Future Business Journal

Table 8 Robustness test of using Tobin’s Q to proxy the firm performance in the regression models

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	0.225	0.000	0.31	0.001
TQ	0.004	0.026	− 0.14	0.096*
RDQ	–	–	− 0.026	0.172
TQ x RDQ	–	–	0.044	0.089*
Size	− 0.003	0.333	− 0.003	0.264
Leverage	0.026	0.004	0.016	0.202
EQ	− 0.027	0.63	− 0.029	0.597
Liquidity	0.000	.145	− 0.001	0.253
Year fixed effect	Included		Included
Industry fixed effect	Included		Included
R²	7.3%		8.85%
F-Values	4.78**		4.73***
No. of observations	219		219

*Significant at level 10%, **Significant at level 5%, ***Significant at level 1%

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