Table 9 Category disclosure – fixed...

Table 9

Category disclosure – fixed effects model

Explanatory variables	Estimated coefficients
Explanatory variables	C1	C2	C3	C4	C5	C6
T2006	−0.244*	−0.173	−1.022	−0.883	−0.204*	−0.228
T2010	2.557	−0.301	−0.383	−0.366	0.599	−0.316
CPC	3.450***	0.379	0.443	0.565	3.250***	0.369
CSC	−1.884	−0.335	0.970	0.398	−1.836	−0.673
Non-GovC	1.503	−0.655	−1.699	−1.016	−6.445	−1.160
BIG4	−0.176	−0.336	−0.134	−0.578	−0.511	0.255
INT	0.514	0.337*	0.351*	0.741**	0.485	0.336*
Log (Inc)	1.783**	0.166	0.026	1.228**	1.957**	0.168
HK	1.354	−1.242	−1.680	0.007	−1.509	0.177
NY	−1.844	−0.619	−2.056	−0.948	−1.701	−0.249
London	2.313	0.363	2.044	0.187	2.354	0.852
2006CPC	−2.123**	−0.411	−0.189	−1.469**	−1.997**	−0.471
2006CSC	−0.170	0.221	−0.099	0.167	0.206	0.078
2006Non-GovC	−3.596***	−0.286	−0.333	−0.398	−1.519*	−0.548*
2006SHSE	−1.541***	−0.190	−0.131	−0.237	−1.441***	−0.292*
2006BIG4	−0.558	−0.423*	−0.143	−0.111	−1.104**	−0.376*
2006INT	0.372	−0.631**	−0.267	−0.467	−0.092	−0.074
2006ConD	0.642	0.269	1.053**	1.904***	0.787	0.410
2006ConS	0.068	0.043	0.950**	2.157***	1.004	0.698*
2006F-Banking	0.841	0.041	1.774***	1.417**	0.661	−0.424
2006F-NB	1.467*	0.328	0.897**	2.073***	1.260	0.276
2006Materials	−0.150	0.255	0.378	1.074*	−0.971	−0.260
2006INDCG	1.778*	1.512**	1.595***	1.216	2.679**	0.465
2006INDTran	−1.644**	0.705*	1.391***	1.403**	−0.757	−0.110
2006Utilities	−0.577	0.298	1.141***	0.450	−1.774**	−0.331
2006Others	1.184	0.359	0.818	1.764**	0.709	0.969*
2006HK	−1.838***	−0.235	0.186	−0.714*	−1.800***	−0.427*
2006NY	1.901**	0.590*	0.158	0.553	1.401*	0.054
2006London	0.490	1.010*	−0.739	1.040	2.234*	0.530
2010CPC	−1.265	0.190	0.068	−0.553	−0.130	0.122
2010CSC	−0.168	−0.239	−0.331	−0.362	−0.352	0.278*
2010Non-GovC	−1.676*	0.041	0.223	0.064	1.004	0.222
2010 SHSE	0.267	−0.104	0.293	−0.006	0.209	0.140
2010BIG4	−0.105	−0.092	0.288	0.471	−0.780	−0.241
2010INT	0.407	0.258	0.109	0.445	0.970*	0.336*
2010ConD	−0.498	0.350	0.948**	0.390	−0.361	0.304
2010ConS	−1.243	0.044	−0.181	0.332	−0.516	0.380
2010F-Banking	0.628	0.651	0.742*	−0.127	0.576	0.139
2010F-NB	−0.404	0.322	0.208	0.368	0.726	−0.038
2010Materials	−1.314*	0.127	−0.510	−0.248	−1.419*	−0.340
2010INDCG	−1.287	0.505	0.223	−0.412	−0.168	0.396
2010INDTran	−1.049	0.629*	0.903**	0.951*	−0.072	0.269
2010Utilities	−1.461*	0.594	1.321***	0.306	−0.416	0.130
2010Others	−1.033	0.367	0.480	−0.207	−0.104	−0.109
2010HK	−0.034	−0.459*	0.412	0.338	0.168	0.022
2010NY	−0.533	0.671*	−0.205	−0.585	−0.203	−0.100
2010London	0.675	0.973*	−0.515	1.190	1.916	0.694
Adjusted R²	0.66	0.084	0.093	0.234	0.62	0.436

