. 2022 Nov 14;13:1003081. doi: 10.3389/fpsyg.2022.1003081

Table 13.

CG_index, financial transparency and stock liquidity (OLS Estimation).

Variables	Amihud	Amihud	LM	LM	Amihud	Amihud	LM	LM	Amihud	Amihud	LM	LM
CG_Index X. E_Aggres	0.00332^**	0.00342^**	2.022^**	0.0443^**
	(2.017)	(2.049)	(2.185)	(2.137)
E_Aggres	0.00454^*	0.00454^*	3.984	4.452
	(1.920)	(1.926)	(1.188)	(1.383)
Loss_Avoid X CG_Index					0.0543^***	0.0508^**	3.146^**	2.548^*
					(3.161)	(2.358)	(2.180)	(1.764)
Loss_Avoid					6.58e-05	0.000114	3.373^*	2.421
					(0.134)	(0.231)	(1.658)	(1.194)
CG_Index X E_Sm3									0.0011^***	0.00116^***	2.903^*	7.677^**
									(2.609)	(2.663)	(1.952)	(2.480)
E_Sm3									0.00157^**	0.00155^**	0.849	−0.0732
									(2.052)	(1.976)	(0.200)	(−0.0174)
CG_Index	0.000355^**	0.000355^**	−0.964^*	−0.278	0.000267^**	0.000255^*	−0.440	0.236	−0.000824^*	−0.000885^*	−0.165	0.751
	(2.372)	(2.243)	(−1.796)	(−0.472)	(2.242)	(1.936)	(−0.789)	(0.393)	(−1.770)	(−1.848)	(−0.0519)	(0.241)

Leverage	−0.000605	−0.000699	4.235^**	6.025^***	−0.00118	−0.00128	5.986^***	7.644^***	−0.00121	−0.00133	5.598^***	7.393^***
	(−0.693)	(−0.741)	(2.125)	(2.887)	(−1.588)	(−1.595)	(2.821)	(3.447)	(−1.602)	(−1.618)	(2.664)	(3.341)
Size	−0.000117	−0.000124	−4.455^***	−4.516^***	−0.000194^*	−0.000201	−5.046^***	−5.109^***	−0.000193^*	−0.000206	−5.095^***	−5.150^***
	(−1.010)	(−0.914)	(−8.631)	(−7.477)	(−1.813)	(−1.533)	(−10.56)	(−9.049)	(−1.851)	(−1.615)	(−10.60)	(−9.036)
Age	0.000236	0.000246	0.549	1.917	0.000383	0.000493	0.932	2.391	0.000388	0.000501	1.159	2.526^*
	(0.730)	(0.667)	(0.518)	(1.379)	(1.195)	(1.331)	(0.785)	(1.569)	(1.177)	(1.316)	(0.984)	(1.676)
S_Price	−0.000170^*	−0.000220	4.487^***	5.830^***	−6.54e-05	−0.000127	4.867^***	6.134^***	−6.99e-05	−0.000130	4.790^***	6.092^***
	(−1.770)	(−1.637)	(7.850)	(8.018)	(−0.625)	(−0.893)	(8.807)	(8.825)	(−0.661)	(−0.908)	(8.777)	(8.796)
Volatility	0.0680^***	0.0674^***	32.85^**	23.92	0.0796^***	0.0789^***	64.96^***	57.21^***	0.0802^***	0.0794^***	64.62^***	56.56^***
	(2.997)	(2.936)	(1.968)	(1.464)	(4.705)	(4.608)	(4.200)	(3.775)	(4.700)	(4.598)	(4.152)	(3.698)
Constant	0.000211	0.000223	81.92^***	61.84^***	0.00110	0.000756	90.63^***	70.44^***	−0.000465	−0.000681	91.01^***	71.75^***
	(0.0732)	(0.0690)	(7.346)	(4.949)	(0.422)	(0.243)	(8.544)	(5.942)	(−0.159)	(−0.201)	(8.045)	(5.719)
Observations	2,080	2,080	2,070	2,070	2,332	2,332	2,321	2,321	2,332	2,332	2,321	2,321
R-squared	0.267	0.273	0.087	0.139	0.318	0.325	0.115	0.160	0.319	0.326	0.113	0.159
Industry FE	No	Yes	No	Yes	No	Yes	No	Yes	No	Yes	No	Yes

Robust t-statistics in parentheses.

^***

p < 0.01;

^**

p < 0.05;

p <0.1.