Table 6 Regression results of the...

Table 6

Regression results of the mediation role of information asymmetry (H3)

	(1)	(2)	(3)	(4)	(5)
Variables	LAWSUITS Poisson	ASY OLS	LAWSUITS Poisson	ASY OLS 2SLS	LAWSUITS Poisson 2SLS
RMC	−0.233**	−0.030***	−0.111	−0.029***	−0.288
RMC	[−1.98]	[−4.35]	[−1.60]	[−4.16]	[−1.09]
ASY			0.300***		0.566**
ASY			[3.40]		[2.37]
L.ASY				0.935***
L.ASY				[90.53]
Other controls	Yes	Yes	Yes	Yes	Yes
Constant	−0.399	0.015	3.467***	0.149***	0.329
Constant	[−0.34]	[0.30]	[2.75]	[3.05]	[0.26]
Adj. R2		0.54		0.80
Observations	10,919	10,919	10,919	9,755	9,755
Bootstrap		−0.295 [−4.16]***
Bootstrap indirect effect		−0.0078[−5.73]***
95% bootstrap CI		[−0.0104, −0.0051]

	(1)	(2)	(3)	(4)	(5)
Variables	LAWSUITSPoisson	ASYOLS	LAWSUITSPoisson	ASYOLS2SLS	LAWSUITSPoisson2SLS
RMC	−0.233**	−0.030***	−0.111	−0.029***	−0.288
RMC	[−1.98]	[−4.35]	[−1.60]	[−4.16]	[−1.09]
ASY			0.300***		0.566**
ASY			[3.40]		[2.37]
L.ASY				0.935***
L.ASY				[90.53]
Other controls	Yes	Yes	Yes	Yes	Yes
Constant	−0.399	0.015	3.467***	0.149***	0.329
Constant	[−0.34]	[0.30]	[2.75]	[3.05]	[0.26]
Adj. R2		0.54		0.80
Observations	10,919	10,919	10,919	9,755	9,755
Bootstrap		−0.295 [−4.16]***
Bootstrap indirect effect		−0.0078[−5.73]***
95% bootstrap CI		[−0.0104, −0.0051]

Note(s): This table reports the regression results of the interactive effects of RMC and information asymmetry on corporate litigation (Eq. 2). Robust t-statistics (clustered at the firm level) are reported in brackets. Continuous variables are winsorized at the 1st and 99th percentiles. *, **, *** denote a two-tailed p-value of less than 0.10, 0.05 and 0.01, respectively. All variables are defined in appendix

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