Future Business Journal

Table 7 Regression models using cost of equity in the following year

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

Variables	Model (1)		Model (2)
Variables	Coef.	P-value	Coef.	P-value
Constant	0.138	0.000***	0.099	0.000***
ROA	− 0.065	0.039**	0.307	0.003***
RDQ	–	–	0.007	0.107
ROA x RDQ	–	–	− 0.122	0.002***
Size	0.003	0.017**	0.004	0.015**
Leverage	0.016	0.041**	0.017	0.039**
EQ	0.003	0.965	− 0.005	0.929
Liquidity	0.000	0.053*	0.000	0.813
Year fixed effect	Included	Included
Industry fixed effect	Included	Included
R²	10.6%	13.1%
F − Values	8.47***	9.42***
No. of observations	219	219

*Significant at level 10%, **Significant at level 5%, ***Significant at level 1%
No serious multicollinearity in both models

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