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. 2023 Apr 11;9(4):e15329. doi: 10.1016/j.heliyon.2023.e15329

Table 10.

Path analysis (forward-looking statement disclosure - investor sentiment - stock liquidity).

	(1)	(2)
$V a r i a b l e s$	$S e n t i m e n t s$	$i l l i q_y$
$F L S 200$	0.0682* (0.0371)	−0.0173*** (0.0059)
$S e n t i m e n t s$		0.0151*** (0.0012)
$S h r c r 1$	0.0005*** (0.0002)	0.0003*** (0.0000)
$I n s i$	0.0004*** (0.0001)	0.0002*** (0.0000)
$L e v$	−0.0055 (0.0119)	−0.0132*** (0.0018)
$S i z e$	−0.0013 (0.0027)	−0.0298*** (0.0004)
$l n v p r c$	−0.7664*** (0.0355)	0.0229*** (0.0045)
$A g e$	−0.0084 (0.0103)	−0.0099*** (0.0015)
$P o i d$	0.1116*** (0.0300)	0.0144*** (0.0043)
$V o l a t$	−9.5383*** (0.3973)	−0.0566 (0.0761)
Constant term	0.4868*** (0.0759)	0.7413*** (0.0120)
Time fixed effects	YES	YES
Industry fixed effects	YES	YES
Sample size	14,280	14,280
$R 2$	0.2833	0.4988

Note: (1) *, **, *** indicate significant at the 10%, 5%, and 1% levels, respectively; (2) Robust standard errors are in parentheses.