Variable

Model (1) |Deviation|

Model (2) |Deviation|

Model (3) |Deviation|

Model (4) |Deviation|

Readability (H1)

−0.056***

−0.059***

−0.050***

−0.053***

(−2.972)

(−3.117)

(−2.733)

(−2.921)

Media_Att × Readability (H2)

−0.067***

−0.064***

(−3.525)

(−3.400)

Media_Att

0.017**

0.017**

(2.441)

(2.400)

High_Tech × Readability (H3)

0.097***

0.084**

(2.827)

(2.479)

High_Tech

0.009

0.010

(0.544)

(0.607)

ROA

−0.898***

−0.894***

−0.901***

−0.896***

(−10.530)

(−10.439)

(−10.599)

(−10.495)

SOE

−0.003

−0.002

−0.003

−0.002

(−0.231)

(−0.142)

(−0.236)

(−0.149)

Dual

0.011

0.010

0.011

0.010

(1.060)

(0.993)

(1.067)

(0.999)

Ln_Size

0.035***

0.027***

0.035***

0.028***

(3.861)

(2.726)

(3.900)

(2.755)

List_Age

0.002

0.004

0.002

0.004

(0.173)

(0.328)

(0.119)

(0.283)

Top1

−0.001***

−0.001***

−0.001***

−0.001***

(−2.689)

(−2.606)

(−2.710)

(−2.623)

TobinQ

0.038***

0.036***

0.038***

0.036***

(10.869)

(9.301)

(10.849)

(9.243)

All_Readability

0.000

0.000

0.000

0.000

(0.187)

(0.192)

(0.299)

(0.296)

All_Tone

−0.149

−0.142

−0.149

−0.143

(−1.421)

(−1.357)

(−1.415)

(−1.359)

Year

controlled

controlled

controlled

controlled

Industry

controlled

controlled

controlled

controlled

Constant Terms

−0.140

−0.054

−0.151

−0.065

(−0.724)

(−0.268)

(−0.787)

(−0.324)

N

16484

16484

16484

16484

adj. R²

0.085

0.087

0.085

0.087