Table 2 Regression estimates of the...

Table 2

Regression estimates of the relationship of IR 4.0 and financial reporting quality with social well-being

Variable	SW	WORKF	COMM	HUMAN	PROD
Variable	(1)	(2)	(3)	(4)	(5)
Intercept	−24.407	−64.591	41.944	−1.392	−23.181
Intercept	(−0.836)	(−1.413)	(0.930)	(−0.030)	(−0.499)
INDREV	7.149***	11.787***	5.244	−0.756	3.807
INDREV	(3.112)	(3.278)	(1.478)	(−0.207)	(1.041)
DA	−1.305*	−2.285**	−1.594	0.706	−0.027
DA	(−1.868)	(−2.090)	(−1.477)	(0.637)	(−0.025)
SIZE	3.407**	5.173**	1.701	1.737	2.392
SIZE	(2.581)	(2.504)	(0.835)	(0.829)	(1.138)
LEV	−0.596	23.861*	−35.010***	−10.235	−10.971
LEV	(−0.074)	(1.889)	(−2.809)	(−0.799)	(−0.854)
GROWTH	12.553**	13.991*	21.492**	−4.896	10.269
GROWTH	(2.326)	(1.656)	(2.579)	(−0.571)	(1.196)
LIQUID	1.058	3.718*	−4.238**	2.235	0.274
LIQUID	(0.865)	(1.941)	(−2.243)	(1.150)	(0.141)
HILIT	−3.899	−2.085	−26.715***	−9.971	21.933**
HILIT	(−0.636)	(−0.217)	(−2.820)	(−1.024)	(2.247)
DUALITY	2.128	−1.516	−18.000**	3.873	32.339***
DUALITY	(0.433)	(−0.197)	(−2.369)	(0.496)	(4.131)
BDSIZE	−0.946*	−0.701	−1.978**	−0.848	−0.389
BDSIZE	(−1.759)	(−0.833)	(−2.382)	(−0.993)	(−0.455)
BDIND	−2.507	−1.062	−7.016	24.656*	−18.119
BDIND	(−0.302)	(−0.082)	(−0.547)	(1.870)	(−1.371)
ACIND	−10.451	−32.517*	29.268*	−34.509*	10.061
ACIND	(−0.914)	(−1.817)	(1.658)	(−1.901)	(0.553)
Fixed effects	Included	Included	Included	Included	Included
Adj.R2	0.59	0.46	0.55	0.42	0.55
N	232	232	232	232	232
F-stat	10.285	6.457	8.915	5.647	8.894

Variable	SW	WORKF	COMM	HUMAN	PROD
Variable	(1)	(2)	(3)	(4)	(5)
Intercept	−24.407	−64.591	41.944	−1.392	−23.181
Intercept	(−0.836)	(−1.413)	(0.930)	(−0.030)	(−0.499)
INDREV	7.149***	11.787***	5.244	−0.756	3.807
INDREV	(3.112)	(3.278)	(1.478)	(−0.207)	(1.041)
DA	−1.305*	−2.285**	−1.594	0.706	−0.027
DA	(−1.868)	(−2.090)	(−1.477)	(0.637)	(−0.025)
SIZE	3.407**	5.173**	1.701	1.737	2.392
SIZE	(2.581)	(2.504)	(0.835)	(0.829)	(1.138)
LEV	−0.596	23.861*	−35.010***	−10.235	−10.971
LEV	(−0.074)	(1.889)	(−2.809)	(−0.799)	(−0.854)
GROWTH	12.553**	13.991*	21.492**	−4.896	10.269
GROWTH	(2.326)	(1.656)	(2.579)	(−0.571)	(1.196)
LIQUID	1.058	3.718*	−4.238**	2.235	0.274
LIQUID	(0.865)	(1.941)	(−2.243)	(1.150)	(0.141)
HILIT	−3.899	−2.085	−26.715***	−9.971	21.933**
HILIT	(−0.636)	(−0.217)	(−2.820)	(−1.024)	(2.247)
DUALITY	2.128	−1.516	−18.000**	3.873	32.339***
DUALITY	(0.433)	(−0.197)	(−2.369)	(0.496)	(4.131)
BDSIZE	−0.946*	−0.701	−1.978**	−0.848	−0.389
BDSIZE	(−1.759)	(−0.833)	(−2.382)	(−0.993)	(−0.455)
BDIND	−2.507	−1.062	−7.016	24.656*	−18.119
BDIND	(−0.302)	(−0.082)	(−0.547)	(1.870)	(−1.371)
ACIND	−10.451	−32.517*	29.268*	−34.509*	10.061
ACIND	(−0.914)	(−1.817)	(1.658)	(−1.901)	(0.553)
Fixed effects	Included	Included	Included	Included	Included
Adj.R2	0.59	0.46	0.55	0.42	0.55
N	232	232	232	232	232
F-stat	10.285	6.457	8.915	5.647	8.894

Note(s): *, ** and *** represent signiﬁcance at p < 0.10, <0.05 and < 0.01, respectively. t-values are reported in parentheses

Source(s): Table created by authors

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