Table 5 Overall disclosure results –...

Table 5

Overall disclosure results – random effects model

Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients
Intercept	?	−40.440***
T2006	−ve	−2.752***
T2010	?	1.792***
CPC	+ve	8.454***	2006CPC	−ve	−6.663***	2010CPC	?	−1.570***
CSC	?	−3.353***	2006CSC	?	0.403***	2010CSC	?	−1.175***
Non-GovC	?	−9.450***	2006Non-GovC	−ve	−6.681***	2010Non-GovC	?	−0.127**
SHSE	+ve	3.368**	2006SHSE	?	−3.833***	2010SHSE	?	0.800***
BIG4	?	−1.479***	2006BIG4	?	−2.714***	2010BIG4	?	−0.459***
INT	+ve	2.764***	2006INT	?	−1.158***	2010INT	?	2.526***
Log (Inc)	+ve	5.333***
ConD	?	−10.204***	2006ConD	?	5.066***	2010ConD	?	1.133***
ConS	?	−10.619**	2006ConS	?	4.921***	2010ConS	?	−1.184***
F-Banking	?	0.470	2006F-Banking	?	4.310***	2010F-Banking	?	2.608***
F-NB	?	−6.316	2006F-NB	?	6.303***	2010F-NB	?	1.183***
Materials	?	−3.437	2006Materials	?	0.330***	2010Materials	?	−3.703***
INDCG	?	−7.719	2006INDCG	?	9.247***	2010INDCG	?	−0.741***
INDTran	?	−5.854*	2006INDTran	?	0.989***	2010INDTran	?	1.632***
Utilities	?	−1.573	2006Utilities	?	−0.791***	2010Utilities	?	0.474***
Others	?	−9.497*	2006Others	?	5.804***	2010Others	?	−0.605***
HK	?	−2.871***	2006HK	?	−4.829***	2010HK	?	0.447***
NY	?	−7.390***	2006NY	?	4.659***	2010NY	?	−0.954***
London	?	8.091***	2006London	?	4.573***	2010London	?	4.936***

Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients
Intercept	?	−40.440***
T2006	−ve	−2.752***
T2010	?	1.792***
CPC	+ve	8.454***	2006CPC	−ve	−6.663***	2010CPC	?	−1.570***
CSC	?	−3.353***	2006CSC	?	0.403***	2010CSC	?	−1.175***
Non-GovC	?	−9.450***	2006Non-GovC	−ve	−6.681***	2010Non-GovC	?	−0.127**
SHSE	+ve	3.368**	2006SHSE	?	−3.833***	2010SHSE	?	0.800***
BIG4	?	−1.479***	2006BIG4	?	−2.714***	2010BIG4	?	−0.459***
INT	+ve	2.764***	2006INT	?	−1.158***	2010INT	?	2.526***
Log (Inc)	+ve	5.333***
ConD	?	−10.204***	2006ConD	?	5.066***	2010ConD	?	1.133***
ConS	?	−10.619**	2006ConS	?	4.921***	2010ConS	?	−1.184***
F-Banking	?	0.470	2006F-Banking	?	4.310***	2010F-Banking	?	2.608***
F-NB	?	−6.316	2006F-NB	?	6.303***	2010F-NB	?	1.183***
Materials	?	−3.437	2006Materials	?	0.330***	2010Materials	?	−3.703***
INDCG	?	−7.719	2006INDCG	?	9.247***	2010INDCG	?	−0.741***
INDTran	?	−5.854*	2006INDTran	?	0.989***	2010INDTran	?	1.632***
Utilities	?	−1.573	2006Utilities	?	−0.791***	2010Utilities	?	0.474***
Others	?	−9.497*	2006Others	?	5.804***	2010Others	?	−0.605***
HK	?	−2.871***	2006HK	?	−4.829***	2010HK	?	0.447***
NY	?	−7.390***	2006NY	?	4.659***	2010NY	?	−0.954***
London	?	8.091***	2006London	?	4.573***	2010London	?	4.936***

Note(s): Adjusted R²: 0.651

*Significance level p ≤ 0.10, **Significance level p ≤ 0.05, ***Significance level p ≤ 0.01

Key: E Sign = Expected Sign; “+ve” = positive; “ −ve ” = negative; “?”: direction is unpredictable

Source(s): Authors’ own work

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