Firm characteristics measured by risk disclosure and firm characteristics
| Tobin's Q | ||
|---|---|---|
| (1) | (2) | |
| Currency_risk | −0.0675* (0.0271) | −0.0310** (0.0115) |
| Credit_risk | 0.0569* (0.0253) | −0.0318** (0.0106) |
| Liquidity_risk | −0.0227 (0.0208) | 0.00715 (0.00892) |
| Hardscore | 0.0189 (0.0155) | −0.0273*** (0.00688) |
| Total_numbers_of_words | 0.0259 (0.0356) | 0.0730*** (0.0150) |
| Size | −0.0109 (0.00894) | |
| Sales_growth | −0.00197 (0.0110) | |
| Age | 0.0833*** (0.0101) | |
| Leverage | 0.880*** (0.00963) | |
| Volatility | 0.0176 (0.0111) | |
| Constant | 0.594*** (0.158) | 0.0850 (0.0741) |
| Industry fixed effects | Yes | Yes |
| Year fixed effects | Yes | Yes |
| N | 1977 | 1685 |
| Adj. R2 | 0.119 | 0.862 |
Alternatives measures of firm value
| Tobin's Q | |
|---|---|
| (1) | |
| Hardscore | −0.0294*** (0.00658) |
| Total_numbers_of_words | 0.0409*** (0.0105) |
| Size | −0.0158 (0.00847) |
| Age | 0.0870*** (0.00936) |
| Leverage | 0.869*** (0.00917) |
| Constant | 0.109* (0.0508) |
| Industry fixed effects | Yes |
| Year fixed effects | Yes |
| N | 1,828 |
| Adj. R2 | 0.859 |
Summary statistics: Firm value
| Variable | Mean | Var | SD | Min | Max | Sum |
|---|---|---|---|---|---|---|
| TobinQ | 0.599027 | 0.060885 | 0.24675 | 0.0904696 | 1.498183 | 1737.179 |
| Currency_risk | 337.9087 | 65,588.8 | 256.1031 | 0 | 1,211 | 909,988 |
| Credit_risk | 254.4588 | 33,803.9 | 183.8584 | 0 | 890 | 685,003 |
| Liquidity_risk | 289.2518 | 46,472.65 | 215.5752 | 1 | 732 | 778,955 |
| Hardscore | 2.463424 | 2.518443 | 1.58696 | 0 | 6 | 6,634 |
| Total_numbers_of_words | 1,664.364 | 826,869 | 909.3234 | 248 | 4,553 | 4,482,133 |
| Size | 14.02631 | 2.972186 | 1.724003 | 9.904737 | 18.39878 | 46,960.07 |
| Sales_growth | 9,982.709 | 1.95E12 | 1,395,131 | −1.35E07 | 5429232 | 3.21E07 |
| Age | 47.10369 | 1,253.893 | 35.41035 | 4 | 136 | 154,453 |
| Leverage | 0.576811 | 0.055007 | 0.234535 | 0.0821182 | 1.354258 | 1,931.164 |
| Volatility | 24.09152 | 188.683 | 13.73619 | 0 | 54.08 | 83,308.48 |
Tobin's Q: firm fixed effects
| Tobin's Q | ||
|---|---|---|
| (1) | (2) | |
| Currency_risk | −0.0339 (0.0263) | −0.0282* (0.0137) |
| Credit_risk | 0.0114 (0.0251) | −0.00587 (0.0127) |
| Liquidity_risk | −0.00418 (0.0155) | 0.00620 (0.00779) |
| Hardscore | −0.0178 (0.0168) | −0.0103 (0.00887) |
| Total_numbers_of_words | 0.0474 (0.0324) | 0.00114 (0.0162) |
| Size | 0.118*** (0.0344) | |
| Sales_growth | 0.00901 (0.00646) | |
| Age | −0.0282 (0.471) | |
| Leverage | 0.845*** (0.0124) | |
| Volatility | 0.0290** (0.0110) | |
| Constant | 0.566 (0.426) | −0.0154 (0.792) |
| Industry fixed effects | Yes | Yes |
| Year fixed effects | Yes | Yes |
| N | 1,977 | 1,685 |
| Adj. R2 | 0.800 | 0.960 |