Random-effects meta-regression results for financial analysts’ properties
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Analyst forecast errors | 0.0383072 | 1.49 |
| Self-constructed disclosure index | −0.0839463* | −1.71 |
| Score of rating agencies/database providers | −0.10169** | −2.30 |
| Year fixed effects | 0.1017132 | 0.75 |
| Industry fixed effects | −0.0746112 | −0.75 |
| Country fixed effects | 0.2933906** | 2.31 |
| Sample size | 0.4401172* | 1.90 |
| Constant | −1.185675* | −1.86 |
| Number of ES | 36 | |
| tau-squared (τ2) | 0.000349 | |
| I2 (%) | 10.43% | |
| R-squared (%) | 85.69% |
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Analyst forecast errors | 0.0383072 | 1.49 |
| Self-constructed disclosure index | −0.0839463* | −1.71 |
| Score of rating agencies/database providers | −0.10169** | −2.30 |
| Year fixed effects | 0.1017132 | 0.75 |
| Industry fixed effects | −0.0746112 | −0.75 |
| Country fixed effects | 0.2933906** | 2.31 |
| Sample size | 0.4401172* | 1.90 |
| Constant | −1.185675* | −1.86 |
| Number of ES | 36 | |
| tau-squared ( | 0.000349 | |
| I2 (%) | 10.43% | |
| 85.69% |
Notes:
The dependent variable of the meta-regression is Fisher Z; Due to the issue of multicollinearity, the variables “Analyst forecast dispersion”, “EY’s IRQ measure”, “Scoreboards taken from the literature”, “Mandatory adoption”, “Year of publication”, “Publication status” and “Sample period” are omitted. ***p < 0.01; **p < 0.05; *p < 0.10