Risk Disclosure and Firm Value: Evidence from the United Kingdom
Publié en ligne: 29 janv. 2021
Pages: 15 - 24
© 2021 Tache Marta, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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 |