Table 3 Regression results of trust on...

Table 3

Regression results of trust on information transparency

Variable	(1)	(2)	(3)	(4)
Variable	DEVIATION1	DEVIATION2	DEVIATION3	DEVIATION4
TRUSTTL	−0.003***	−0.003***	−0.001***	−0.004***
TRUSTTL	(0.001)	(0.001)	(0.000)	(0.001)
INSTOWN	0.145***	0.037	0.027*	0.075
INSTOWN	(0.040)	(0.042)	(0.014)	(0.080)
BDINDEP	0.157**	0.023	−0.005	0.048
BDINDEP	(0.064)	(0.068)	(0.023)	(0.131)
ROA	−0.051	−0.066	0.159***	−1.272***
ROA	(0.108)	(0.115)	(0.039)	(0.219)
INVREC	0.149**	−0.034	0.087***	0.460***
INVREC	(0.076)	(0.081)	(0.028)	(0.155)
DEBTRATIO	0.053***	−0.013*	−0.002	0.091***
DEBTRATIO	(0.006)	(0.007)	(0.002)	(0.013)
INVEST	−0.004	0.082**	0.001	−0.195***
INVEST	(0.033)	(0.035)	(0.012)	(0.068)
SIGMA	0.937***	0.584***	0.255***	1.007***
SIGMA	(0.150)	(0.160)	(0.055)	(0.306)
BETA	−0.106***	−0.041**	−0.020***	−0.135***
BETA	(0.016)	(0.017)	(0.006)	(0.033)
STDSALE	0.158***	−0.596***	0.030	0.392***
STDSALE	(0.057)	(0.060)	(0.021)	(0.115)
STDOCF	0.913***	0.742***	0.352***	1.337***
STDOCF	(0.187)	(0.199)	(0.068)	(0.381)
OPNINT	0.014**	0.017**	0.002	0.031**
OPNINT	(0.007)	(0.007)	(0.002)	(0.014)
AGE	0.025	0.020	0.003	−0.038
AGE	(0.032)	(0.035)	(0.012)	(0.066)
CS	−0.020	−0.023	−0.010**	−0.036
CS	(0.014)	(0.015)	(0.005)	(0.030)
FINANCING	−0.055**	0.003	0.014	−0.030
FINANCING	(0.024)	(0.025)	(0.009)	(0.048)
C	−1.080***	0.307	−0.001	0.616
C	(0.188)	(0.200)	(0.069)	(0.384)
YEAR_FE	YES	YES	YES	YES
IND_FE	YES	YES	YES	YES
Obs	1,976	1,976	1,976	1,976
R²	0.587	0.495	0.481	0.453
Adj R²	0.575	0.481	0.466	0.437
F	50.330***	34.770***	32.820***	29.310***

Variable	(1)	(2)	(3)	(4)
Variable	DEVIATION1	DEVIATION2	DEVIATION3	DEVIATION4
TRUSTTL	−0.003***	−0.003***	−0.001***	−0.004***
TRUSTTL	(0.001)	(0.001)	(0.000)	(0.001)
INSTOWN	0.145***	0.037	0.027*	0.075
INSTOWN	(0.040)	(0.042)	(0.014)	(0.080)
BDINDEP	0.157**	0.023	−0.005	0.048
BDINDEP	(0.064)	(0.068)	(0.023)	(0.131)
ROA	−0.051	−0.066	0.159***	−1.272***
ROA	(0.108)	(0.115)	(0.039)	(0.219)
INVREC	0.149**	−0.034	0.087***	0.460***
INVREC	(0.076)	(0.081)	(0.028)	(0.155)
DEBTRATIO	0.053***	−0.013*	−0.002	0.091***
DEBTRATIO	(0.006)	(0.007)	(0.002)	(0.013)
INVEST	−0.004	0.082**	0.001	−0.195***
INVEST	(0.033)	(0.035)	(0.012)	(0.068)
SIGMA	0.937***	0.584***	0.255***	1.007***
SIGMA	(0.150)	(0.160)	(0.055)	(0.306)
BETA	−0.106***	−0.041**	−0.020***	−0.135***
BETA	(0.016)	(0.017)	(0.006)	(0.033)
STDSALE	0.158***	−0.596***	0.030	0.392***
STDSALE	(0.057)	(0.060)	(0.021)	(0.115)
STDOCF	0.913***	0.742***	0.352***	1.337***
STDOCF	(0.187)	(0.199)	(0.068)	(0.381)
OPNINT	0.014**	0.017**	0.002	0.031**
OPNINT	(0.007)	(0.007)	(0.002)	(0.014)
AGE	0.025	0.020	0.003	−0.038
AGE	(0.032)	(0.035)	(0.012)	(0.066)
CS	−0.020	−0.023	−0.010**	−0.036
CS	(0.014)	(0.015)	(0.005)	(0.030)
FINANCING	−0.055**	0.003	0.014	−0.030
FINANCING	(0.024)	(0.025)	(0.009)	(0.048)
C	−1.080***	0.307	−0.001	0.616
C	(0.188)	(0.200)	(0.069)	(0.384)
YEAR_FE	YES	YES	YES	YES
IND_FE	YES	YES	YES	YES
Obs	1,976	1,976	1,976	1,976
R²	0.587	0.495	0.481	0.453
Adj R²	0.575	0.481	0.466	0.437
F	50.330***	34.770***	32.820***	29.310***

Note(s): This table reports the outcomes of regression analyses testing the impact of trust language (TRUSTTL) on various measures of information transparency (DEVIATION1 to DEVIATION4). Each column represents a separate regression model with coefficients, standard errors (in parentheses), and significance levels (*p < 0.10, **p < 0.05, and ***p < 0.01). This provides insights into how trust language affects perceptions of transparency across different deviations. It also includes fixed effects for year and industry, and overall model statistics such as R-squared and F-statistics, indicating model fit and overall significance. All variables are defined in Appendix A

Source(s): Authors’ own work

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