Firm performance and cost of equity capital: the moderating role of narrative risk disclosure quality in Egypt

Future Business Journal

Table 3 Descriptive statistics of multiple regression model (1) and model (2) variables for years 2018, 2019, and 2020

Year / Variables	Mean			Median			Std. Deviation			Min.			Max.			Range
Year / Variables	2018	2019	2020	2018	2019	2020	2018	2019	2020	2018	2019	2020	2018	2019	2020	2018	2019	2020
Dependent variable
Cost of equity	0.16	0.17	0.14	0.18	0.17	0.15	0.10	0.03	0.11	− 0.60	0.06	− 0.34	0.23	0.23	0.84	0.82	0.17	1.18
Independent variable
ROA	0.11	0.11	0.08	0.09	0.11	0.07	0.12	0.12	− 0.22	− 0.25	− 0.25	− 0.42	0.44	0.41	0.37	0.66	0.66	0.79
Quantity	4.26	4.24	4.30	4.26	4.28	4.33	0.74	0.61	0.61	1.95	2.08	2.08	7.60	5.39	5.35	5.66	3.31	3.27
Cover	0.40	0.40	0.42	0 .4	0.42	0.44	0.07	0.07	0.06	0.21	0.21	0.21	0.49	0.49	0.50	0.28	0.29	0.29
Depth Qual	0.14	0.14	0.60	0	0	0	0.42	0.42	0.87	0	0	0	2.20	2.08	2.48	2.19	2.08	2.49
Depth Quan	2.76	2.81	2.87	2.99	2.94	3.04	1.08	1.03	1.07	0	0	0	4.51	4.49	4.38	4.51	4.49	4.38
Outlook	2.01	2.02	2.09	2.08	2.08	2.08	0.61	0.67	0.63	0	0	0	3.33	3.13	3.26	3.33	3.13	3.26
RDQ Score	3.43	3.45	3.59	3.50	3.49	3.66	0.75	0.73	0.79	0.90	0.85	0.85	4.83	4.92	4.97	3.93	4.08	4.12
Size	14.4	14.24	14.2	14.3	14.1	14.1	1.76	1.83	1.67	10.39	10.12	10.80	17.29	17.81	17.36	6.89	7.69	6.56
Lev	0.16	0.20	0.25	0.01	0.03	0.05	0.41	0.43	0.51	0	0	0	2.56	2.67	3.16	2.56	2.66	3.16
EQ	− 0.08	− 0.09	− 0.06	− 0.05	− 0.06	− 0.04	0.08	0.10	0.05	− 0.48	− 0.56	− 0.22	− 0.001	− 0.001	− 0.001	0.48	0.56	0.22
Liq	2.02	1.88	1.90	0.96	0.96	0.93	5.95	6.14	6.17	0.05	0	0.11	50.75	53.18	53.20	50.70	53.18	53.09