Creation and Segmentation of the Euronext Stock Exchange and Listed Firms' Liquidity and Accounting Quality: Empirical Evidence
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- Table 7. Regression results for analyses using other accounting quality proxies
- Table 8: Change in accounting quality
- Post-Merger Difference (post-pre) Difference in differences
- Table 8 (continued)
- Table 9. PSM Analyses Panel A:logit regression results
- Table 9 Panel A (continued)
Table 6 (continued) The table includes results from the following OLS regression: NI_Assets = β0Return + β1NegRet + β2Return*NegRet + β3Post + β4Post-Merger*Return + β5Post-Merger*NegRet + β6Post-Merger*Return*NegRet + ε Variables are defined in table 2, and the regressions include firm fixed effects. The table also includes a comparison of the coefficient of interest, i.e. the coefficient on the interaction Post-Merger*Return*NegRet, between the samples of segment and non-segment firms (column 3), non-segment and low-compliance segment firms (column 6), and non-segment and high-compliance segment firms (column 9). Statistical tests on the differences in the coefficients on the triple interaction term are t-tests computed by running stacked regressions in which the first of each pair of models is run after adding an interaction between each term in the model and Segment (column 2), Low-Compliance Segment (column 5), or High-Compliance Segment (column 8) designations. *** indicates statistical significance at the 0.01 level, ** indicates statistical significance at the 0.05 level, and * indicates statistical significance at the 0.10 level (two-tailed test). Table 7. Regression results for analyses using other accounting quality proxies
This table presents results from the regressions used to estimate proxies for earnings, cash flows, and accruals. The proxy for earnings is the residuals from the pooled regression: NI_Assets = f (Size, Sales Growth, OCF/Assets, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges); the proxy for cash flows is the residuals from the pooled regression: OCF_Assets = f (Size, Sales Growth, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges); and the proxy for accruals is the residuals from the pooled regression: Accruals_Assets = f (Size, Sales Growth, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges). *** indicates statistical significance at the 0.01 level, ** indicates statistical significance at the 0.05 level, and * indicates statistical significance at the 0.10 level (two-tailed test). Table 8: Change in accounting quality
(continues on next page) Table 8 (continued) Table 8 includes a comparison between the measures of accounting quality for segment and non-segment companies, non-segment and segment high-complier companies and non-segment and segment low-complier companies in the pre- and post-merger periods. In it, NI, OCF, and Accruals are the residuals from models NI_Assets = f (Size, Sales Growth, OCF/Assets, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges), OCF_Assets = f (Size, Sales Growth, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges), and Accruals_Assets = f (Size, Sales Growth, Leverage, Turn, Auditor, USCROSSLISTED, # of Foreign Exchanges), respectively. The statistical significance of the differences and difference-in-differences is calculated using the bootstrapping procedures described in the paper. *** indicates statistical significance at the 0.01 level, ** indicates statistical significance at the 0.05 level, and * indicates statistical significance at the 0.10 level (two-tailed test). Table 9. PSM Analyses Panel A:logit regression results
(continues on next page) Table 9 Panel A (continued) The panel shows results from two logistic models used to estimate the propensity of firms in our sample to list on a named segment. Model 1 calculates this propensity using firm-year observations from the pre-merger period, while Model 2 uses firm-year observations from the post-merger period. *** indicates statistical significance at the 0.01 level, ** indicates statistical significance at the 0.05 level, and * indicates statistical significance at the 0.10 level. All variables are as defined on Table 2 of the paper. Download 0.65 Mb. Share with your friends:
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