TABLE 7.

MCD disclosure and value relevance of financial information.

Panel A
Group	Adj. R2
Top 50%	0.3343
The other 50%	0.3012
Panel B
Total score	Adj. R2
Top 25%	0.3498
25–50%	0.2871
50–75%	0.2904
The rest 25%	0.2630