Conditional effects of corporate governance at levels of voluntary disclosure index and sub-indices
| VD levels | Conditional effect | p-value | BootLLCI (95%) | BootULCI (95%) | |
|---|---|---|---|---|---|
| CGI | Low VDI | 0.1956 | 0.8445 | −1.700 | 2.852 |
| High VDI | 3.305 | 0.0017*** | 2.281 | 6.325 | |
| CGI | Low I_Str | 0.5245 | 0.6523 | −2.365 | 2.369 |
| High I_Str | 3.365 | 0.0045*** | 2.123 | 6.356 | |
| CGI | Low I_Risk | 1.654 | 0.0156** | 0.3602 | 3.069 |
| High I_Risk | 3.589 | 0.0012*** | 1.963 | 5.693 | |
| CGI | Low I_Proj | 0.6935 | 0.5698 | −1.852 | 2.562 |
| High I_Proj | 3.856 | 0.0081*** | 1.358 | 6.258 | |
| CGI | Low I_Perf | 0.6589 | 0.6589 | −0.9632 | 3.658 |
| High I_Perf | 2.659 | 0.0032*** | 2.659 | 6.302 | |
| CGI | Low I_En | – | In-sig | – | – |
| High I_En | – | In-sig | – | – | |
| CGI | Low I_IC | 0.6325 | 0.5632 | −2.632 | 2.523 |
| High I_IC | 3.032 | 0.0066*** | 2.325 | 5.075 |
| VD levels | Conditional effect | BootLLCI (95%) | BootULCI (95%) | ||
|---|---|---|---|---|---|
| CGI | Low VDI | 0.1956 | 0.8445 | −1.700 | 2.852 |
| High VDI | 3.305 | 0.0017*** | 2.281 | 6.325 | |
| CGI | Low I_Str | 0.5245 | 0.6523 | −2.365 | 2.369 |
| High I_Str | 3.365 | 0.0045*** | 2.123 | 6.356 | |
| CGI | Low I_Risk | 1.654 | 0.0156** | 0.3602 | 3.069 |
| High I_Risk | 3.589 | 0.0012*** | 1.963 | 5.693 | |
| CGI | Low I_Proj | 0.6935 | 0.5698 | −1.852 | 2.562 |
| High I_Proj | 3.856 | 0.0081*** | 1.358 | 6.258 | |
| CGI | Low I_Perf | 0.6589 | 0.6589 | −0.9632 | 3.658 |
| High I_Perf | 2.659 | 0.0032*** | 2.659 | 6.302 | |
| CGI | Low I_En | – | In-sig | – | – |
| High I_En | – | In-sig | – | – | |
| CGI | Low I_IC | 0.6325 | 0.5632 | −2.632 | 2.523 |
| High I_IC | 3.032 | 0.0066*** | 2.325 | 5.075 |
Note(s): *p < 0.10 **p < 0.05 ***p < 0.001
In-sig = Insignificant
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