Table 10 Heterogeneity test:... | Emerald Publishing

Table 10

Heterogeneity test: transparency

	(1)	(2)	(3)	(4)	(5)	(6)
	Low analyst coverage	High analyst coverage	Low investor search	High investor search	Low self-disclosure	High self-disclosure
Divergence	0.196***	0.068	0.254***	0.049	0.175***	0.131
Divergence	(0.071)	(0.061)	(0.068)	(0.065)	(0.057)	(0.084)
Size	0.255***	0.100***	0.239***	0.186***	0.210***	0.197***
Size	(0.014)	(0.013)	(0.013)	(0.012)	(0.011)	(0.015)
Lev	−0.606***	−0.175***	−0.586***	−0.379***	−0.510***	−0.419***
Lev	(0.058)	(0.066)	(0.063)	(0.061)	(0.052)	(0.079)
ROE	0.010***	0.006	0.002	0.015***	0.010***	0.021***
ROE	(0.003)	(0.056)	(0.006)	(0.004)	(0.003)	(0.007)
Top1	−0.220***	−0.150**	−0.179**	−0.280***	−0.243***	−0.205**
Top1	(0.076)	(0.072)	(0.074)	(0.077)	(0.064)	(0.094)
INST	−0.194***	−0.134***	−0.202***	−0.079	−0.200***	−0.044
INST	(0.053)	(0.047)	(0.046)	(0.053)	(0.042)	(0.062)
Volatility	−1.003***	−0.620***	−0.981***	−0.797***	−0.901***	−0.763***
Volatility	(0.060)	(0.058)	(0.075)	(0.052)	(0.054)	(0.067)
Volume	−0.058***	0.072***	−0.054***	0.016	−0.026**	0.006
Volume	(0.012)	(0.012)	(0.013)	(0.013)	(0.011)	(0.015)
HHI	−0.479**	−0.407**	−0.678***	−0.351**	−0.530***	−0.176
HHI	(0.197)	(0.176)	(0.257)	(0.169)	(0.161)	(0.276)
SOE	0.210***	0.216***	0.223***	0.161***	0.198***	0.163***
SOE	(0.025)	(0.026)	(0.028)	(0.024)	(0.022)	(0.030)
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
N	10,521	11,857	10,403	11,980	14,526	7,856
Adj. R²	0.422	0.353	0.379	0.410	0.408	0.413

	(1)	(2)	(3)	(4)	(5)	(6)
	Low analyst coverage	High analyst coverage	Low investor search	High investor search	Low self-disclosure	High self-disclosure
Divergence	0.196***	0.068	0.254***	0.049	0.175***	0.131
Divergence	(0.071)	(0.061)	(0.068)	(0.065)	(0.057)	(0.084)
Size	0.255***	0.100***	0.239***	0.186***	0.210***	0.197***
Size	(0.014)	(0.013)	(0.013)	(0.012)	(0.011)	(0.015)
Lev	−0.606***	−0.175***	−0.586***	−0.379***	−0.510***	−0.419***
Lev	(0.058)	(0.066)	(0.063)	(0.061)	(0.052)	(0.079)
ROE	0.010***	0.006	0.002	0.015***	0.010***	0.021***
ROE	(0.003)	(0.056)	(0.006)	(0.004)	(0.003)	(0.007)
Top1	−0.220***	−0.150**	−0.179**	−0.280***	−0.243***	−0.205**
Top1	(0.076)	(0.072)	(0.074)	(0.077)	(0.064)	(0.094)
INST	−0.194***	−0.134***	−0.202***	−0.079	−0.200***	−0.044
INST	(0.053)	(0.047)	(0.046)	(0.053)	(0.042)	(0.062)
Volatility	−1.003***	−0.620***	−0.981***	−0.797***	−0.901***	−0.763***
Volatility	(0.060)	(0.058)	(0.075)	(0.052)	(0.054)	(0.067)
Volume	−0.058***	0.072***	−0.054***	0.016	−0.026**	0.006
Volume	(0.012)	(0.012)	(0.013)	(0.013)	(0.011)	(0.015)
HHI	−0.479**	−0.407**	−0.678***	−0.351**	−0.530***	−0.176
HHI	(0.197)	(0.176)	(0.257)	(0.169)	(0.161)	(0.276)
SOE	0.210***	0.216***	0.223***	0.161***	0.198***	0.163***
SOE	(0.025)	(0.026)	(0.028)	(0.024)	(0.022)	(0.030)
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
N	10,521	11,857	10,403	11,980	14,526	7,856
Adj. R²	0.422	0.353	0.379	0.410	0.408	0.413

Note(s): This table shows our regression in different subsamples to test the impact of firm transparency heterogeneity on the relationship between ESG rating divergence and synchronicity. See Appendix A for variable definitions. All continuous variables are winsorized at the 1% and 99% levels. Standard errors, clustered at the firm level, are reported in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

Source(s): Authors’ own work

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