disclosure and Return on Equity, however this relationship is not significant and has only a small influence. As last can be concluded that the assumption of no perfect collinearity is met, none of the variables have a perfect relationship of higher than 0,80. Analysis of regression This paragraph, with the help of table 7, provides the results from the multiple regressions analysis conducted to investigate the impact of prior environmental disclosure on subsequent financial performance. For the financial performance measures are the used the subsequent years; 2004, 2006, 2008 and 2009. The adjusted R square gives some idea of how well the models generalize (Field, 2005). The values for this variable differ from 0,2% to 30,8%, meaning that the explanatory power of the models differs between the six different financial measures, but still high. isn’t The coefficients of EDi for the different financial variables are -0,001, 0,002, -0,001, -0,004, - and 0,000 respectively. These values indicate that as environmental disclosure volume increases with one unit, the ROA decreases with 0,001 unit. Only the values regarding the relationships of EDi with ROA and OPA are significant, meaning that these values for EDi are significant predictors for ROA and OPA for European companies. There can be concluded that he coefficients values for EDi are all relatively small, the relationship between the environmental disclosure volume and the financial performance are proposed to almost have no effect. As last can be concluded over the control variables that SIZEi is insignificantly positive related to all financial performance variables, except for Cash ROE whereby the SIZEi is insignificantly negatively related. From table 7 can also be concluded that the LEVi is negatively related to ROA, ROE, Cash ROA and OPE, for the other two financial performance variables is the relationship positive. Only the relationship between LEVi and ROE is significant. The industry variable INDi (CGs vs Financials) is negatively related for all, three of the six relationships are significant. This means that the financial variable of the companies in the financial industry is relatively poorer than companies in the consumer goods industry. The industry variable CGs vs Industrials is significantly positively related with ROE, further relationships are not significant. The industry telecommunications is positively and negatively related to the financial variables, whereby the results of ROA, Cash ROA, Cash ROE and OPA are significant. Also the INDi
disclosure and Return on Equity, however this relationship is not significant and has only a small influence. As last can be concluded that the assumption of no perfect collinearity is met, none of the variables have a perfect relationship of higher than 0,80. Analysis of regression This paragraph, with the help of table 7, provides the results from the multiple regressions analysis conducted to investigate the impact of prior environmental disclosure on subsequent financial performance. For the financial performance measures are the used the subsequent years; 2004, 2006, 2008 and 2009. The adjusted R square gives some idea of how well the models generalize (Field, 2005). The values for this variable differ from 0,2% to 30,8%, meaning that the explanatory power of the models differs between the six different financial measures, but still isn’t high. The coefficients of EDi for the different financial variables are -0,001, 0,002, -0,001, -0,004, and 0,000 respectively. These values indicate that as environmental disclosure volume increases with one unit, the ROA decreases with 0,001 unit. Only the values regarding the relationships of EDi with ROA and OPA are significant, meaning that these values for EDi are significant predictors for ROA and OPA for European companies. There can be concluded that he coefficients values for EDi are all relatively small, the relationship between the environmental disclosure volume and the financial performance are proposed to almost have no effect. As last can be concluded over the control variables that SIZEi is insignificantly positive related to all financial performance variables, except for Cash ROE whereby the SIZEi is insignificantly negatively related. From table 7 can also be concluded that the LEVi is negatively related to ROA, ROE, Cash ROA and OPE, for the other two financial performance variables is the relationship positive. Only the relationship between LEVi and ROE is significant. The industry variable INDi (CGs vs Financials) is negatively related for all, three of the six relationships are significant. This means that the financial variable of the companies in the financial industry is relatively poorer than companies in the consumer goods industry. The industry variable CGs vs Industrials is significantly positively related with ROE, further relationships are not significant. The industry telecommunications is positively and negatively related to the financial variables, whereby the results of ROA, Cash ROA, Cash ROE and OPA are significant. Also the INDi -