Table 6 Calculated yearly coefficients...

Table 6

Calculated yearly coefficients for overall disclosure

Explanatory variables	Expected direction	2006	2008	2010
Intercept^a	?	8.320***	11.0725***	12.865***
Size^b	+ve	5.333***	5.333***	5.333***
CPC	+ve	1.791***	8.454***	6.884***
CSC	?	−2.950***	−3.3529***	−4.528***
Non-GovC	?	−16.131***	−9.450***	−9.577***
SHSE	+ve	−0.465	3.368**	4.167**
BIG4	?	−4.192***	−1.479***	−1.938***
INT	+ve	1.606***	2.764***	5.290***
ConD	?	−5.138	−10.205***	−9.071**
ConS	?	−5.698	−10.619**	−11.803***
F-Banking	?	4.780	0.470	3.078
F-NB	?	−0.012	−6.316	−5.133
Materials	?	−3.108	−3.437	−7.140**
INDCG	?	1.528	−7.719	−8.460*
INDTran	?	−4.865	−5.854*	−4.223
Utilities	?	−2.364	−1.573	−1.100
Others	?	−3.692	−9.497*	−10.102*
HK	?	−7.700***	−2.871***	−2.423***
NY	?	−2.731***	−7.390***	−8.344***
London	?	12.663***	8.091***	13.027***

Explanatory variables	Expected direction	2006	2008	2010
Intercept^a	?	8.320***	11.0725***	12.865***
Size^b	+ve	5.333***	5.333***	5.333***
CPC	+ve	1.791***	8.454***	6.884***
CSC	?	−2.950***	−3.3529***	−4.528***
Non-GovC	?	−16.131***	−9.450***	−9.577***
SHSE	+ve	−0.465	3.368**	4.167**
BIG4	?	−4.192***	−1.479***	−1.938***
INT	+ve	1.606***	2.764***	5.290***
ConD	?	−5.138	−10.205***	−9.071**
ConS	?	−5.698	−10.619**	−11.803***
F-Banking	?	4.780	0.470	3.078
F-NB	?	−0.012	−6.316	−5.133
Materials	?	−3.108	−3.437	−7.140**
INDCG	?	1.528	−7.719	−8.460*
INDTran	?	−4.865	−5.854*	−4.223
Utilities	?	−2.364	−1.573	−1.100
Others	?	−3.692	−9.497*	−10.102*
HK	?	−7.700***	−2.871***	−2.423***
NY	?	−2.731***	−7.390***	−8.344***
London	?	12.663***	8.091***	13.027***

Note(s): *Significance level p ≤ 0.10, **Significance level p ≤ 0.05, ***Significance level p ≤ 0.01

^aIntercept for the smallest company in the reference industry (Energy) with log of income equal to 9.6588

^bThis coefficient would be applied to the difference between the log of the company’s size and 9.6588

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

Source(s): Authors’ own work

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