Table 8. Random-effects meta-regression...

Table 8.

Random-effects meta-regression results for financial performance

Fisher Z	Coefficient	t-statistic
ROA	0.0592912	1.04
ROE	0.1012682*	1.75
Future economic value added	0.065253*	1.68
Corporate environmental performance	−0.0283162	−0.19
Self-constructed disclosure index	−0.1687835	−1.59
Score of rating agencies/database providers	−0.0153668	−0.10
Mandatory adoption	0.2014818**	2.18
Year fixed effects	−0.0311117	−0.57
Industry fixed effects	0.0105856	0.19
Year of publication	0.0265328	1.57
Sample size	0.0005074	0.01
Sample period	−0.0273364*	−1.77
Constant	−53.34485	−1.56
Number of ES	167
tau-squared (τ²)	0.02133
I² (%)	95.92%
R-squared (%)	16.85%

Fisher Z	Coefficient	t-statistic
ROA	0.0592912	1.04
ROE	0.1012682*	1.75
Future economic value added	0.065253*	1.68
Corporate environmental performance	−0.0283162	−0.19
Self-constructed disclosure index	−0.1687835	−1.59
Score of rating agencies/database providers	−0.0153668	−0.10
Mandatory adoption	0.2014818**	2.18
Year fixed effects	−0.0311117	−0.57
Industry fixed effects	0.0105856	0.19
Year of publication	0.0265328	1.57
Sample size	0.0005074	0.01
Sample period	−0.0273364*	−1.77
Constant	−53.34485	−1.56
Number of ES	167
tau-squared (τ²)	0.02133
I² (%)	95.92%
R-squared (%)	16.85%

Notes:

The dependent variable of the meta-regression is Fisher Z; Due to the issue of multicollinearity, the variables “EY’s IRQ measure”, “Scoreboards taken from the literature”, “Country fixed effects” and “Publication status” are omitted. ***p < 0.01; **p < 0.05; *p < 0.10

Source: Table by authors

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