Table 7 Category disclosure – random...

Table 7

Category disclosure – random effects model

Explanatory variables	Estimated coefficients
Explanatory variables	C1	C2	C3	C4	C5	C6
(Intercept)	5.887***	0.941**	8.571***	−6.605***	−16.271***	−0.447
T2006	−2.969***	−0.173***	0.070	−1.628**	−0.203***	0.128
T2010	1.998***	−0.300***	−1.545***	−1.303***	0.600***	−0.301
CPC	1.408***	0.379***	0.783***	2.251***	3.250***	0.525
CSC	0.225	−0.332***	0.761***	−0.046	−1.835***	−0.077
Non-GovC	2.174***	−0.653***	0.865***	0.580	−6.433***	0.388
SHSE	1.135***	−0.223	−0.102	0.488*	1.537**	0.292*
BIG4	−1.222***	−0.335***	−0.128	1.195***	−0.511***	0.386***
INT	0.691***	0.337***	0.234***	0.346***	0.485***	0.044
Log (Inc)	−0.236	0.168***	−0.704	0.718***	1.959***	0.093**
ConD	−1.905**	−1.999***	−2.078***	−2.597***	−2.111	−0.578
ConS	−0.628	−1.817***	−1.580***	−2.048***	−3.320*	−0.534
F-Banking	0.890	−0.247	−2.047***	−2.525***	2.576	0.459
F-NB	−1.189	−1.396**	−1.749***	−2.596***	−0.912	−0.416
Materials	0.220	−1.197**	−0.527	−1.571**	0.145	0.061
INDCG	0.150	−2.190***	−2.418***	−2.599***	−1.146	−0.498
INDTran	0.339	−2.062***	−2.415***	−1.737***	−0.950	−0.143
Utilities	0.648	−1.413**	−1.544***	−1.051	0.763	0.086
Others	−1.161	−2.344***	−2.445***	−1.613	−2.754	−0.800
HK	1.537***	−1.236***	−0.701***	−0.825***	−1.499***	0.290*
NY	0.593	−0.615***	−0.122	0.048	−1.692***	0.214
London	−0.053	0.360***	0.027	−0.716	2.347***	0.195
2006CPC	−0.410	−0.411***	−1.792***	−0.654*	−1.999***	−1.448***
2006CSC	−0.938**	0.221***	0.055	0.264	0.206***	0.647***
2006Non-GovC	−3.770***	−0.286***	−1.297***	−0.708	−1.520***	−0.667**
2006SHSE	−1.143**	−0.190***	−0.173	−0.366	−1.441***	−0.437*
2006BIG4	0.480	−0.423***	−0.066	−2.539***	−1.103***	−0.726***
2006INT	1.508***	−0.631***	−0.416***	0.864***	−0.092***	0.905***
2006ConD	1.043	0.269***	1.481***	2.016*	0.787***	0.469
2006ConS	0.176	0.043***	1.427***	1.791	1.004***	1.066*
2006F-Banking	0.305	0.041***	1.894***	2.935***	0.661***	−0.677
2006F-NB	1.772*	0.328***	0.858***	2.957***	1.261***	0.294
2006Materials	0.014	0.256***	0.521**	1.736*	−0.970***	−0.313
2006INDCG	0.892	1.512***	1.864***	2.193	2.680***	−0.211
2006INDTran	−1.312	0.705***	1.618***	1.819*	−0.757***	0.236
2006Utilities	−0.095	0.298***	1.247***	1.174	−1.774***	−0.138
2006Others	2.307*	0.359***	1.144***	1.535	0.710***	1.204
2006HK	−2.290***	−0.235***	0.497***	−0.107	−1.800***	−0.852***
2006NY	1.636*	0.590***	0.141	0.169	1.402***	−0.139
2006London	0.782	1.011***	−0.206	1.967	2.236***	0.366
2010CPC	−0.546***	0.188***	1.214***	0.221	−0.131***	−0.035
2010CSC	−0.555***	−0.239***	−0.289**	0.064	−0.352***	0.518***
2010Non-GovC	−1.602***	0.039***	0.994***	0.285	1.002***	0.463***
2010 SHSE	0.506***	−0.104***	0.440***	−0.034	0.209***	0.096
2010BIG4	0.220*	−0.092***	0.302***	−0.221**	−0.780***	−0.297***
2010INT	0.420***	0.258***	0.052	0.721***	0.971***	0.481***
2010ConD	−0.246	0.350***	1.096***	0.719*	−0.361***	0.312
2010ConS	−1.240***	0.044***	−0.126	0.535	−0.516***	0.494**
2010F-Banking	0.630**	0.651***	0.612**	0.446	0.575***	0.018
2010F-NB	−0.098	0.322***	0.361	0.691*	0.726***	−0.061
2010Materials	−1.371***	0.128***	−0.410	0.143	−1.418***	−0.376**
2010INDCG	−1.303***	0.505***	0.032	−0.368	−0.167***	0.175
2010INDTran	−1.158***	0.629***	0.918***	1.102***	−0.072***	0.293
2010Utilities	−1.234***	0.594***	1.418***	0.611*	−0.416***	0.156
2010Others	−0.899**	0.367***	0.543	−0.295	−0.104***	−0.087
2010HK	−0.147	−0.459***	0.378**	0.370	0.168***	−0.100
2010NY	−0.381	0.671***	−0.026	−0.641*	−0.203***	−0.139
2010London	0.885**	0.973***	−0.668*	1.640***	1.917***	0.688***
Adjusted R²	0.644	0.411	0.316	0.436	0.605	0.548

