Table 7. Random-effects meta-regression...

Table 7.

Random-effects meta-regression results for market reaction

Fisher Z	Coefficient	t-statistic
Tobin’s Q	0.0059429	0.14
Market share	0.3492139***	4.38
Revenue growth rate	−0.0538305	−0.52
Bid-ask spread	−0.0918198*	−1.96
Expected future cash flows	0.0357809	0.63
Market value of equity	0.0504082	0.69
Abnormal return	−0.0288957	−0.40
Long term investors	0.0135467	0.13
Stock price synchronicity	−0.0270133	−0.31
ESG controversies and assurance	0.021327	0.29
Self-constructed disclosure index	−0.0955489*	−1.88
EY’s IRQ measure	−0.0106241	−0.19
Score of rating agencies/database providers	−0.264849***	−4.10
Mandatory adoption	−0.1184693**	−2.57
Year fixed effects	−0.0691095*	−1.86
Industry fixed effects	−0.0354449	−0.99
Country fixed effects	0.0372029	0.42
Year of publication	−0.0102118	−0.78
Publication status	0.0885384	1.41
Sample size	0.0256406	0.77
Sample period	0.0074981	0.93
Constant	20.66327	0.78
Number of ES	291
tau-squared (τ²)	0.01916
I² (%)	95.02%
R-squared (%)	35.58%

Fisher Z	Coefficient	t-statistic
Tobin’s Q	0.0059429	0.14
Market share	0.3492139***	4.38
Revenue growth rate	−0.0538305	−0.52
Bid-ask spread	−0.0918198*	−1.96
Expected future cash flows	0.0357809	0.63
Market value of equity	0.0504082	0.69
Abnormal return	−0.0288957	−0.40
Long term investors	0.0135467	0.13
Stock price synchronicity	−0.0270133	−0.31
ESG controversies and assurance	0.021327	0.29
Self-constructed disclosure index	−0.0955489*	−1.88
EY’s IRQ measure	−0.0106241	−0.19
Score of rating agencies/database providers	−0.264849***	−4.10
Mandatory adoption	−0.1184693**	−2.57
Year fixed effects	−0.0691095*	−1.86
Industry fixed effects	−0.0354449	−0.99
Country fixed effects	0.0372029	0.42
Year of publication	−0.0102118	−0.78
Publication status	0.0885384	1.41
Sample size	0.0256406	0.77
Sample period	0.0074981	0.93
Constant	20.66327	0.78
Number of ES	291
tau-squared (τ²)	0.01916
I² (%)	95.02%
R-squared (%)	35.58%

Notes:

The dependent variable of the meta-regression is Fisher Z. Due to the issue of multicollinearity, the variable “Scoreboards taken from the literature” is omitted. ***p < 0.01; **p < 0.05; *p < 0.10

Source: Table by authors

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