Table 3 Determinants of the rejection of...

Table 3

Determinants of the rejection of the IDD

	(1)	(2)	(3)
State average NCSKEW	−0.062	−0.385	−0.317
State average NCSKEW	(0.242)	(0.641)	(0.584)
State IDD		−0.295	−0.299
State IDD		(0.698)	(0.766)
State GDP Growth		−16.940	−17.257
State GDP Growth		(13.462)	(13.753)
State log(GDP)		−0.265	−0.701
State log(GDP)		(2.086)	(2.649)
State unemployment rate		−0.339	−0.381
State unemployment rate		(0.219)	(0.236)
State log(population)		1.617	2.113
State log(population)		(2.079)	(2.755)
State union membership rate		0.033	0.024
State union membership rate		(0.047)	(0.048)
State political balance			0.164
State political balance			(0.161)
N	1,060	1,060	1,012
Adj_R²	0.000	0.158	0.154

	(1)	(2)	(3)
State average NCSKEW	−0.062	−0.385	−0.317
State average NCSKEW	(0.242)	(0.641)	(0.584)
State IDD		−0.295	−0.299
State IDD		(0.698)	(0.766)
State GDP Growth		−16.940	−17.257
State GDP Growth		(13.462)	(13.753)
State log(GDP)		−0.265	−0.701
State log(GDP)		(2.086)	(2.649)
State unemployment rate		−0.339	−0.381
State unemployment rate		(0.219)	(0.236)
State log(population)		1.617	2.113
State log(population)		(2.079)	(2.755)
State union membership rate		0.033	0.024
State union membership rate		(0.047)	(0.048)
State political balance			0.164
State political balance			(0.161)
N	1,060	1,060	1,012
Adj_R²	0.000	0.158	0.154

Note(s): This table reports the results from a Cox proportional hazard model where the “failure event” is rejection of the Inevitable Disclosure Doctrine (IDD) in a state, i.e. once a state rejects the IDD, it drops from the sample. The sample period is from 1990 to 2017. All explanatory variables are lagged by one year. Robust standard errors clustered at the state level are reported in parentheses. Coefficients marked with *, **, and *** are significant at 10%, 5%, and 1%, respectively

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