Robustness test
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Market reaction | 0.2705603*** | 7.10 |
| Financial performance | 0.2358665*** | 5.34 |
| Cost of capital | 0.0834645 | 1.54 |
| Financial analysts’ properties | 0.2502129*** | 4.22 |
| Self-constructed disclosure index | 0.0367424 | 0.93 |
| EY’s IRQ measure | 0.1480932*** | 3.13 |
| Score of rating agencies/database providers | −0.0484028 | −0.98 |
| Mandatory adoption | −0.0748787** | −2.14 |
| Year fixed effects | −0.1119927*** | −3.27 |
| Industry fixed effects | 0.0227008 | 0.66 |
| Country fixed effects | −0.019086 | −0.39 |
| Year of publication | 0.0189352*** | 2.83 |
| Publication status | 0.035439 | 0.98 |
| Sample size | 0.0600507*** | 2.97 |
| Sample period | 0.0237191*** | 3.84 |
| Constant | −38.73644*** | −2.86 |
| Number of ES | 653 | |
| tau-squared (τ2) | 0.05351 | |
| I2 (%) | 99.01% | |
| R-squared (%) | 13.71% |
| Fisher Z | Coefficient | t-statistic |
|---|---|---|
| Market reaction | 0.2705603 | 7.10 |
| Financial performance | 0.2358665 | 5.34 |
| Cost of capital | 0.0834645 | 1.54 |
| Financial analysts’ properties | 0.2502129 | 4.22 |
| Self-constructed disclosure index | 0.0367424 | 0.93 |
| EY’s IRQ measure | 0.1480932 | 3.13 |
| Score of rating agencies/database providers | −0.0484028 | −0.98 |
| Mandatory adoption | −0.0748787** | −2.14 |
| Year fixed effects | −0.1119927 | −3.27 |
| Industry fixed effects | 0.0227008 | 0.66 |
| Country fixed effects | −0.019086 | −0.39 |
| Year of publication | 0.0189352 | 2.83 |
| Publication status | 0.035439 | 0.98 |
| Sample size | 0.0600507 | 2.97 |
| Sample period | 0.0237191 | 3.84 |
| Constant | −38.73644 | −2.86 |
| Number of ES | 653 | |
| tau-squared ( | 0.05351 | |
| I2 (%) | 99.01% | |
| 13.71% |
Notes:
The dependent variable of the meta-regression is Fisher Z; Due to the issue of multicollinearity, the variables “Managerial decisions” and “Scoreboards taken from the literature” are omitted. ***p < 0.01; ** p < 0.05; * p < 0.10