Results of meta-analysis
| Size of the sample | No. of observations | Size of the effect | Observed variance (Sr∧2) | Estimated error variance (Se∧2) | Explained percentage (Se∧2/Sr∧2) | Z Statistic | Confidence interval | X∧2 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| General correlation | 184,885 | 36 | −0.0142 | 0.0040 | 0.0002 | 0.0484 | −1.3481 | −0.035 | 0.006 | 743*** |
| Moderation factors | ||||||||||
| Mandatory adoption | 180,070 | 30 | −0.0158 | 0.0039 | 0.0002 | 0.0426 | −1.3820 | −0.038 | 0.007 | 705*** |
| Voluntary adoption | 3,880 | 3 | 0.0570 | 0.0045 | 0.0008 | 0.1696 | 1.4673 | −0.019 | 0.133 | 18*** |
| COML | 8,137 | 7 | 0.0294 | 0.0097 | 0.0009 | 0.0889 | 0.7901 | −0.043 | 0.102 | 79*** |
| GERL | 1,282 | 3 | 0.0678 | 0.0018 | 0.0023 | 1.2646 | 2.7445*** | 0.019 | 0.116 | 2.37 |
| FREL | 6,904 | 16 | 0.0470 | 0.0108 | 0.0023 | 0.2144 | 1.8121* | −0.004 | 0.098 | 75*** |
| SCAL | 147 | 2 | 0.0213 | 0.0002 | 0.0136 | 69.2939 | 2.1518** | 0.002 | 0.041 | 0.03 |
| SOCL | 14,422 | 3 | 0.0171 | 0.0001 | 0.0002 | 2.8312 | 3.4505*** | 0.0074 | 0.0268 | 1.06 |
| Asia | 36,295 | 6 | −0.0067 | 0.0008 | 0.0002 | 0.2040 | −0.5732 | −0.029 | 0.016 | 29*** |
| Europe | 40,239 | 25 | −0.0661 | 0.0137 | 0.0006 | 0.0450 | −2.8245*** | −0.112 | −0.020 | 556*** |
| Oceania | 3,852 | 3 | 0.0140 | 0.0054 | 0.0008 | 0.1435 | 0.3304 | −0.069 | 0.097 | 21*** |
| High oversight power | 37,328 | 14 | −0.0782 | 0.0116 | 0.0004 | 0.0319 | −2.7164*** | −0.135 | −0.022 | 439*** |
| Low oversight power | 147,458 | 21 | 0.0019 | 0.0008 | 0.0001 | 0.1782 | 0.3144 | −0.010 | 0.014 | 118*** |
| Size of the | No. of | Size of | Observed | Estimated | Explained | Z Statistic | Confidence interval | X∧2 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| General correlation | 184,885 | 36 | −0.0142 | 0.0040 | 0.0002 | 0.0484 | −1.3481 | −0.035 | 0.006 | 743 |
| Mandatory adoption | 180,070 | 30 | −0.0158 | 0.0039 | 0.0002 | 0.0426 | −1.3820 | −0.038 | 0.007 | 705 |
| Voluntary adoption | 3,880 | 3 | 0.0570 | 0.0045 | 0.0008 | 0.1696 | 1.4673 | −0.019 | 0.133 | 18 |
| COML | 8,137 | 7 | 0.0294 | 0.0097 | 0.0009 | 0.0889 | 0.7901 | −0.043 | 0.102 | 79 |
| GERL | 1,282 | 3 | 0.0678 | 0.0018 | 0.0023 | 1.2646 | 2.7445 | 0.019 | 0.116 | 2.37 |
| FREL | 6,904 | 16 | 0.0470 | 0.0108 | 0.0023 | 0.2144 | 1.8121 | −0.004 | 0.098 | 75 |
| SCAL | 147 | 2 | 0.0213 | 0.0002 | 0.0136 | 69.2939 | 2.1518 | 0.002 | 0.041 | 0.03 |
| SOCL | 14,422 | 3 | 0.0171 | 0.0001 | 0.0002 | 2.8312 | 3.4505 | 0.0074 | 0.0268 | 1.06 |
| Asia | 36,295 | 6 | −0.0067 | 0.0008 | 0.0002 | 0.2040 | −0.5732 | −0.029 | 0.016 | 29 |
| Europe | 40,239 | 25 | −0.0661 | 0.0137 | 0.0006 | 0.0450 | −2.8245 | −0.112 | −0.020 | 556 |
| Oceania | 3,852 | 3 | 0.0140 | 0.0054 | 0.0008 | 0.1435 | 0.3304 | −0.069 | 0.097 | 21 |
| High oversight power | 37,328 | 14 | −0.0782 | 0.0116 | 0.0004 | 0.0319 | −2.7164 | −0.135 | −0.022 | 439 |
| Low oversight power | 147,458 | 21 | 0.0019 | 0.0008 | 0.0001 | 0.1782 | 0.3144 | −0.010 | 0.014 | 118 |
Note:
*; ** and *** represent significance at 10%, 5% and 1%, respectively