Table 8 Overall disclosure results –...

Table 8

Overall disclosure results – fixed effects model

Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients
T2006	−ve	−2.753
T2010	?	1.789
CPC	+ve	8.456***	2006CPC	−ve	−6.663**	2010CPC	?	−1.57
CSC	?	−3.359	2006CSC	?	0.403	2010CSC	?	−1.175
Non-GovC	?	−9.472	2006Non-GovC	−ve	−6.681**	2010Non-GovC	?	−0.127
SHSE			2006SHSE	?	−3.833***	2010SHSE	?	0.800
BIG4	?	−1.480	2006BIG4	?	−2.714*	2010BIG4	?	−0.459
INT	+ve	2.765**	2006INT	?	−1.158	2010INT	?	2.526*
Log (Inc)	+ve	5.329**
ConD			2006ConD	?	5.066**	2010ConD	?	1.133
ConS			2006ConS	?	4.921*	2010ConS	?	−1.184
F-Banking			2006F-Banking	?	4.31*	2010F-Banking	?	2.608
F-NB			2006F-NB	?	6.303**	2010F-NB	?	1.183
Materials			2006Materials	?	0.33	2010Materials	?	−3.703*
INDCG			2006INDCG	?	9.247***	2010INDCG	?	−0.741
INDTran			2006INDTran	?	0.989	2010INDTran	?	1.632
Utilities			2006Utilities	?	−0.791	2010Utilities	?	0.474
Others			2006Others	?	5.804*	2010Others	?	−0.605
HK	?	−2.893	2006HK	?	−4.829***	2010HK	?	0.447
NY	?	−7.417	2006NY	?	4.659**	2010NY	?	−0.954
London	?	8.112	2006London	?	4.573	2010London	?	4.936

Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients	Explanatory variables	E sign	Estimated coefficients
T2006	−ve	−2.753
T2010	?	1.789
CPC	+ve	8.456***	2006CPC	−ve	−6.663**	2010CPC	?	−1.57
CSC	?	−3.359	2006CSC	?	0.403	2010CSC	?	−1.175
Non-GovC	?	−9.472	2006Non-GovC	−ve	−6.681**	2010Non-GovC	?	−0.127
SHSE			2006SHSE	?	−3.833***	2010SHSE	?	0.800
BIG4	?	−1.480	2006BIG4	?	−2.714*	2010BIG4	?	−0.459
INT	+ve	2.765**	2006INT	?	−1.158	2010INT	?	2.526*
Log (Inc)	+ve	5.329**
ConD			2006ConD	?	5.066**	2010ConD	?	1.133
ConS			2006ConS	?	4.921*	2010ConS	?	−1.184
F-Banking			2006F-Banking	?	4.31*	2010F-Banking	?	2.608
F-NB			2006F-NB	?	6.303**	2010F-NB	?	1.183
Materials			2006Materials	?	0.33	2010Materials	?	−3.703*
INDCG			2006INDCG	?	9.247***	2010INDCG	?	−0.741
INDTran			2006INDTran	?	0.989	2010INDTran	?	1.632
Utilities			2006Utilities	?	−0.791	2010Utilities	?	0.474
Others			2006Others	?	5.804*	2010Others	?	−0.605
HK	?	−2.893	2006HK	?	−4.829***	2010HK	?	0.447
NY	?	−7.417	2006NY	?	4.659**	2010NY	?	−0.954
London	?	8.112	2006London	?	4.573	2010London	?	4.936

Note(s): Adjusted R²: 0.691

*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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