Multilevel logistic regression results for firms’ combinations of high and low levels of debt covenant-related APM disclosures (DCD) and efficiency-related APM disclosures (ERD)
| DCDHigh&ERDLow it | DCDLow&ERDHigh it | |||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| H1/H2: LEVERAGEit-1 | 2.432*** (0.283) | 2.590*** (0.297) | −1.666*** (0.340) | −1.818*** (0.354) |
| LOSSit-1 | −0.014 (0.170) | 0.332 (0.255) | 0.168 (0.199) | −0.182 (0.301) |
| H3: LEVERAGEit-1 x LOSSit-1 | −1.588** (0.904) | 1.741* (1.062) | ||
| SIZEit-1 | −0.201*** (0.062) | −0.200*** (0.062) | 0.029 (0.065) | 0.026 (0.065) |
| MARKET-TO-BOOKit-1 | 0.028 (0.141) | 0.024 (0.141) | −0.138 (0.164) | −0.121 (0.164) |
| SALES GROWTHit-1 | 0.030 (0.079) | 0.032 (0.079) | −0.149 (0.115) | −0.155 (0.118) |
| BIG4it-1 | −0.182 (0.149) | −0.186 (0.149) | −0.090 (0.182) | −0.086 (0.182) |
| INSTITUTIONAL INVESTORSit-1 | −0.395 (0.909) | −0.383 (0.901) | 0.154 (0.768) | 0.158 (0.770) |
| FIRM AGEit-1 | 0.022 (0.254) | 0.014 (0.254) | −0.480* (0.269) | −0.474* (0.269) |
| LAW AND ENFORCEMENTit | 0.019 (0.313) | 0.028 (0.313) | 0.050 (0.303) | 0.050 (0.303) |
| INVESTOR PROTECTIONit | 0.173 (0.427) | 0.168 (0.425) | −0.041 (0.417) | −0.043 (0.417) |
| Industry fixed effects | Included | Included | Included | Included |
| Year fixed effects | Included | Included | Included | Included |
| Random country effects | Included | Included | Included | Included |
| Random firm effects | Included | Included | Included | Included |
| Constant | 0.037 (0.970) | 0.026 (0.968) | −1.534 (1.042) | −1.545 (1.042) |
| Number of observations | 3,683 | 3,683 | 3,683 | 3,683 |
| Wald_Chi2 | 240.97*** | 243.24*** | 224.74*** | 226.98*** |
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
| 2.432 | 2.590 | −1.666 | −1.818 | |
| −0.014 (0.170) | 0.332 (0.255) | 0.168 (0.199) | −0.182 (0.301) | |
| −1.588 | 1.741 | |||
| −0.201 | −0.200 | 0.029 (0.065) | 0.026 (0.065) | |
| MARKET-TO-BOOKit-1 | 0.028 (0.141) | 0.024 (0.141) | −0.138 (0.164) | −0.121 (0.164) |
| SALES GROWTHit-1 | 0.030 (0.079) | 0.032 (0.079) | −0.149 (0.115) | −0.155 (0.118) |
| BIG4it-1 | −0.182 (0.149) | −0.186 (0.149) | −0.090 (0.182) | −0.086 (0.182) |
| INSTITUTIONAL INVESTORSit-1 | −0.395 (0.909) | −0.383 (0.901) | 0.154 (0.768) | 0.158 (0.770) |
| FIRM AGEit-1 | 0.022 (0.254) | 0.014 (0.254) | −0.480 | −0.474 |
| LAW AND ENFORCEMENTit | 0.019 (0.313) | 0.028 (0.313) | 0.050 (0.303) | 0.050 (0.303) |
| INVESTOR PROTECTIONit | 0.173 (0.427) | 0.168 (0.425) | −0.041 (0.417) | −0.043 (0.417) |
| Industry fixed effects | Included | Included | Included | Included |
| Year fixed effects | Included | Included | Included | Included |
| Random country effects | Included | Included | Included | Included |
| Random firm effects | Included | Included | Included | Included |
| Constant | 0.037 (0.970) | 0.026 (0.968) | −1.534 (1.042) | −1.545 (1.042) |
| Number of observations | 3,683 | 3,683 | 3,683 | 3,683 |
| Wald_Chi2 | 240.97 | 243.24 | 224.74 | 226.98 |
Note(s):Table 2 provides the definitions of the variables. ***p < 0.01, **p < 0.05, *p < 0.1 (Standard errors in parentheses)
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