Table 4. Descriptive statistics Count...

Table 4.

Descriptive statistics

	Count	Mean	First quartile	Median	Third quartile	Standard deviation
Panel A – Overall sample statistics
Ferror	1209	0.0154282	0.0005826	0.0107923	0.0166885	0.0257539
IR_release	1209	0.7684036	1	1	1	0.422027
Cluster1	1209	0.5616212	0	1	1	0.4963936
Cluster2	1209	0.2936311	0	0	1	0.4556134
Cluster3	1209	0.1447477	0	0	0	0.3519919
l_eps_st	1209	0.3243897	0.0201244	0.1094877	0.3143583	0.7072649
ln_nana	1209	2.437656	2.197225	2.484907	2.890372	0.5106806
lev	1209	0.6158355	0.5133115	0.6007727	0.7508818	0.1813958
ROA	1209	0.0545902	0.0195116	0.049781	0.0758303	0.0677495
ESG_env	1209	44.55269	34.4828	43.4109	55.814	16.05806
ESG_gov	1209	62.83677	57.1429	62.5	67.8571	6.409519
ESG_soc	1209	50.0152	42.1053	49.1228	59.6491	13.17261
IFRS	1209	0.783292	1	1	1	0.4121725
IR_first	1209	0.1116625	0	0	0	0.3150811
Naics	1209	0.7675765	0	1	1	0.4225524
W	1209	0.2601821	0.2	0.25	0.3636364	0.1374432
controlled	1209	0.0512821	0	0	0	0.2206637
Nonex	1209	80.40873	75	87.5	100	22.0741
BoardSize	1209	11.34574	9	11	13	3.006819
CSR_report	1209	0.0215054	0	0	0	0.1451217
N	1209
Panel B – IR-adopters sample statistics
ferror	929	0.0139568	0.0002826	0.0100656	0.0135046	0.0259346
IR_release	929	1	1	1	1	0
Cluster1	929	0.510226	0	1	1	0.5001647
Cluster2	929	0.3240043	0	0	1	0.4682537
Cluster3	929	0.1657696	0	0	0	0.372074
l_eps_st	929	0.2596826	0.0302778	0.1094877	0.3768521	0.4117148
ln_nana	929	2.539539	2.197225	2.564949	2.944439	0.470953
lev	929	0.6293282	0.5314091	0.6007727	0.7624348	0.1772833
ROA	929	0.0566361	0.0156483	0.0477089	0.0758303	0.0747558
ESG_env	929	46.32578	36.4341	43.75	58.6777	16.08011
ESG_gov	929	64.353	62.5	62.5	71.4286	5.678386
ESG_soc	929	53.90224	47.3684	52.6316	60	11.23201
IFRS	929	0.926803	1	1	1	0.2605999
IR_first	929	0.1453175	0	0	0	0.3526105
Naics	929	0.7244349	0	1	1	0.4470393
W	929	0.2856739	0.2222222	0.2777778	0.3846154	0.1171897
controlled	929	0.0441335	0	0	0	0.2055022
Nonex	929	86.17515	80	90	100	15.16648
BoardSize	929	11.60926	10	11	13	2.962983
CSR_report	929	0.0279871	0	0	0	0.1650246
N	929
Panel C – IR non-adopters statistics
ferror	280	0.0203098	0.0053799	0.0113806	0.0267903	0.0245652
IR_release	280	0	0	0	0	0
Cluster1	280	0.7321429	0	1	1	0.4436357
Cluster2	280	0.1928571	0	0	0	0.3952483
Cluster3	280	0.075	0	0	0	0.2638629
l_eps_st	280	0.5390785	0	0.0463149	0.2331777	1.241704
ln_nana	280	2.099625	1.791759	2.197225	2.397895	0.4921431
lev	280	0.5710686	0.4719426	0.588239	0.6613109	0.1879125
ROA	280	0.0478022	0.0276452	0.0518748	0.067144	0.0350046
ESG_env	280	38.66983	27.907	43.4109	47.2868	14.53371
ESG_gov	280	57.80613	51.7857	57.1429	62.5	6.129632
ESG_soc	280	37.11857	31.5789	36.8421	43.8596	10.6975
IFRS	280	0.3071429	0	0	1	0.4621351
IR_first	280	0	0	0	0	0
Naics	280	0.9107143	1	1	1	0.2856663
W	280	0.1756041	0	0.1111111	0.3	0.1636131
controlled	280	0.075	0	0	0	0.2638629
Nonex	280	61.27656	30	76.389	88.889	29.43768
BoardSize	280	10.47143	9	10	11	2.990889
CSR_report	280	0	0	0	0	0
N	280
Panel D – t-Test differences between the means of forecast error
	IR adopters	IR non-adopters	Difference	p-Value
Pooled sample	0.139	0.203	0.015	0.000
Cluster1	0.004	0.018	0.009	0.000
Cluster2	0.020	0.033	0.022	0.008
Cluster3	0.032	0.005	−0.026	0.000

