Panel A test of Hypothesis 1: Intra-period timeliness measure of disclosure timeliness
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Dependent variable = | Disclosure timeliness | Disclosure timeliness | Disclosure timeliness | Disclosure timeliness |
| Negative606Impact | −0.095* | −0.108** | ||
| (−1.877) | (−2.166) | |||
| ASC606ImpactMagnitude | −0.013 | −0.037 | ||
| (−0.412) | (−1.179) | |||
| Negative606Impact × ASC606ImpactMagnitude | 0.038 | 0.063* | ||
| (1.034) | (1.710) | |||
| Quintile606Impact | 0.028* | 0.029* | ||
| (1.716) | (1.864) | |||
| ComplexityPCA | −0.043 | −0.044 | ||
| (−1.488) | (−1.484) | |||
| NumBusSegs | −0.006 | 0.008 | ||
| (−0.114) | (0.146) | |||
| SalesVolatility | −0.001** | −0.001** | ||
| (−2.425) | (−2.493) | |||
| Warranty | −0.042 | −0.044 | ||
| (−0.682) | (−0.752) | |||
| MultipleElementArrangement | 0.018 | 0.014 | ||
| (0.408) | (0.318) | |||
| Rebate | −0.001 | 0.009 | ||
| (−0.009) | (0.131) | |||
| AnalystFollowing | −0.073 | −0.063 | −0.079 | −0.074 |
| (−1.280) | (−1.273) | (−1.331) | (−1.446) | |
| LogFirmAge | 0.012 | 0.003 | 0.025 | 0.016 |
| (0.274) | (0.060) | (0.599) | (0.369) | |
| LogMarketCap | 0.038 | 0.012 | 0.044* | 0.019 |
| (1.481) | (0.527) | (1.691) | (0.863) | |
| BookToMarket | 0.032 | 0.039 | 0.047 | 0.051 |
| (0.331) | (0.420) | (0.518) | (0.589) | |
| InstitutionalOwnership | −0.002 | 0.052 | −0.011 | 0.047 |
| (−0.017) | (0.398) | (−0.082) | (0.391) | |
| RestOrWeaknessPast3Years | 0.141* | 0.126 | 0.150* | 0.140 |
| (1.754) | (1.466) | (1.887) | (1.603) | |
| GuidancePastYear | 0.083 | 0.070 | 0.081 | 0.069 |
| (1.241) | (1.097) | (1.185) | (1.076) | |
| GuidedEPSQ12018 | −0.006 | 0.021 | −0.000 | 0.027 |
| (−0.088) | (0.333) | (−0.001) | (0.408) | |
| SAB74FinalWordCount | 0.000 | 0.000 | 0.000 | 0.000 |
| (0.322) | (0.453) | (0.285) | (0.278) | |
| 10KLength | −0.000 | −0.000 | −0.000 | −0.000 |
| (−0.361) | (−0.726) | (−0.375) | (−0.772) | |
| QualitativeImpactDisclosure | −0.028 | −0.047 | 0.007 | −0.007 |
| (−0.287) | (−0.525) | (0.080) | (−0.087) | |
| ComparePoliciesDisclosure | 0.018 | 0.031 | −0.003 | 0.007 |
| (0.199) | (0.364) | (−0.035) | (0.083) | |
| ImplementationStatusDisclosure | 0.042 | 0.063 | 0.028 | 0.045 |
| (0.519) | (0.805) | (0.364) | (0.612) | |
| CEOChairDuality | −0.002 | −0.017 | −0.016 | −0.031 |
| (−0.038) | (−0.348) | (−0.313) | (−0.592) | |
| BoardSize | 0.016 | 0.011 | 0.014 | 0.010 |
| (0.924) | (0.673) | (0.796) | (0.565) | |
| Concentration | 0.167 | 0.201 | 0.154 | 0.195 |
| (1.040) | (1.266) | (0.958) | (1.264) | |
| Tangibility | 0.154 | 0.011 | 0.192 | 0.057 |
| (0.969) | (0.065) | (1.162) | (0.332) | |
| RD | 0.257 | 0.143 | 0.006 | −0.220 |
| (0.268) | (0.151) | (0.007) | (−0.249) | |
| ROA | −0.187 | −0.193 | −0.346 | −0.428 |
| (−0.456) | (−0.493) | (−0.979) | (−1.278) | |
| Big4Auditor | 0.037 | 0.045 | 0.032 | 0.039 |
