Table 6 Earnings surprise regression result

C

 + 

166.2321

(124.52)

{0.1825}

−14.669

(31.243)

{0.6389}

ESUR

 + 

−68.665

(69.829)

{0.3259}

19.4656***

(4.5800)

{0.000}

BVPS

 + 

0.0019*

(0.0011)

{0.0810}

0.0018

(0.0028)

{0.5078}

EPS

 + 

−67.373

(69.635)

{0.338}

23.028***

(4.8549)

{0.000}

ESUR*EPS

 + 

−0.1102***

(0.0165)

{0.000}

−0.2501**

(0.1184)

{0.0350}

ESUR*BVPS

 + 

0.0006

(0.0007)

{0.4072}

0.0006

(0.0019)

{0.7308}

CFO

 + 

−0.6457

(0.4490)

{0.1511}

1.6276

(10.872)

{0.8810}

FSIZE

−1.0425*

(0.6051)

{0.0855}

1.0535

(4.9767)

{0.8324}

AR(1)

0.4139***

(0.0802)

{0.000}

R²

0.931

0.578

Adjusted R²

0.919

0. 574

χ² Hausman

37.617 (0.000)

F-statistic

82.341

127.92

Prob(F-stat)

0.000

0.000

Durbin–Watson

2.03

1.34