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The Impact of Chilean Publicly Traded Firms' Ownership Structures On Performance and Disclosure Levels
Unformatted Document Text:  27 Table 6 Relation between changes in insider and institutional ownership levels to changes in firm value and disclosure levels. Variables (1) ΔQ (2) ΔDIS Constant 0.116/(0.50) -0.021/(0.65) SIZE -0.008/(0.82) 0.010/(0.25) DEBT -0.146/(0.32) 0.030/(0.43) PPE -0.086/(0.31) -0.023/(0.30) Δ Ownership % 0.142/(0.69) 0.351/(0.00) Δ Ownership % 2 -0.883/(0.56) 0.369/(0.35) ΔAFP 0.638/(0.19) 0.139/(0.28) ΔNon-AFP -0.064/(0.75) 0.009/(0.87) PEB -0.008/(0.94) -0.005/(0.85) Adj. R 2 0.3% 20% No. of Observations 629 629 ΔQ = change in Tobin’s Q between (t-1) and t ΔDIS = change in disclosure index between (t-1) and t SIZE = natural logarithm of total assets DEBT = Total debt PPE = Property, plant equipment as a percent of total assets Δ Ownership % = change in insider ownership level between (t-1) and t ΔAFP = change in pension fund or AFP ownership percentage between (t-1) and t ΔNon-AFP = change in Non-AFP ownership percentage between (t-1) and t

Authors: Pizarro, Veronica., Curci, Roberto., Mahenthiran, Sakthi. and Cademartori, David.
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27
Table 6 
Relation between changes in insider and institutional ownership levels to changes in firm 
value and disclosure levels. 
Variables (1) 
ΔQ 
(2) 
ΔDIS 
 
Constant 0.116/(0.50) 
-0.021/(0.65) 
SIZE -0.008/(0.82) 
0.010/(0.25) 
DEBT -0.146/(0.32) 
0.030/(0.43) 
PPE -0.086/(0.31) 
-0.023/(0.30) 
Δ Ownership % 
0.142/(0.69) 
0.351/(0.00) 
Δ Ownership %
2 
-0.883/(0.56) 0.369/(0.35) 
ΔAFP 0.638/(0.19) 
0.139/(0.28) 
ΔNon-AFP -0.064/(0.75) 
0.009/(0.87) 
PEB -0.008/(0.94) 
-0.005/(0.85) 
Adj. R
2
   
 
 
 
 
0.3% 
 
 
20% 
No. 
of 
Observations 
   629 
  629 
ΔQ  
 
= change in Tobin’s Q between (t-1) and t 
ΔDIS    
= change in disclosure index between (t-1) and t 
SIZE 
 
= natural logarithm of total assets 
DEBT  
= 
Total 
debt 
PPE 
 
= Property, plant equipment as a percent of total assets 
Δ Ownership %  = change in insider ownership level between (t-1) and t 
ΔAFP    
= change in pension fund or AFP ownership percentage between (t-1) and t 
ΔNon-AFP 
= change in Non-AFP ownership percentage between (t-1) and t 


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