	Count	Mean	First quartile	Median	Third quartile	Standard deviation
Panel A – Overall sample statistics
Ferror	1209	0.0154282	0.0005826	0.0107923	0.0166885	0.0257539
IR_release	1209	0.7684036	1	1	1	0.422027
Cluster1	1209	0.5616212	0	1	1	0.4963936
Cluster2	1209	0.2936311	0	0	1	0.4556134
Cluster3	1209	0.1447477	0	0	0	0.3519919
l_eps_st	1209	0.3243897	0.0201244	0.1094877	0.3143583	0.7072649
ln_nana	1209	2.437656	2.197225	2.484907	2.890372	0.5106806
lev	1209	0.6158355	0.5133115	0.6007727	0.7508818	0.1813958
ROA	1209	0.0545902	0.0195116	0.049781	0.0758303	0.0677495
ESG_env	1209	44.55269	34.4828	43.4109	55.814	16.05806
ESG_gov	1209	62.83677	57.1429	62.5	67.8571	6.409519
ESG_soc	1209	50.0152	42.1053	49.1228	59.6491	13.17261
IFRS	1209	0.783292	1	1	1	0.4121725
IR_first	1209	0.1116625	0	0	0	0.3150811
Naics	1209	0.7675765	0	1	1	0.4225524
W	1209	0.2601821	0.2	0.25	0.3636364	0.1374432
controlled	1209	0.0512821	0	0	0	0.2206637
Nonex	1209	80.40873	75	87.5	100	22.0741
BoardSize	1209	11.34574	9	11	13	3.006819
CSR_report	1209	0.0215054	0	0	0	0.1451217
N	1209
Panel B – IR-adopters sample statistics
ferror	929	0.0139568	0.0002826	0.0100656	0.0135046	0.0259346
IR_release	929	1	1	1	1	0
Cluster1	929	0.510226	0	1	1	0.5001647
Cluster2	929	0.3240043	0	0	1	0.4682537
Cluster3	929	0.1657696	0	0	0	0.372074
l_eps_st	929	0.2596826	0.0302778	0.1094877	0.3768521	0.4117148
ln_nana	929	2.539539	2.197225	2.564949	2.944439	0.470953
lev	929	0.6293282	0.5314091	0.6007727	0.7624348	0.1772833
ROA	929	0.0566361	0.0156483	0.0477089	0.0758303	0.0747558
ESG_env	929	46.32578	36.4341	43.75	58.6777	16.08011
ESG_gov	929	64.353	62.5	62.5	71.4286	5.678386
ESG_soc	929	53.90224	47.3684	52.6316	60	11.23201
IFRS	929	0.926803	1	1	1	0.2605999
IR_first	929	0.1453175	0	0	0	0.3526105
Naics	929	0.7244349	0	1	1	0.4470393
W	929	0.2856739	0.2222222	0.2777778	0.3846154	0.1171897
controlled	929	0.0441335	0	0	0	0.2055022
Nonex	929	86.17515	80	90	100	15.16648
BoardSize	929	11.60926	10	11	13	2.962983
CSR_report	929	0.0279871	0	0	0	0.1650246
N	929
Panel C – IR non-adopters statistics
ferror	280	0.0203098	0.0053799	0.0113806	0.0267903	0.0245652
IR_release	280	0	0	0	0	0
Cluster1	280	0.7321429	0	1	1	0.4436357
Cluster2	280	0.1928571	0	0	0	0.3952483
Cluster3	280	0.075	0	0	0	0.2638629
l_eps_st	280	0.5390785	0	0.0463149	0.2331777	1.241704
ln_nana	280	2.099625	1.791759	2.197225	2.397895	0.4921431
lev	280	0.5710686	0.4719426	0.588239	0.6613109	0.1879125
ROA	280	0.0478022	0.0276452	0.0518748	0.067144	0.0350046
ESG_env	280	38.66983	27.907	43.4109	47.2868	14.53371
ESG_gov	280	57.80613	51.7857	57.1429	62.5	6.129632
ESG_soc	280	37.11857	31.5789	36.8421	43.8596	10.6975
IFRS	280	0.3071429	0	0	1	0.4621351
IR_first	280	0	0	0	0	0
Naics	280	0.9107143	1	1	1	0.2856663
W	280	0.1756041	0	0.1111111	0.3	0.1636131
controlled	280	0.075	0	0	0	0.2638629
Nonex	280	61.27656	30	76.389	88.889	29.43768
BoardSize	280	10.47143	9	10	11	2.990889
CSR_report	280	0	0	0	0	0
N	280
Panel D – t-Test differences between the means of forecast error
	IR adopters	IR non-adopters	Difference	p-Value
Pooled sample	0.139	0.203	0.015	0.000
Cluster1	0.004	0.018	0.009	0.000
Cluster2	0.020	0.033	0.022	0.008
Cluster3	0.032	0.005	−0.026	0.000

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