Mediation test – COC = PEG, MPEG and OJN; MED = BIDASK and REST_FUTURE
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | MED | PEG | MPEG | OJN |
| Panel A: mediation of future restatement | ||||
| CONSTANT | −0.158*** | 0.054*** | −0.002 | 0.029*** |
| (−3.14) | (6.23) | (−0.16) | (4.75) | |
| LNARL | 0.063*** | 0.012*** | 0.028*** | 0.020*** |
| (5.01) | (5.65) | (13.79) | (13.31) | |
| REST_FUTURE | 0.004** | 0.002* | 0.002** | |
| (2.39) | (1.77) | (1.98) | ||
| Other controls | No | No | No | No |
| Observations | 12,488 | 12,488 | 12,488 | 12,488 |
| RIT | 0.019 | 0.005 | 0.007 | |
| RID | 0.019 | 0.005 | 0.007 | |
| Panel B: mediation of BIDASK | ||||
| CONSTANT | −0.041** | 0.067*** | 0.020** | 0.049*** |
| (−2.38) | (6.19) | (2.23) | (7.36) | |
| LNARL | 0.019*** | 0.009*** | 0.022*** | 0.014*** |
| (4.45) | (3.43) | (9.68) | (8.67) | |
| BIDASK | 0.023*** | 0.053*** | 0.037*** | |
| (3.38) | (8.97) | (8.67) | ||
| Other controls | No | No | No | No |
| Observations | 8,966 | 8,966 | 8,966 | 8,966 |
| RIT | 0.044 | 0.034 | 0.036 | |
| RID | 0.044 | 0.035 | 0.038 | |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | MED | PEG | MPEG | OJN |
| CONSTANT | −0.158*** | 0.054*** | −0.002 | 0.029*** |
| (−3.14) | (6.23) | (−0.16) | (4.75) | |
| LNARL | 0.063*** | 0.012*** | 0.028*** | 0.020*** |
| (5.01) | (5.65) | (13.79) | (13.31) | |
| REST_FUTURE | 0.004** | 0.002* | 0.002** | |
| (2.39) | (1.77) | (1.98) | ||
| Other controls | No | No | No | No |
| Observations | 12,488 | 12,488 | 12,488 | 12,488 |
| RIT | 0.019 | 0.005 | 0.007 | |
| RID | 0.019 | 0.005 | 0.007 | |
| CONSTANT | −0.041** | 0.067*** | 0.020** | 0.049*** |
| (−2.38) | (6.19) | (2.23) | (7.36) | |
| LNARL | 0.019*** | 0.009*** | 0.022*** | 0.014*** |
| (4.45) | (3.43) | (9.68) | (8.67) | |
| BIDASK | 0.023*** | 0.053*** | 0.037*** | |
| (3.38) | (8.97) | (8.67) | ||
| Other controls | No | No | No | No |
| Observations | 8,966 | 8,966 | 8,966 | 8,966 |
| RIT | 0.044 | 0.034 | 0.036 | |
| RID | 0.044 | 0.035 | 0.038 | |
Note(s): z-values are in parentheses. ***p < 0.01, **p < 0.05 and *p < 0.10. RIT indicates the ratio of indirect effect to total effect; RID indicate the ratio of indirect effect to direct effect. Refer to Appendix A for a detailed definition of the variable
Source(s): Created by authors