(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