Table 4 Voluntary disclosure sub-indices...

Table 4

Voluntary disclosure sub-indices as moderator of CG-information asymmetry relationship

Dependent variable = information asymmetry
Variable	I_Str		I_Risk		I_Proj		I_Perf		I_En		I_IC
	Model 1		Model 2		Model 3		Model 4		Model 5		Model 6
	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val
CG_Index	1.750	0.0151**	1.548	0.0200**	1.920	0.0036***	1.821	0.0115**	1.854	0.0128**	1.812	0.0085***
I_Str	1.555	0.0001***
CG*I_Str	5.065	0.0062**
I_Risk			0.0456	0.7865
CG*I_Risk			7.852	0.0085***
I_Proj					0.5869	0.0017***
CG*I_Proj					4.445	0.0831**
I_Perf							1.415	0.0000***
CG*I_Perf							5.745	0.0575*
I_En									0.1886	0.2752
CG*I_En									0.6547	0.8526
I_IC											0.2700	0.2246
CG*I_IC											3.817	0.0733*
Size	−0.0145	0.8915	0.0852	0.4521	0.0353	0.4352	0.5245	0.5632	0.0493	0.4558	0.0534	0.2513
ROE	0.2102	0.0870*	0.1658	0.1365	0.1854	0.0913*	0.8520	0.1045	−0.6254	0.6325	−0.1601	0.1069
Tob_Q	−0.0654	0.0896*	−0.0556	0.1540	−0.0518	0.1458	−0.0741	0.0477*	−0.0478	−0.1125	−0.0485	0.1335
Beta	−1.001	0.0001***	−1.580	0.0025***	−1.501	0.0005***	−1.562	0.0000***	−1.482	0.0000***	−1.502	0.0000***
LEV	−0.2964	0.2882	−0.5420	0.0609*	−0.5421	0.1038*	−0.4528	0.2110	−0.5563	0.0483*	−0.5057	0.0684*
Constant	−9.564	0.0000	−11.63	0.0000	−11.12	0.0000	−11.32	0.0000	−11.48	0.0000	−10.42	0.0000
N	1,386		1,386		1,386		1,386		1,386		1,386
R²	0.25		0.25		0.23		0.25		0.23		0.22
F-stat (p-val)	0.000***		0.000***		0.000***		0.000***		0.000***		0.000***
R² change (p-val)	0.062**		0.008***		0.083*		0.0575*		0.852		0.073*

Dependent variable = information asymmetry
Variable	I_Str		I_Risk		I_Proj		I_Perf		I_En		I_IC
	Model 1		Model 2		Model 3		Model 4		Model 5		Model 6
	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val	Coeff	p.val
CG_Index	1.750	0.0151**	1.548	0.0200**	1.920	0.0036***	1.821	0.0115**	1.854	0.0128**	1.812	0.0085***
I_Str	1.555	0.0001***
CG*I_Str	5.065	0.0062**
I_Risk			0.0456	0.7865
CG*I_Risk			7.852	0.0085***
I_Proj					0.5869	0.0017***
CG*I_Proj					4.445	0.0831**
I_Perf							1.415	0.0000***
CG*I_Perf							5.745	0.0575*
I_En									0.1886	0.2752
CG*I_En									0.6547	0.8526
I_IC											0.2700	0.2246
CG*I_IC											3.817	0.0733*
Size	−0.0145	0.8915	0.0852	0.4521	0.0353	0.4352	0.5245	0.5632	0.0493	0.4558	0.0534	0.2513
ROE	0.2102	0.0870*	0.1658	0.1365	0.1854	0.0913*	0.8520	0.1045	−0.6254	0.6325	−0.1601	0.1069
Tob_Q	−0.0654	0.0896*	−0.0556	0.1540	−0.0518	0.1458	−0.0741	0.0477*	−0.0478	−0.1125	−0.0485	0.1335
Beta	−1.001	0.0001***	−1.580	0.0025***	−1.501	0.0005***	−1.562	0.0000***	−1.482	0.0000***	−1.502	0.0000***
LEV	−0.2964	0.2882	−0.5420	0.0609*	−0.5421	0.1038*	−0.4528	0.2110	−0.5563	0.0483*	−0.5057	0.0684*
Constant	−9.564	0.0000	−11.63	0.0000	−11.12	0.0000	−11.32	0.0000	−11.48	0.0000	−10.42	0.0000
N	1,386		1,386		1,386		1,386		1,386		1,386
R²	0.25		0.25		0.23		0.25		0.23		0.22
F-stat (p-val)	0.000***		0.000***		0.000***		0.000***		0.000***		0.000***
R² change (p-val)	0.062**		0.008***		0.083*		0.0575*		0.852		0.073*

Note(s): *p < 0.10 **p < 0.05 ***p < 0.001

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