Dependent variables are disclosures scores as indicated by the columns. The expected signs for the control variables are presented in
brackets. Coefficients are estimated by maximum likelihood (Tobit regressions). The significance levels are based on Chi-squared
statistics (presented in parentheses). All control variables are defined inTable 3.
***
,
**
,
*
represent significance levels (two-tailed) at 1%,
5% and 10%, respectively.