Table 6 Channel analysis Variable (1)...

Table 6

Channel analysis

Variable	(1)	(2)	(3)	(4)	(5)
Variable	${A n a l y s t A t t}_{t + 1}$	${L i q u i d i t y}_{t + 1}$	$R e p o r t A t t__{t + 1}$	${L i q u i d i t y}_{t + 1}$	${L i q u i d i t y}_{t + 1}$
Panel A – EsgDis1
${E s g D i s 1}_{t}$	0.091*	0.200***	4.045***	0.195***	0.196***
${E s g D i s 1}_{t}$	(1.807)	(4.886)	(3.050)	(4.769)	(4.796)
${A n a l y s t A t t}_{t}$		0.107***			0.057***
${A n a l y s t A t t}_{t}$		(20.227)			(8.945)
${R e p o r t A t t}_{t}$				0.005***	0.004***
${R e p o r t A t t}_{t}$				(22.372)	(12.674)
Constant	−9.284***	−9.195***	−197.544***	−9.066***	−8.879***
Constant	(−42.503)	(−44.428)	(−22.957)	(−43.566)	(−42.018)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578	29,578
R-squared	0.484	0.748	0.469	0.745	0.747
Panel B – EsgDis2
${E s g D i s 2}_{t}$	0.138**	0.221***	5.046***	0.216***	0.216***
${E s g D i s 2}_{t}$	(2.447)	(5.650)	(3.786)	(5.513)	(5.521)
${A n a l y s t A t t}_{t}$		0.107***			0.057***
${A n a l y s t A t t}_{t}$		(20.195)			(8.933)
${R e p o r t A t t}_{t}$				0.005***	0.004***
${R e p o r t A t t}_{t}$				(22.342)	(12.653)
Constant	−9.262***	−9.163***	−196.788***	−9.035***	−8.850***
Constant	(−30.968)	(−44.277)	(−22.853)	(−43.430)	(−41.880)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578	29,578
R-squared	0.484	0.748	0.470	0.746	0.748

Variable	(1)	(2)	(3)	(4)	(5)
Panel A – EsgDis1
${E s g D i s 1}_{t}$	0.091*	0.200***	4.045***	0.195***	0.196***
(1.807)	(4.886)	(3.050)	(4.769)	(4.796)
${A n a l y s t A t t}_{t}$		0.107***			0.057***
	(20.227)			(8.945)
${R e p o r t A t t}_{t}$				0.005***	0.004***
			(22.372)	(12.674)
Constant	−9.284***	−9.195***	−197.544***	−9.066***	−8.879***
(−42.503)	(−44.428)	(−22.957)	(−43.566)	(−42.018)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578	29,578
R-squared	0.484	0.748	0.469	0.745	0.747
Panel B – EsgDis2
${E s g D i s 2}_{t}$	0.138**	0.221***	5.046***	0.216***	0.216***
(2.447)	(5.650)	(3.786)	(5.513)	(5.521)
${A n a l y s t A t t}_{t}$		0.107***			0.057***
	(20.195)			(8.933)
${R e p o r t A t t}_{t}$				0.005***	0.004***
			(22.342)	(12.653)
Constant	−9.262***	−9.163***	−196.788***	−9.035***	−8.850***
(−30.968)	(−44.277)	(−22.853)	(−43.430)	(−41.880)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578	29,578
R-squared	0.484	0.748	0.470	0.746	0.748

Note(s): All continuous variables are winsorized at the 1st and 99th percentile. T values are reported in parentheses under coefficients. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Variable definitions are presented in Appendix A

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