Proceedings

Table 7. Model summaries for overall disclosure items and information subgroups
Items Adjusted R 2 Overall Items
F Sig.
Financial Items
0.166
2.426 0.035**
Non-Financial Items
0.183
2.603 0.025**
General Items
0.067
1.513 0.188
0.073
1.564 0.172
* significant at 10% level.
** significant at 5% level.
~ 751 ~
Durbin-
Watson
The results of the OLS regression for the overall disclosure index show that firm size
and the level of innovativeness are statistically significant, with the hypothesized
direction (table 8). In contrast, leverage, firm age, ROA, liquidity, and auditor type
were found not to be statistically significant. The variable firm size is significant at
the five percent level (p=0.026) with a positive coefficient (0.026). The most
significant variable in the model is the level of innovativeness, which has a p-value of
0.004. The coefficient is positive (0.954). Table 8 indicates that the same independent
variables are not consistently statistically significant across information types. Size is
an important variable explaining the voluntary disclosures of the subcategory
financial information. The variable innovativeness is statistically significant for each
of the three information subgroups, but the level of significance changes. Thus,
different factors are important in explaining the voluntary disclosures of different type
of information.
Model:
Disclosure
Independent
Variables
1.648
1.697
1.655
1.460
Table 8. Regression results for overall disclosures and subgroups
Index Scores
Exp.
Sign
= β + β Size + β Leverage + β Age + β ROE + β Liquidity +
β Innovativeness
+ β Auditor + ε
6
0
1
Overall
Coefficient
(t-statistics)
Constant -0.022
(-0.174)
Size + 0.026
(2.169)**
Leverage + -0.052
(-0.408)
Firm Age + -0.028
(-1.354)
ROA + 0.107
(0.587)
Liquidity + 0.014
(0.877)
Innovativeness + 0.954
(3.023)***
Auditor + 0.029
(0.348)
** significant at 5% level.
*** significant at 1% level.
2
7
Financial
Coefficient
(t-statistics)
-0.035
(-0.282)
0.027
(2.285)**
-0.038
(-0.304)
-0.030
(-1.472)
0.127
(0.694)
0.015
(0.969)
0.991
(3.143)***
0.025
(0.300)
3
i
4
Non-Financial
Coefficient
(t-statistics)
0.005
(0.033)
0.023
(1.647)
-0.097
(-0.650)
-0.026
(-1.086)
0.078
(0.361)
0.004
(0.229)
0.872
(2.353)**
0.035
(0.359)
5
General
Coefficient
(t-statistics)
0.047
(0.324)
0.019
(1.384)
-0.072
(-0.486)
-0.008
(-0.329)
-0.014
(-0.067)
0.023
(1.274)
0.788
(2.141)**
0.054
(0.554)