Summary of the variables included in the meta-regression model
| Name of the variable | Description |
|---|---|
| Dependent variable | |
| Zr | Fisher’s Z-transformed effect size |
| Independent variables | |
| Research settings | |
| Mandatory adoption | Dummy variable that takes the value of 1 if the primary studies examine geographical contexts in which IR adoption is mandatory and 0 in case of voluntary adoption |
| Measurement of IRQ consequences | |
| Market reaction | |
| Tobin’s Q | Dummy variable that takes the value of 1 if the effect size estimate is based on Tobin’s Q as a measure of market reaction |
| Market share | Dummy variable that takes the value of 1 if the effect size estimate is based on market share as a measure of market reaction |
| Revenue growth rate | Dummy variable that takes the value of 1 if the effect size estimate is based on revenue growth rate as a measure of market reaction |
| Bid-ask spread | Dummy variable that takes the value of 1 if the effect size estimate is based on bid-ask spread as a measure of market reaction |
| Expected future cash flows | Dummy variable that takes the value of 1 if the effect size estimate is based on expected future cash flows as a measure of market reaction |
| Market value of equity | Dummy variable that takes the value of 1 if the effect size estimate is based on market value of equity as a measure of market reaction |
| Abnormal return | Dummy variable that takes the value of 1 if the effect size estimate is based on abnormal return as a measure of market reaction |
| Long term investors | Dummy variable that takes the value of 1 if the effect size estimate is based on long term investors as a measure of market reaction |
| Stock price synchronicity | Dummy variable that takes the value of 1 if the effect size estimate is based on stock price synchronicity as a measure of market reaction |
| ESG controversies and assurance | Dummy variable that takes the value of 1 if the effect size estimate is based on ESG controversies and assurance as a measure of market reaction |
| Financial performance | |
| ROA | Dummy variable that takes the value of 1 if the effect size estimate is based on ROA as a measure of financial performance |
| ROE | Dummy variable that takes the value of 1 if the effect size estimate is based on ROE as a measure of financial performance |
| Future economic value added | Dummy variable that takes the value of 1 if the effect size estimate is based on future economic value added as a measure of financial performance |
| Corporate environmental performance | Dummy variable that takes the value of 1 if the effect size estimate is based on corporate environmental performance as a measure of financial performance |
| Cost of capital | |
| Cost of equity | Dummy variable that takes the value of 1 if the effect size estimate is based on cost of equity as a measure of cost of capital |
| Financial analysts’ properties | |
| Analyst forecast errors | Dummy variable that takes the value of 1 if the effect size estimate is based on analyst forecast errors as a measure of financial analysts’ properties |
| Analyst forecast dispersion | Dummy variable that takes the value of 1 if the effect size estimate is based on analyst forecast dispersion as a measure of financial analysts’ properties |
| Managerial decisions | |
| Abnormal discretionary accruals | Dummy variable that takes the value of 1 if the effect size estimate is based on abnormal discretionary accruals as a measure of managerial decisions |
| Combined measure of real activities manipulation | Dummy variable that takes the value of 1 if the effect size estimate is based on combined measure of real activities manipulation as a measure of managerial decisions |
| Agency costs | Dummy variable that takes the value of 1 if the effect size estimate is based on agency costs as a measure of managerial decisions |
| Corporate tax avoidance | Dummy variable that takes the value of 1 if the effect size estimate is based on corporate tax avoidance as a measure of managerial decisions |
| IR quality measurement | |
| Self-constructed disclosure index | Dummy variable that takes the value of 1 if the effect size estimate is based on a self-constructed disclosure index as a proxy for IRQ |
| EY’s IRQ measure | Dummy variable that takes the value of 1 if the effect size estimate is based on EY’s IRQ measure as a proxy for IRQ |
| Score of rating agencies/database providers | Dummy variable that takes the value of 1 if the effect size estimate is based on a score provided by rating agencies/database providers as a proxy for IRQ |
| Scoreboards taken from the literature | Dummy variable that takes the value of 1 if the effect size estimate is based on a scoreboard developed in the literature as a proxy for IRQ |
| Control variables | |
| Year fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for year fixed effects |
| Industry fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for industry fixed effects |
| Country fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for country fixed effects |
| Strength of results | |
| Year of publication | Year in which the paper is published or written, for those unpublished |
| Publication status | Dummy variable that takes the value of 1 if the primary study is published in a journal |
