|
| Panel A: Regression Results | Panel B: Further Research | |||
| Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | |
| Earni,t+1 | Earni,t+1 | Earni,t+1 | Earni,t+1 | Earni,t+1 | |
| Earni,t | 0.446*** | 0.344*** | 0.329*** |
|
|
|
| (7.101) | (4.481) | (4.459) |
|
|
| GT |
| −0.012 | 0.004 |
| 0.005 |
|
|
| (−0.850) | (0.218) |
| (0.372) |
| Earni,t × GT |
| 0.829*** | −0.268 |
|
|
|
|
| (2.830) | (−0.546) |
|
|
| GF |
|
| 0.024 |
|
|
|
|
|
| (1.053) |
|
|
| GT × GF |
|
| −0.082* |
|
|
|
|
|
| (−1.841) |
|
|
| Earni,t × GT × GF |
|
| 5.295*** |
|
|
|
|
|
| (2.709) |
|
|
| AEi,t |
|
|
| 0.342*** | 0.273*** |
|
|
|
|
| (4.750) | (3.252) |
| CEi,t |
|
|
| 0.421*** | 0.350*** |
|
|
|
|
| (5.885) | (4.058) |
| AEi,t × GT |
|
|
|
| 0.639* |
|
|
|
|
|
| (1.745) |
| CEi,t × GT |
|
|
|
| 0.490 |
|
|
|
|
|
| (1.500) |
| _cons | 0.073* | 0.094** | 0.079** | 0.097** | 0.114*** |
|
| (1.877) | (2.405) | (2.007) | (2.469) | (2.864) |
| Controls | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes |
| Province | Yes | Yes | Yes | Yes | Yes |
| N | 570 | 570 | 570 | 570 | 570 |
| Adj_R2 | 0.366 | 0.388 | 0.386 | 0.336 | 0.349 |