| (1) Disclosure | (2) Disclosure | (3) No disclosure | (4) No disclosure |
KZ | 0.00001 |
| 0.0017** |
|
| (0.9942) |
| (0.0115) |
|
SA |
| 0.0009 |
| −0.0153*** |
|
| (0.8400) |
| (0.0000) |
Beta | −0.0109* | −0.0109* | −0.0078** | −0.0072** |
| (0.0563) | (0.0565) | (0.0142) | (0.0218) |
Turnover | 0.0003 | 0.0004 | 0.0028** | 0.0016 |
| (0.8952) | (0.8621) | (0.0178) | (0.1807) |
BM | 0.0109*** | 0.0109*** | 0.0143*** | 0.0146*** |
| (0.0000) | (0.0000) | (0.0000) | (0.0000) |
Size | −0.0011 | −0.0021 | −0.0033*** | 0.0134*** |
| (0.4161) | (0.6958) | (0.0000) | (0.0000) |
Lev | 0.0042*** | 0.0042*** | 0.0036*** | 0.0038*** |
| (0.0003) | (0.0002) | (0.0000) | (0.0000) |
ROA | −0.1152* | −0.1161** | −0.0576** | −0.0711*** |
| (0.0583) | (0.0213) | (0.0264) | (0.0021) |
ROE | 0.0524* | 0.0528* | 0.0351*** | 0.0412*** |
| (0.0812) | (0.0574) | (0.0082) | (0.0008) |
_cons | 0.0847** | 0.1038 | 0.1161*** | −0.1757*** |
| (0.0264) | (0.3079) | (0.0000) | (0.0006) |
Industry | Y | Y | Y | Y |
Year | Y | Y | Y | Y |
Obs | 1661 | 1661 | 6441 | 6441 |
Adj-R | 0.199 | 0.199 | 0.172 | 0.176 |