Variable

(1) |Deviation|

(2) |Deviation|

(3) |Deviation|

(4) |Deviation|

Readability (H1)

−0.001**

−0.001**

−0.001*

−0.001**

(−2.289)

(−2.402)

(−1.920)

(−2.094)

Media_Att × Readability (H2)

−0.001***

−0.001**

(−2.702)

(−2.514)

Media_Att

0.016**

0.016**

(2.245)

(2.214)

High_Tech × Readability (H3)

0.002***

0.001***

(2.934)

(2.641)

High_Tech

0.008

0.009

(0.493)

(0.536)

ROA

−0.900***

−0.894***

−0.903***

−0.896***

(−10.551)

(−10.424)

(−10.604)

(−10.469)

SOE

−0.003

−0.002

−0.004

−0.002

(−0.240)

(−0.135)

(−0.259)

(−0.153)

Dual

0.011

0.010

0.010

0.010

(1.041)

(0.976)

(1.026)

(0.963)

Ln_Size

0.035***

0.027***

0.035***

0.027***

(3.820)

(2.673)

(3.856)

(2.698)

List_Age

0.002

0.004

0.002

0.003

(0.170)

(0.290)

(0.136)

(0.262)

Top1

−0.001***

−0.001***

−0.001***

−0.001***

(−2.693)

(−2.596)

(−2.725)

(−2.623)

TobinQ

0.038***

0.036***

0.038***

0.036***

(10.865)

(9.281)

(10.794)

(9.183)

All_Readability

0.000

0.000

0.000

0.000

(0.348)

(0.331)

(0.442)

(0.421)

All_Tone

−0.162

−0.160

−0.159

−0.159

(−1.544)

(−1.533)

(−1.514)

(−1.512)

Year, Industry

controlled

controlled

controlled

controlled

Constant Terms

−0.132

−0.038

−0.141

−0.048

(−0.682)

(−0.188)

(−0.738)

(−0.236)

N

16484

16484

16484

16484

adj. R²

0.085

0.086

0.085

0.086