Table 5 Test of H1: Panel A. Test of H1: Panel B. Test of H1: Panel C. Test of H1:Panel D.
From: Non-financial information farsightedness and capital market information efficiency
(1) | (2) | (3) | |
|---|---|---|---|
Variables | SYNCH | SYNCH | SYNCH |
Nonfinancial_farsightedness | −0.0208** (−2.09) | −0.0214** (−2.03) | |
InsInvestor | −0.0388** (−2.03) | −0.0382** (−2.02) | |
Lev | −0.0029 (−0.19) | −0.0039 (−0.26) | |
Size | −0.0333 (−1.63) | −0.0329 (−1.62) | |
Book_to_Market | −0.0214 (−1.34) | −0.0211 (−1.33) | |
Growth | 0.0047 (0.55) | 0.0047 (0.56) | |
Board | 0.0192* (1.73) | 0.0181 (1.64) | |
VOL | 0.0198* (1.69) | 0.0189 (1.61) | |
Age | 0.0278** (2.00) | 0.0219 (1.57) | |
ROE | −0.0198 (−0.78) | −0.0198 (−0.79) | |
Top1 | −0.0120 (−0.80) | −0.0110 (−0.74) | |
Shrcr | 0.0436** (2.46) | 0.0427** (2.43) | |
ROA | 0.0203 (0.74) | 0.0197 (0.72) | |
Dual | 0.0232 (0.94) | 0.0220 (0.89) | |
Big4 | −0.0208 (−0.37) | −0.0182 (−0.33) | |
Audit | 0.0429 (0.81) | 0.0430 (0.82) | |
Industry | Yes | Yes | Yes |
Year | Yes | Yes | Yes |
Constant | −0.2093* (−1.86) | 0.0086 (0.77) | −0.2105* (−1.82) |
Observations | 15,830 | 15,830 | 15,830 |
R-sq | 0.0157 | 0.0026 | 0.0179 |
Adjusted R-sq | 0.0090 | 0.0026 | 0.0112 |
(1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
Variables | SYNCH_2 | SYNCH_2 | SYNCH | SYNCH | SYNCH | SYNCH |
Nonfinancial_farsightedness | −0.0524*** (−5.37) | −0.0530*** (−5.51) | ||||
Nonfinancial_farsightedness2 | −0.0319*** (−3.21) | −0.0312*** (−3.10) | ||||
Nonfinancial_farsightedness3 | −0.0309*** (−3.11) | −0.0304*** (−3.02) | ||||
InsInvestor | −0.0418** (−2.51) | −0.0381** (−2.00) | −0.0381** (−2.00) | |||
Lev | −0.0028 (−0.20) | −0.0025 (−0.17) | −0.0024 (−0.16) | |||
Size | 0.0034 (0.20) | −0.0335* (−1.65) | −0.0334 (−1.64) | |||
Book_to_Market | −0.0295** (−1.97) | −0.0222 (−1.39) | −0.0222 (−1.39) | |||
Growth | 0.0012 (0.14) | 0.0044 (0.53) | 0.0044 (0.53) | |||
Board | 0.0132 (1.14) | 0.0187* (1.70) | 0.0187* (1.69) | |||
VOL | 0.0071 (0.59) | 0.0202* (1.72) | 0.0203* (1.72) | |||
Age | −0.0044 (−0.33) | 0.0269* (1.94) | 0.0269* (1.94) | |||
Roe | −0.0008 (−0.03) | −0.0189 (−0.75) | −0.0189 (−0.75) | |||
Top1 | −0.0002 (−0.02) | −0.0124 (−0.83) | −0.0125 (−0.84) 9- | |||
Shrcr | 0.0279** (1.75) | 0.0429** (2.42) | 0.0430** (2.43) | |||
Roa | 0.0136 (0.56) | 0.0196 (0.71) | 0.0196 (0.71) | |||
Dual | 0.0848*** (3.60) | 0.0223 (0.90) | 0.0224 (0.90) | |||
Big4 | 0.0214 (0.44) | −0.0197 (−0.35) | −0.0199 (−0.36) | |||
Audit | −0.1072* (−1.90) | 0.0444 (0.84) | 0.0444 (0.84) | |||
Industry | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 0.0176 (1.63) | 0.0056 (0.05) | 0.0045 (0.40) | −0.2195* (−1.91) | 0.0045 (0.41) | −0.2194* (−1.91) |
Observations | 15,830 | 15,830 | 15,830 | 15,830 | 15,830 | 15,830 |
R-sq | 0.0028 | 0.0201 | 0.0010 | 0.0167 | 0.0010 | 0.0166 |
Adjusted R-sq | 0.0028 | 0.0135 | 0.0010 | 0.0100 | 0.0009 | 0.0099 |
The first phase | The second phase | |||
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Variables | Nonfinancial_farsightedness | Nonfinancial_farsightedness | SYNCH | SYNCH |
IV_farsightedness | 0.0657*** (5.09) | 0.0578*** (4.63) | ||
Nonfinancial_farsightedness | −0.0318*** (−3.21) | −0.0311*** (−3.09) | ||
InsInvestor | 0.0105 (0.44) | −0.0377** (−2.00) | ||
Lev | −0.0226 (−1.22) | −0.0018 (−0.15) | ||
Size | 0.0085 (0.32) | −0.0335* (−1.65) | ||
Book_to_Market | 0.0083 (0.40) | −0.0221 (−1.33) | ||
Growth | 0.0019 (0.21) | 0.0054 (0.50) | ||
Board | −0.0219 (−1.43) | 0.0187* (1.70) | ||
VOL | −0.0215 (−1.54) | 0.0202* (1.72) | ||
Age | −0.1263*** (−6.74) | 0.0269* (1.94) | ||
Roe | −0.0025 (−0.08) | −0.0189 (−0.75) | ||
Top1 | 0.0214 (1.02) | −0.0124 (−0.83) | ||
Shrcr | −0.0187 (−0.80) | 0.0429** (2.42) | ||
Roa | −0.0108 (−0.33) | 0.0190 (0.68) | ||
Dual | −0.0252 (−0.77) | 0.0220 (0.90) | ||
Big4 | 0.0558 (0.77) | −0.0190 (−0.35) | ||
Audit | −0.0009 (−0.01) | 0.0441 (0.80) | ||
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Constant | 0.0458*** (3.42) | −0.0076 (−0.04) | 0.0043 (0.40) | −0.2190* (−1.99) |
Observations | 15,830 | 15,830 | 15,830 | 15,830 |
R-sq | 0.0042 | 0.0435 | 0.0011 | 0.0166 |
Adjusted R-sq | 0.0041 | 0.0370 | 0.0009 | 0.0109 |
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Variables | SYNCH | SYNCH | SYNCH | SYNCH |
Nonfinancial_farsightedness | −0.4203*** (−3.55) | |||
L1.Nonfinancial_farsightedness | −71.5269*** (−3.07) | |||
L2.Nonfinancial_farsightedness | −90.0067*** (−4.44) | |||
L3.Nonfinancial_farsightedness | −97.9115*** (−3.61) | |||
IMR | 0.5843 (0.45) | |||
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Constant | 0.2343 (1.26) | 0.2968 (1.43) | 0.0604 (0.25) | 0.2919 (1.32) |
Observations | 15,830 | 9945 | 8549 | 7233 |
R-sq | 0.0023 | 0.0160 | 0.0206 | 0.0216 |
Adjusted R-sq | 0.0022 | 0.0088 | 0.0111 | 0.0114 |
