Table 8 Additional analysis: Panel A. Additional analysis: Panel B.
From: Non-financial information farsightedness and capital market information efficiency
Sample group of high media coverage | Sample group of low media coverage | |
|---|---|---|
Variables | (1) SYNCH | (2) SYNCH |
Nonfinancial_farsightedness | −0.0399*** (−2.99) | −0.0040 (−0.43) |
InsInvestor | −0.0035 (−0.15) | 0.0204 (1.35) |
Lev | −0.0247 (−1.19) | 0.0076 (0.54) |
Size | 0.0286 (1.05) | −0.0387** (−2.05) |
Book_to_Market | −0.0187 (−0.80) | 0.0109 (0.66)) |
Growth | 0.0133 (1.21) | −0.0050 (−0.61) |
Board | −0.0013 (−0.08) | 0.0157 (1.45) |
VOL | 0.0074 (0.47) | −0.0308*** (−2.62) |
Age | −0.0141 (−0.71) | 0.1117*** (8.25) |
Roe | −0.0039 (−0.11) | 0.0261 (1.04) |
Top1 | 0.0158 (0.71) | 0.0078 (0.54) |
Shrcr | −0.0010 (−0.01) | −0.0105 (−0.63) |
Roa | −0.0065 (−0.18) | −0.0144 (−0.53) |
Dual | 0.0318 (0.98) | −0.0406* (−1.76) |
Big4 | −0.0493 (−0.63) | −0.1282*** (−2.71) |
Audit | 0.0258 (0.36) | 0.0091 (0.15) |
Industry | Yes | Yes |
Year | Yes | Yes |
Constant | 0.0414 (0.17) | 0.3825*** (3.17) |
Observations | 4907 | 10923 |
R-sq | 0.0216 | 0.0378 |
Adjusted R-sq | 0.0101 | 0.0312 |
Variables | Sample group of high internal control quality | Sample group of low internal control quality |
|---|---|---|
(1)SYNCH | (2)SYNCH | |
Nonfinancial_farsightedness | −0.0433*** (−3.43) | −0.0166 (−1.31) |
InsInvestor | 0.0322* (1.08) | −0.0347 (−1.64) |
Lev | 0.0316** (2.08) | −0.0069 (−0.36) |
Size | −0.0411** (−2.04) | −0.0067 (−0.26) |
Book_to_Market | 0.0108 (0.65) | 0.0210 (0.99) |
Growth | −0.0037 (−0.43) | 0.0041 (0.37) |
Board | −0.0024 (−0.21) | 0.0144 (0.97) |
VOL | −0.0044 (−0.36) | −0.0132 (−0.84) |
Age | 0.0951*** (6.84) | 0.0771 (4.09) |
Roe | −0.0623** (−2.57) | −0.0100 (−0.27) |
Top1 | −0.0226 (−1.37) | 0.0137 (0.67) |
Shrcr | −0.0153 (−0.83) | 0.0001 (0.01) |
Roa | 0.0803*** (2.98) | 0.0303 (0.79) |
Dual | −0.0397* (−1.66) | −0.0054 (−0.18) |
Big4 | 0.0090 (0.16) | −0.0001 (−0.01) |
Audit | −0.0098 (−0.16) | 0.0615 (0.88) |
Industry | Yes | Yes |
Year | Yes | Yes |
Constant | 0.0518 (0.34) | −0.2534 (−1.31) |
Observations | 8925 | 6015 |
R-sq | 0.0261 | 0.0230 |
Adjusted R-sq | 0.0195 | 0.0118 |