Explanatory variables	Estimated coefficients
Explanatory variables	C1	C2	C3	C4	C5	C6
(Intercept)	5.887***	0.941**	8.571***	−6.605***	−16.271***	−0.447
T2006	−2.969***	−0.173***	0.070	−1.628**	−0.203***	0.128
T2010	1.998***	−0.300***	−1.545***	−1.303***	0.600***	−0.301
CPC	1.408***	0.379***	0.783***	2.251***	3.250***	0.525
CSC	0.225	−0.332***	0.761***	−0.046	−1.835***	−0.077
Non-GovC	2.174***	−0.653***	0.865***	0.580	−6.433***	0.388
SHSE	1.135***	−0.223	−0.102	0.488*	1.537**	0.292*
BIG4	−1.222***	−0.335***	−0.128	1.195***	−0.511***	0.386***
INT	0.691***	0.337***	0.234***	0.346***	0.485***	0.044
Log (Inc)	−0.236	0.168***	−0.704	0.718***	1.959***	0.093**
ConD	−1.905**	−1.999***	−2.078***	−2.597***	−2.111	−0.578
ConS	−0.628	−1.817***	−1.580***	−2.048***	−3.320*	−0.534
F-Banking	0.890	−0.247	−2.047***	−2.525***	2.576	0.459
F-NB	−1.189	−1.396**	−1.749***	−2.596***	−0.912	−0.416
Materials	0.220	−1.197**	−0.527	−1.571**	0.145	0.061
INDCG	0.150	−2.190***	−2.418***	−2.599***	−1.146	−0.498
INDTran	0.339	−2.062***	−2.415***	−1.737***	−0.950	−0.143
Utilities	0.648	−1.413**	−1.544***	−1.051	0.763	0.086
Others	−1.161	−2.344***	−2.445***	−1.613	−2.754	−0.800
HK	1.537***	−1.236***	−0.701***	−0.825***	−1.499***	0.290*
NY	0.593	−0.615***	−0.122	0.048	−1.692***	0.214
London	−0.053	0.360***	0.027	−0.716	2.347***	0.195
2006CPC	−0.410	−0.411***	−1.792***	−0.654*	−1.999***	−1.448***
2006CSC	−0.938**	0.221***	0.055	0.264	0.206***	0.647***
2006Non-GovC	−3.770***	−0.286***	−1.297***	−0.708	−1.520***	−0.667**
2006SHSE	−1.143**	−0.190***	−0.173	−0.366	−1.441***	−0.437*
2006BIG4	0.480	−0.423***	−0.066	−2.539***	−1.103***	−0.726***
2006INT	1.508***	−0.631***	−0.416***	0.864***	−0.092***	0.905***
2006ConD	1.043	0.269***	1.481***	2.016*	0.787***	0.469
2006ConS	0.176	0.043***	1.427***	1.791	1.004***	1.066*
2006F-Banking	0.305	0.041***	1.894***	2.935***	0.661***	−0.677
2006F-NB	1.772*	0.328***	0.858***	2.957***	1.261***	0.294
2006Materials	0.014	0.256***	0.521**	1.736*	−0.970***	−0.313
2006INDCG	0.892	1.512***	1.864***	2.193	2.680***	−0.211
2006INDTran	−1.312	0.705***	1.618***	1.819*	−0.757***	0.236
2006Utilities	−0.095	0.298***	1.247***	1.174	−1.774***	−0.138
2006Others	2.307*	0.359***	1.144***	1.535	0.710***	1.204
2006HK	−2.290***	−0.235***	0.497***	−0.107	−1.800***	−0.852***
2006NY	1.636*	0.590***	0.141	0.169	1.402***	−0.139
2006London	0.782	1.011***	−0.206	1.967	2.236***	0.366
2010CPC	−0.546***	0.188***	1.214***	0.221	−0.131***	−0.035
2010CSC	−0.555***	−0.239***	−0.289**	0.064	−0.352***	0.518***
2010Non-GovC	−1.602***	0.039***	0.994***	0.285	1.002***	0.463***
2010 SHSE	0.506***	−0.104***	0.440***	−0.034	0.209***	0.096
2010BIG4	0.220*	−0.092***	0.302***	−0.221**	−0.780***	−0.297***
2010INT	0.420***	0.258***	0.052	0.721***	0.971***	0.481***
2010ConD	−0.246	0.350***	1.096***	0.719*	−0.361***	0.312
2010ConS	−1.240***	0.044***	−0.126	0.535	−0.516***	0.494**
2010F-Banking	0.630**	0.651***	0.612**	0.446	0.575***	0.018
2010F-NB	−0.098	0.322***	0.361	0.691*	0.726***	−0.061
2010Materials	−1.371***	0.128***	−0.410	0.143	−1.418***	−0.376**
2010INDCG	−1.303***	0.505***	0.032	−0.368	−0.167***	0.175
2010INDTran	−1.158***	0.629***	0.918***	1.102***	−0.072***	0.293
2010Utilities	−1.234***	0.594***	1.418***	0.611*	−0.416***	0.156
2010Others	−0.899**	0.367***	0.543	−0.295	−0.104***	−0.087
2010HK	−0.147	−0.459***	0.378**	0.370	0.168***	−0.100
2010NY	−0.381	0.671***	−0.026	−0.641*	−0.203***	−0.139
2010London	0.885**	0.973***	−0.668*	1.640***	1.917***	0.688***
Adjusted R²	0.644	0.411	0.316	0.436	0.605	0.548

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

Key: C1= Policy; C2 = Governance and Strategy; C3= Financial implications and other risks and opportunities; C4=Performance and targets; C5 = Mitigation and adaptation; C6=Credibility

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable