Random-effects meta-regression results for cost of capital
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Cost of equity | 0.2283093 | 0.40 |
| Self-constructed disclosure index | 0.0476646 | 0.11 |
| EY’s IRQ measure | −0.3203937 | −0.22 |
| Score of rating agencies/database providers | −1.564073* | −1.97 |
| Mandatory adoption | −2.276138 | −1.28 |
| Year fixed effects | 0.5058432 | 0.37 |
| Year of publication | −0.3506132 | −0.68 |
| Publication status | 1.978684 | 0.83 |
| Sample size | 0.637508 | 0.76 |
| Sample period | 0.2559307** | 2.31 |
| Constant | 704.1164 | 0.68 |
| Number of ES | 39 | |
| tau-squared (τ2) | 0.4281 | |
| I2 (%) | 99.95% | |
| R-squared (%) | 23.66% |
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Cost of equity | 0.2283093 | 0.40 |
| Self-constructed disclosure index | 0.0476646 | 0.11 |
| EY’s IRQ measure | −0.3203937 | −0.22 |
| Score of rating agencies/database providers | −1.564073* | −1.97 |
| Mandatory adoption | −2.276138 | −1.28 |
| Year fixed effects | 0.5058432 | 0.37 |
| Year of publication | −0.3506132 | −0.68 |
| Publication status | 1.978684 | 0.83 |
| Sample size | 0.637508 | 0.76 |
| Sample period | 0.2559307** | 2.31 |
| Constant | 704.1164 | 0.68 |
| Number of ES | 39 | |
| tau-squared ( | 0.4281 | |
| I2 (%) | 99.95% | |
| 23.66% |
Notes:
The dependent variable of the meta-regression is Fisher Z; Due to the issue of multicollinearity, the variables “Scoreboards taken from the literature”, “Industry fixed effects” and “Country fixed effects” are omitted. ***p < 0.01; **p < 0.05; *p < 0.10