Summary of the main meta-regression results
| Hypotheses | Cluster | Main meta-regression results | Discussion |
|---|---|---|---|
| H1 | Market reaction | • Market share has a significant and positive impact on effect size relative to the mean impact of choice of measure • Bid-ask spread has a significant and negative impact on effect size relative to the mean impact of choice of measure | H1 is supported for market share and bid-ask spread, an inverse measure for stock liquidity |
| H2 | Financial performance | ROE and future economic value added have a significant and positive impact on effect size relative to the mean impact of choice of measure | H2 is supported only for ROE and future economic value added |
| H3 | Cost of capital | No significant impact on effect size | H3 is not supported |
| H4 | Financial analysts’ properties | No significant impact on effect size | H4 is not supported |
| H5 | Managerial decisions | Corporate tax avoidance has a significant and negative impact on effect size relative to the mean impact of choice of measure | H5 is supported only for corporate tax avoidance practices |
| Hypotheses | Cluster | Main meta-regression results | Discussion |
|---|---|---|---|
| Market reaction | • Market share has a significant and positive impact on effect size relative to the mean impact of choice of measure | ||
| Financial performance | ROE and future economic value added have a significant and positive impact on effect size relative to the mean impact of choice of measure | ||
| Cost of capital | No significant impact on effect size | ||
| Financial analysts’ properties | No significant impact on effect size | ||
| Managerial decisions | Corporate tax avoidance has a significant and negative impact on effect size relative to the mean impact of choice of measure |