| Sample size | Logarithm of sample size of the effect size estimate |
| Sample period | Number of years considered in the primary study |
| Name of the variable | Description |
|---|---|
| Fisher’s Z-transformed effect size | |
| Mandatory adoption | Dummy variable that takes the value of 1 if the primary studies examine geographical contexts in which IR adoption is mandatory and 0 in case of voluntary adoption |
| Tobin’s Q | Dummy variable that takes the value of 1 if the effect size estimate is based on Tobin’s Q as a measure of market reaction |
| Market share | Dummy variable that takes the value of 1 if the effect size estimate is based on market share as a measure of market reaction |
| Revenue growth rate | Dummy variable that takes the value of 1 if the effect size estimate is based on revenue growth rate as a measure of market reaction |
| Bid-ask spread | Dummy variable that takes the value of 1 if the effect size estimate is based on bid-ask spread as a measure of market reaction |
| Expected future cash flows | Dummy variable that takes the value of 1 if the effect size estimate is based on expected future cash flows as a measure of market reaction |
| Market value of equity | Dummy variable that takes the value of 1 if the effect size estimate is based on market value of equity as a measure of market reaction |
| Abnormal return | Dummy variable that takes the value of 1 if the effect size estimate is based on abnormal return as a measure of market reaction |
| Long term investors | Dummy variable that takes the value of 1 if the effect size estimate is based on long term investors as a measure of market reaction |
| Stock price synchronicity | Dummy variable that takes the value of 1 if the effect size estimate is based on stock price synchronicity as a measure of market reaction |
| ESG controversies and assurance | Dummy variable that takes the value of 1 if the effect size estimate is based on ESG controversies and assurance as a measure of market reaction |
| ROA | Dummy variable that takes the value of 1 if the effect size estimate is based on ROA as a measure of financial performance |
| ROE | Dummy variable that takes the value of 1 if the effect size estimate is based on ROE as a measure of financial performance |
| Future economic value added | Dummy variable that takes the value of 1 if the effect size estimate is based on future economic value added as a measure of financial performance |
| Corporate environmental performance | Dummy variable that takes the value of 1 if the effect size estimate is based on corporate environmental performance as a measure of financial performance |
| Cost of equity | Dummy variable that takes the value of 1 if the effect size estimate is based on cost of equity as a measure of cost of capital |
| Analyst forecast errors | Dummy variable that takes the value of 1 if the effect size estimate is based on analyst forecast errors as a measure of financial analysts’ properties |
| Analyst forecast dispersion | Dummy variable that takes the value of 1 if the effect size estimate is based on analyst forecast dispersion as a measure of financial analysts’ properties |
| Abnormal discretionary accruals | Dummy variable that takes the value of 1 if the effect size estimate is based on abnormal discretionary accruals as a measure of managerial decisions |
| Combined measure of real activities manipulation | Dummy variable that takes the value of 1 if the effect size estimate is based on combined measure of real activities manipulation as a measure of managerial decisions |
| Agency costs | Dummy variable that takes the value of 1 if the effect size estimate is based on agency costs as a measure of managerial decisions |
| Corporate tax avoidance | Dummy variable that takes the value of 1 if the effect size estimate is based on corporate tax avoidance as a measure of managerial decisions |
| Self-constructed disclosure index | Dummy variable that takes the value of 1 if the effect size estimate is based on a self-constructed disclosure index as a proxy for IRQ |
| EY’s IRQ measure | Dummy variable that takes the value of 1 if the effect size estimate is based on EY’s IRQ measure as a proxy for IRQ |
| Score of rating agencies/database providers | Dummy variable that takes the value of 1 if the effect size estimate is based on a score provided by rating agencies/database providers as a proxy for IRQ |
| Scoreboards taken from the literature | Dummy variable that takes the value of 1 if the effect size estimate is based on a scoreboard developed in the literature as a proxy for IRQ |
| Year fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for year fixed effects |
| Industry fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for industry fixed effects |
| Country fixed effects | Dummy variable that takes the value of 1 if the primary study regression controls for country fixed effects |
| Year of publication | Year in which the paper is published or written, for those unpublished |
| Publication status | Dummy variable that takes the value of 1 if the primary study is published in a journal |
| Sample size | Logarithm of sample size of the effect size estimate |
| Sample period | Number of years considered in the primary study |