0.127 (0.077) | 0.200* (0.121) | 0.006 (0.004) | 0.019** (0.001) | |
| ACMEET | 0.205** (0.085) | 0.321** (0.136) | −0.506** (0.21) | −0.015* (0.007) | 0.784 (0.002) | |
| FSIZE | 0.2171** (0.233) | 0.212** (0.363) | 0.326** (0.574) | 0.009* (0.017) | 0.092** (0.004) | |
| FAGE | 0.122** (0.072) | 0.006 (0.113) | 0.009 (0.179) | 0.002** (0.005) | 0.4232** (0.001) | |
| LEV | – | – | – | 0.028*** (3.832) | 0.282** (1.842) | 0.423** (2.211) |
| IND | – | – | – | 0.272** (1.723) | 0.2621* (1.123) | 0.522*** (2.961) |
| Observations | 2,962 | 2,962 | 2,962 | 2,962 | 2,962 | |
| 1 | 2 | 3 | 4 | 5 | 6 | |
|---|---|---|---|---|---|---|
| BSIZE | 0.1229 | – | 0.023 | 0.583 | – | 0.5622 |
| BINDP | 0.314 | – | 0.432 | 0.337 | – | 0.339 |
| BGDIV | 0.3233 | – | 0.282 | 0.892 | – | 0.235 |
| BEXP | 0.129 | – | −0.318 | −0.283 | – | 0.138 |
| ACSIZE | – | 3.108 | 2.596 | – | 3.146 | 0.032 |
| ACINDP | – | 1.752 | −1.292 | – | −1.778 | 0.463 |
| ACEXP | – | 0.172 (0.114) | 0.823 | – | 0.203 | 0.734 |
| ACMEET | – | – | – | −0.886 (0.822) | −2.646 | 0.023 |
| FSIZE | – | – | – | 0.042 (2.221) | 2.522 (2.372) | 0.357 |
| FAGE | – | – | – | 0.534 (0.691) | 0.47 (0.735) | 0.0409 (0.747) |
| LEV | – | – | – | 0.672 | 0.052 | 0.234 |
| IND | – | – | – | 0.132 | 0.5312 (0.321) | 0.623 |
| Observations | 2962 | 2962 | 2962 | 2962 | 2962 | 2962 |
| Pseudo | 0.097 | 0.322 | 0.0232 | 0.2517 | 0.0012 | 0.1622 |
| chi-squared | 119.1 | 294.9 | 316.5 | 121.1 | 305.3 | 322.5 |
| Prob > chi2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Categorical variable outcomes | ||||||
| Poor = 0 | Low = 1 | Average = 2 | Above- Average = 3 | Excellent = 4 | ||
| BSIZE | 0.032 | 0.1239 | 0.105 | 0.0244 | 0.1272 | |
| BINDP | 0.071 (0.049) | 0.111 (0.077) | −0.175 (0.121) | −0.005 (0.003) | 0.189 | |
| BGDIV | 0.271 | −0.043 | 0.068 | 0.002 | 0.455 | |
| BEXP | 0.028 | 0.043** (0.019) | 0.069 | 0.002 | −0.5971 | |
| ACSIZE | 0.263 | 0.412 | 0.650 | 0.019 | 0.259 | |
| ACINDP | 0.134 | 0.210 | 0.332 | 0.010 | 0.5282 | |
| ACEXP | 0.081 | 0.127 (0.077) | 0.200 | 0.006 (0.004) | 0.019 | |
| ACMEET | 0.205 | 0.321 | −0.506 | −0.015 | 0.784 (0.002) | |
| FSIZE | 0.2171 | 0.212 | 0.326 | 0.009 | 0.092 | |
| FAGE | 0.122 | 0.006 (0.113) | 0.009 (0.179) | 0.002 | 0.4232 | |
| LEV | – | – | – | 0.028 | 0.282 | 0.423 |
| IND | – | – | – | 0.272 | 0.2621 | 0.522 |
| Observations | 2,962 | 2,962 | 2,962 | 2,962 | 2,962 | |
Note(s): Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1
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