Table 6. Regression model – analysts’...

Table 6.

Regression model – analysts’ forecast error (f_error)

Panel A – Estimated models
		(1)	(2)	(3)	(4)
		f_error	f_error	f_error	f_error
	IR_release	−0.008***	0.007**	−0.003	−0.008***
		(0.00)	(0.04)	(0.25)	(0.00)
	Cluster1		−0.017***
			(0.00)
	IR_release_Cluster1		−0.023***
			(0.00)
	Cluster2			0.023***
				(0.00)
	IR_release_Cluster2			0.014***
				(0.00)
	Cluster3				−0.015**
					(0.01)
	IR_release_Cluster3				0.019***
					(0.00)
Firm-level financial controls	ln_nana	0.005***	−0.000	0.006***	0.001
		(0.01)	(0.93)	(0.00)	(0.56)
	l_eps_st	0.011***	0.010***	0.010***	0.011***
		(0.00)	(0.00)	(0.00)	(0.00)
	ROA	−0.075***	−0.108***	−0.097***	−0.066***
		(0.00)	(0.00)	(0.00)	(0.00)
	lev	0.001	0.006	0.015***	−0.010**
		(0.79)	(0.18)	(0.00)	(0.04)
Firm-level disclosure controls	ESG_env	−0.000***	−0.000***	−0.000***	−0.000***
		(0.00)	(0.00)	(0.00)	(0.00)
	ESG_gov	−0.001***	−0.000	−0.001***	−0.000***
		(0.00)	(0.54)	(0.00)	(0.00)
	ESG_soc	0.000	−0.000	0.000**	−0.000**
		(0.28)	(0.32)	(0.04)	(0.01)
	CSR_report	0.012**	0.012**	0.021***	−0.001
		(0.02)	(0.02)	(0.00)	(0.86)
	IFRS	0.006**	0.001	−0.001	0.004
		(0.03)	(0.60)	(0.80)	(0.12)
	IR_first	0.003	0.003	0.005**	0.001
		(0.15)	(0.12)	(0.04)	(0.77)
	Naics	0.007***	0.013***	0.005**	0.013***
		(0.00)	(0.00)	(0.03)	(0.00)
Firm-level corporate governance controls	BoardSize	0.000	0.001***	0.000	0.001**
		(0.37)	(0.00)	(0.55)	(0.03)
	W	−0.008	0.015**	0.003	−0.011
		(0.29)	(0.03)	(0.72)	(0.11)
	Nonex	0.000***	−0.000***	−0.000	0.000***
		(0.00)	(0.01)	(0.35)	(0.00)
	Controlled	−0.003	0.004	0.005	−0.007**
		(0.45)	(0.20)	(0.18)	(0.03)
	Constant	0.034***	0.038***	0.025***	0.027***
		(0.00)	(0.00)	(0.00)	(0.00)
	r²	0.144	0.274	0.192	0.214
	N	1,209.000	1,209.000	1,209.000	1,209.000

Panel A – Estimated models
		(1)	(2)	(3)	(4)
		f_error	f_error	f_error	f_error
	IR_release	−0.008***	0.007**	−0.003	−0.008***
		(0.00)	(0.04)	(0.25)	(0.00)
	Cluster1		−0.017***
			(0.00)
	IR_release_Cluster1		−0.023***
			(0.00)
	Cluster2			0.023***
				(0.00)
	IR_release_Cluster2			0.014***
				(0.00)
	Cluster3				−0.015**
					(0.01)
	IR_release_Cluster3				0.019***
					(0.00)
Firm-level financial controls	ln_nana	0.005***	−0.000	0.006***	0.001
		(0.01)	(0.93)	(0.00)	(0.56)
	l_eps_st	0.011***	0.010***	0.010***	0.011***
		(0.00)	(0.00)	(0.00)	(0.00)
	ROA	−0.075***	−0.108***	−0.097***	−0.066***
		(0.00)	(0.00)	(0.00)	(0.00)
	lev	0.001	0.006	0.015***	−0.010**
		(0.79)	(0.18)	(0.00)	(0.04)
Firm-level disclosure controls	ESG_env	−0.000***	−0.000***	−0.000***	−0.000***
		(0.00)	(0.00)	(0.00)	(0.00)
	ESG_gov	−0.001***	−0.000	−0.001***	−0.000***
		(0.00)	(0.54)	(0.00)	(0.00)
	ESG_soc	0.000	−0.000	0.000**	−0.000**
		(0.28)	(0.32)	(0.04)	(0.01)
	CSR_report	0.012**	0.012**	0.021***	−0.001
		(0.02)	(0.02)	(0.00)	(0.86)
	IFRS	0.006**	0.001	−0.001	0.004
		(0.03)	(0.60)	(0.80)	(0.12)
	IR_first	0.003	0.003	0.005**	0.001
		(0.15)	(0.12)	(0.04)	(0.77)
	Naics	0.007***	0.013***	0.005**	0.013***
		(0.00)	(0.00)	(0.03)	(0.00)
Firm-level corporate governance controls	BoardSize	0.000	0.001***	0.000	0.001**
		(0.37)	(0.00)	(0.55)	(0.03)
	W	−0.008	0.015**	0.003	−0.011
		(0.29)	(0.03)	(0.72)	(0.11)
	Nonex	0.000***	−0.000***	−0.000	0.000***
		(0.00)	(0.01)	(0.35)	(0.00)
	Controlled	−0.003	0.004	0.005	−0.007**
		(0.45)	(0.20)	(0.18)	(0.03)
	Constant	0.034***	0.038***	0.025***	0.027***
		(0.00)	(0.00)	(0.00)	(0.00)
	r²	0.144	0.274	0.192	0.214
	N	1,209.000	1,209.000	1,209.000	1,209.000

Notes: *p < 0.10, **p < 0.05, ***p < 0.01