Table 7 Analysis of Influence Mechanism.
From: Non-financial information farsightedness and capital market information efficiency
(1) | (2) | (3) | |
|---|---|---|---|
Variables | Forecast_Error | Audit_OP | Fin |
Nonfinancial_farsightedness | 0.0355** (2.24) | −0.1721*** (−3.36) | −0.0149*** (−3.17) |
InsInvestor | −0.0035 (−0.15) | 0.0019 (0.77) | 0.0640*** (2.72) |
Lev | −0.0216 (−1.11) | −0.0238*** (−5.37) | −0.0046 (−0.23) |
Size | 0.0117 (0.48) | 0.0105*** (2.81) | −0.0104 (−0.40) |
Book_to_Market | −0.0360* (−1.74) | 0.0131*** (3.90) | 0.0126 (0.61) |
Growth | −0.0036 (−0.30) | −0.0006 (−0.26) | −0.0062 (−0.72) |
Board | −0.0241* (−1.76) | −0.0025 (−1.13) | −0.0004 (−0.02) |
VOL | −0.0246 (−1.50) | 0.0006 (0.21) | −0.0251* (−1.72) |
Age | 0.0266 (1.49) | −0.0078*** (−3.08) | 0.0320* (1.71) |
Roe | 0.0724** (2.45) | 0.0410*** (5.20) | −0.0077 (−0.28) |
Top1 | 0.0130 (0.67) | 0.0090*** (3.44) | −0.0172 (−0.84) |
Shrcr | −0.0065 (−0.26) | −0.0076*** (−2.62) | −0.0523** (−2.13) |
Roa | −0.0766** (−2.39) | −0.0101 (−1.33) | 0.0294 (0.92) |
Dual | −0.0073 (−0.24) | 0.0013 (0.32) | 0.0225 (0.67) |
Big4 | −0.1118* (−1.92) | −0.0006 (−0.08) | 0.0723 (1.05) |
Audit | 0.0544 (0.82) | Yes Yes | −0.1582** (−2.45) |
Industry | Yes | 0.9914*** | Yes |
Year | Yes | (44.39) | Yes |
Constant | 0.2121 (1.08) | 15830 0.0810 | 0.2987 (1.43) |
Observations | 15830 | 0.0748 | 15830 |
R-sq | 0.0141 | (2) | 0.0319 |
Adjusted R-sq | 0.0009 | Audit_OP | 0.0253 |
