Variable

(1) |Deviation|

(2) |Deviation|

(3) |Deviation|

(4) |Deviation|

Readability (H1)

−0.056***

−0.060***

−0.051***

−0.055***

(−2.972)

(−3.144)

(−2.792)

(−2.970)

Media_Att × Readability (H2)

−0.035**

−0.033**

(−2.383)

(−2.278)

Media_Att

0.004

0.003

(0.596)

(0.538)

High_Tech × Readability (H3)

0.096***

0.091**

(2.721)

(2.544)

High_Tech

−0.017

−0.016

(−0.992)

(−0.949)

ROA

−0.898***

−0.917***

−0.900***

−0.919***

(−10.530)

(−10.316)

(−10.521)

(−10.313)

SOE

−0.003

−0.005

−0.003

−0.005

(−0.231)

(−0.359)

(−0.193)

(−0.320)

Dual

0.011

0.011

0.011

0.011

(1.060)

(1.032)

(1.082)

(1.060)

Ln_Size

0.035***

0.035***

0.035***

0.036***

(3.861)

(3.488)

(3.888)

(3.518)

List_Age

0.002

0.001

0.001

−0.000

(0.173)

(0.115)

(0.054)

(−0.001)

Top1

−0.001***

−0.001***

−0.001***

−0.001***

(−2.689)

(−2.707)

(−2.726)

(−2.743)

TobinQ

0.038***

0.039***

0.039***

0.039***

(10.869)

(9.996)

(10.875)

(9.994)

All_Readability

0.000

0.000

0.000

0.000

(0.187)

(0.279)

(0.290)

(0.372)

All_Tone

−0.149

−0.144

−0.143

−0.139

(−1.421)

(−1.353)

(−1.357)

(−1.297)

Year, Industry

controlled

controlled

controlled

controlled

Constant Terms

−0.140

−0.160

−0.131

−0.153

(−0.724)

(−0.782)

(−0.686)

(−0.756)

N

16484

16106

16484

16106

adj. R²

0.085

0.085

0.086

0.086