Note(s): “***, **, * Indicate statistical significance at the 0.01, 0.05, and 0.10 percent levels, respectively, using a two-tailed test.” This table presents the OLS regressions of EM on SUS_DUM and the moderating Period on this over the period (2005–2023) controlled by year and firm clustering” using the following equations

Equation(1/H1): SUS_DUM = δ0+ δ1DA + δ2SIZE+δ3DEBIT+ δ4OPN+ δ5TEN+ δ6BIG-4 + δ7BLOCK_OWN+ δ8FOR_OWN + FE+ ɛ

Equation(1/H1): SUS_DUM = δ0+ δ1DA+ δ2Period + δ3DA *Period + δ4SIZE+δ5DEBIT+ δ6OPN+ δ7TEN+ δ8BIG-4 + δ9BLOCK_OWN+ δ10FOR_OWN + FE+ ɛ

Where: “SUS_DUM is the dummy variable of suitability measured following to prior research (Rao and Tilt, 2021) using a scoring system of 1 for disclosed items and 0 for items not disclosed”