Table 6 Test of voluntary disclosure... | Emerald Publishing

Table 6

Test of voluntary disclosure index as moderator of the CG-information asymmetry relationship

Variable	Model 1				Model 2
Variable	Coeff	p-value	BootLLCI	BootULCI	Coeff	p-value	BootLLCI	BootULCI
CGI	1.563	0.0641*	−0.0582	−1.632	2.456	0.0024***	0.9654	2.965
VDI	0.5986	0.0432**	0.0256	2.658	2.312	0.0014***	0.4963	2.013
Int	8.142	0.0036***	3.652	56.32	5.998	0.0364**	0.0325	11.96
B_Size	2.213	0.0000***	2.325	3.652
B_Ind	1.132	0.0023***	0.5632	3.652
CEO_D	0.0865	0.3256	−0.5648	0.6589
B_Div	0.2345	0.3265	−0.2345	0.6594
B_Act	0.0352	0.0256**	−0.2103	−0.0032
AC_Size	2.421	0.0040***	0.8456	5.632
AC_Ind	−0.0236	0.8654	−0.6542	0.4654
AC_ChInd	0.4652	0.0068***	−0.7985	−0.2314
AC_Act	0.3215	0.0070***	0.0765	0.5632
AQ_Ext	0.1236	0.6598	−0.6532	0.3254
Insid_OS					−1.654	0.0001***	−3.652	−0.9658
Fam_OS					−0.8569	0.0002***	0.6354	2.036
Ass_OS					−0.6598	0.0465**	−1.658	−0.0589
For_OS					−2.132	0.0016***	−3.123	−0.6231
Inst_OS					0.3965	0.0062***	0.1032	0.7865
Size	−0.1652	0.2653	−0.2136	0.0635	0.2154	0.0032***	0.0325	0.3652
ROE	0.2136	0.0795*	−0.7036	0.0354	−0.2154	0.2963	−0.5569	0.6598
Tob_Q	−0.1132	0.0023***	−0.1365	−0.0569	−0.6325	0.3652	−0.9865	0.06523
Beta	−2.365	0.0001***	2.653	2.365	−1.569	0.000***	1.365	1.963
LEV	−0.5623	0.3215	−0.1165	0.0132	0.2015	0.6985	−0.5698	0.6598
Constant	−15.63	0.0000	−16.35	−11.35	−10.62	0,000	−12.69	−9.653
N	1,386				1,386
R²	0.30				0.186
F-stat (p-value)	0.000***				0.000***
R² change (p-value)	0.0036***				0.036**

Variable	Model 1				Model 2
Variable	Coeff	p-value	BootLLCI	BootULCI	Coeff	p-value	BootLLCI	BootULCI
CGI	1.563	0.0641*	−0.0582	−1.632	2.456	0.0024***	0.9654	2.965
VDI	0.5986	0.0432**	0.0256	2.658	2.312	0.0014***	0.4963	2.013
Int	8.142	0.0036***	3.652	56.32	5.998	0.0364**	0.0325	11.96
B_Size	2.213	0.0000***	2.325	3.652
B_Ind	1.132	0.0023***	0.5632	3.652
CEO_D	0.0865	0.3256	−0.5648	0.6589
B_Div	0.2345	0.3265	−0.2345	0.6594
B_Act	0.0352	0.0256**	−0.2103	−0.0032
AC_Size	2.421	0.0040***	0.8456	5.632
AC_Ind	−0.0236	0.8654	−0.6542	0.4654
AC_ChInd	0.4652	0.0068***	−0.7985	−0.2314
AC_Act	0.3215	0.0070***	0.0765	0.5632
AQ_Ext	0.1236	0.6598	−0.6532	0.3254
Insid_OS					−1.654	0.0001***	−3.652	−0.9658
Fam_OS					−0.8569	0.0002***	0.6354	2.036
Ass_OS					−0.6598	0.0465**	−1.658	−0.0589
For_OS					−2.132	0.0016***	−3.123	−0.6231
Inst_OS					0.3965	0.0062***	0.1032	0.7865
Size	−0.1652	0.2653	−0.2136	0.0635	0.2154	0.0032***	0.0325	0.3652
ROE	0.2136	0.0795*	−0.7036	0.0354	−0.2154	0.2963	−0.5569	0.6598
Tob_Q	−0.1132	0.0023***	−0.1365	−0.0569	−0.6325	0.3652	−0.9865	0.06523
Beta	−2.365	0.0001***	2.653	2.365	−1.569	0.000***	1.365	1.963
LEV	−0.5623	0.3215	−0.1165	0.0132	0.2015	0.6985	−0.5698	0.6598
Constant	−15.63	0.0000	−16.35	−11.35	−10.62	0,000	−12.69	−9.653
N	1,386				1,386
R²	0.30				0.186
F-stat (p-value)	0.000***				0.000***
R² change (p-value)	0.0036***				0.036**

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

Int: CG_Index*VD_Index