where CC refers to the implied cost of equity capital measures RDIV, RPEG and ROJN. FIN refers to the stock market development measuresMKTCAP, MKTLIQ and FINAVG. Control
variables include firm size SIZE, market-to-book ratio MB, market beta BETA, momentum MOM, return on equity ROE, leverage ratio LEV, inflation rate CPI, and dummies for
cross-listing CROSSLIST, new accounting standard ACCT, split-share structure reform REFORM, year effects YEAR, and industry effects IND. Variable definitions are provided in
Appendix A. t-statistics are adjusted for firm- and year-specific clusters.
* Significance at the 10% level.
** Significance at the 5% level.
*** Significance at the 1% level
where CC refers to the implied cost of equity capital measures RDIV, RPEG and ROJN. FIN refers to the stock market development measuresMKTCAP, MKTLIQ and FINAVG. Controlvariables include firm size SIZE, market-to-book ratio MB, market beta BETA, momentum MOM, return on equity ROE, leverage ratio LEV, inflation rate CPI, and dummies forcross-listing CROSSLIST, new accounting standard ACCT, split-share structure reform REFORM, year effects YEAR, and industry effects IND. Variable definitions are provided inAppendix A. t-statistics are adjusted for firm- and year-specific clusters.* Significance at the 10% level.** Significance at the 5% level.*** Significance at the 1% level
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