| (0.743) | (0.900) | (0.643) | (0.790) | |
| Constant | 0.287 | 0.508 | 0.100 | 0.312 |
| (0.901) | (1.542) | (0.330) | (1.012) | |
| Observations | 131 | 131 | 131 | 131 |
| R-squared | 0.483 | 0.438 | 0.473 | 0.421 |
| Industry FE | Yes | Yes | Yes | Yes |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Dependent variable = | Disclosure timeliness | Disclosure timeliness | Disclosure timeliness | Disclosure timeliness |
| −0.095* | −0.108** | |||
| (−1.877) | (−2.166) | |||
| −0.013 | −0.037 | |||
| (−0.412) | (−1.179) | |||
| 0.038 | 0.063* | |||
| (1.034) | (1.710) | |||
| 0.028* | 0.029* | |||
| (1.716) | (1.864) | |||
| −0.043 | −0.044 | |||
| (−1.488) | (−1.484) | |||
| −0.006 | 0.008 | |||
| (−0.114) | (0.146) | |||
| −0.001** | −0.001** | |||
| (−2.425) | (−2.493) | |||
| −0.042 | −0.044 | |||
| (−0.682) | (−0.752) | |||
| 0.018 | 0.014 | |||
| (0.408) | (0.318) | |||
| −0.001 | 0.009 | |||
| (−0.009) | (0.131) | |||
| −0.073 | −0.063 | −0.079 | −0.074 | |
| (−1.280) | (−1.273) | (−1.331) | (−1.446) | |
| 0.012 | 0.003 | 0.025 | 0.016 | |
| (0.274) | (0.060) | (0.599) | (0.369) | |
| 0.038 | 0.012 | 0.044* | 0.019 | |
| (1.481) | (0.527) | (1.691) | (0.863) | |
| 0.032 | 0.039 | 0.047 | 0.051 | |
| (0.331) | (0.420) | (0.518) | (0.589) | |
| −0.002 | 0.052 | −0.011 | 0.047 | |
| (−0.017) | (0.398) | (−0.082) | (0.391) | |
| 0.141* | 0.126 | 0.150* | 0.140 | |
| (1.754) | (1.466) | (1.887) | (1.603) | |
| 0.083 | 0.070 | 0.081 | 0.069 | |
| (1.241) | (1.097) | (1.185) | (1.076) | |
| −0.006 | 0.021 | −0.000 | 0.027 | |
| (−0.088) | (0.333) | (−0.001) | (0.408) | |
| 0.000 | 0.000 | 0.000 | 0.000 | |
| (0.322) | (0.453) | (0.285) | (0.278) | |
| −0.000 | −0.000 | −0.000 | −0.000 | |
| (−0.361) | (−0.726) | (−0.375) | (−0.772) | |
| −0.028 | −0.047 | 0.007 | −0.007 | |
| (−0.287) | (−0.525) | (0.080) | (−0.087) | |
| 0.018 | 0.031 | −0.003 | 0.007 | |
| (0.199) | (0.364) | (−0.035) | (0.083) | |
| 0.042 | 0.063 | 0.028 | 0.045 | |
| (0.519) | (0.805) | (0.364) | (0.612) | |
| −0.002 | −0.017 | −0.016 | −0.031 | |
| (−0.038) | (−0.348) | (−0.313) | (−0.592) | |
| 0.016 | 0.011 | 0.014 | 0.010 | |
| (0.924) | (0.673) | (0.796) | (0.565) | |
| 0.167 | 0.201 | 0.154 | 0.195 | |
| (1.040) | (1.266) | (0.958) | (1.264) | |
| 0.154 | 0.011 | 0.192 | 0.057 | |
| (0.969) | (0.065) | (1.162) | (0.332) | |
| 0.257 | 0.143 | 0.006 | −0.220 | |
| (0.268) | (0.151) | (0.007) | (−0.249) | |
| −0.187 | −0.193 | −0.346 | −0.428 | |
| (−0.456) | (−0.493) | (−0.979) | (−1.278) | |
| 0.037 | 0.045 | 0.032 | 0.039 | |
| (0.743) | (0.900) | (0.643) | (0.790) | |
| Constant | 0.287 | 0.508 | 0.100 | 0.312 |
| (0.901) | (1.542) | (0.330) | (1.012) | |
| Observations | 131 | 131 | 131 | 131 |
| 0.483 | 0.438 | 0.473 | 0.421 | |
| Industry FE | Yes | Yes | Yes | Yes |
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