Explanatory variables	Estimated coefficients
Explanatory variables	C1	C2	C3	C4	C5	C6
T2006	−0.244*	−0.173	−1.022	−0.883	−0.204*	−0.228
T2010	2.557	−0.301	−0.383	−0.366	0.599	−0.316
CPC	3.450***	0.379	0.443	0.565	3.250***	0.369
CSC	−1.884	−0.335	0.970	0.398	−1.836	−0.673
Non-GovC	1.503	−0.655	−1.699	−1.016	−6.445	−1.160
BIG4	−0.176	−0.336	−0.134	−0.578	−0.511	0.255
INT	0.514	0.337*	0.351*	0.741**	0.485	0.336*
Log (Inc)	1.783**	0.166	0.026	1.228**	1.957**	0.168
HK	1.354	−1.242	−1.680	0.007	−1.509	0.177
NY	−1.844	−0.619	−2.056	−0.948	−1.701	−0.249
London	2.313	0.363	2.044	0.187	2.354	0.852
2006CPC	−2.123**	−0.411	−0.189	−1.469**	−1.997**	−0.471
2006CSC	−0.170	0.221	−0.099	0.167	0.206	0.078
2006Non-GovC	−3.596***	−0.286	−0.333	−0.398	−1.519*	−0.548*
2006SHSE	−1.541***	−0.190	−0.131	−0.237	−1.441***	−0.292*
2006BIG4	−0.558	−0.423*	−0.143	−0.111	−1.104**	−0.376*
2006INT	0.372	−0.631**	−0.267	−0.467	−0.092	−0.074
2006ConD	0.642	0.269	1.053**	1.904***	0.787	0.410
2006ConS	0.068	0.043	0.950**	2.157***	1.004	0.698*
2006F-Banking	0.841	0.041	1.774***	1.417**	0.661	−0.424
2006F-NB	1.467*	0.328	0.897**	2.073***	1.260	0.276
2006Materials	−0.150	0.255	0.378	1.074*	−0.971	−0.260
2006INDCG	1.778*	1.512**	1.595***	1.216	2.679**	0.465
2006INDTran	−1.644**	0.705*	1.391***	1.403**	−0.757	−0.110
2006Utilities	−0.577	0.298	1.141***	0.450	−1.774**	−0.331
2006Others	1.184	0.359	0.818	1.764**	0.709	0.969*
2006HK	−1.838***	−0.235	0.186	−0.714*	−1.800***	−0.427*
2006NY	1.901**	0.590*	0.158	0.553	1.401*	0.054
2006London	0.490	1.010*	−0.739	1.040	2.234*	0.530
2010CPC	−1.265	0.190	0.068	−0.553	−0.130	0.122
2010CSC	−0.168	−0.239	−0.331	−0.362	−0.352	0.278*
2010Non-GovC	−1.676*	0.041	0.223	0.064	1.004	0.222
2010 SHSE	0.267	−0.104	0.293	−0.006	0.209	0.140
2010BIG4	−0.105	−0.092	0.288	0.471	−0.780	−0.241
2010INT	0.407	0.258	0.109	0.445	0.970*	0.336*
2010ConD	−0.498	0.350	0.948**	0.390	−0.361	0.304
2010ConS	−1.243	0.044	−0.181	0.332	−0.516	0.380
2010F-Banking	0.628	0.651	0.742*	−0.127	0.576	0.139
2010F-NB	−0.404	0.322	0.208	0.368	0.726	−0.038
2010Materials	−1.314*	0.127	−0.510	−0.248	−1.419*	−0.340
2010INDCG	−1.287	0.505	0.223	−0.412	−0.168	0.396
2010INDTran	−1.049	0.629*	0.903**	0.951*	−0.072	0.269
2010Utilities	−1.461*	0.594	1.321***	0.306	−0.416	0.130
2010Others	−1.033	0.367	0.480	−0.207	−0.104	−0.109
2010HK	−0.034	−0.459*	0.412	0.338	0.168	0.022
2010NY	−0.533	0.671*	−0.205	−0.585	−0.203	−0.100
2010London	0.675	0.973*	−0.515	1.190	1.916	0.694
Adjusted R²	0.66	0.084	0.093	0.234	0.62	0.436

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

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