Table 2 Board benevolence, CEO...

Table 2

Board benevolence, CEO benevolence, and corporate environmental performance

Parameter	Estimate	Estimate
Parameter	H1	H2
Intercept	−0.546	9.401
Intercept	[0.020]	[0.310]
BOARDBEN	9.982^***	6.115^*
BOARDBEN	[3.310]	[1.770]
CEOBEN		−1.907
CEOBEN		[1.230]
BOARDBEN^*CEOBEN		5.572^**
BOARDBEN^*CEOBEN		[2.010]
ROE	0.038	0.041
ROE	[1.220]	[1.330]
LNCAPEX	1.366^**	1.282^**
LNCAPEX	[2.300]	[2.150]
LEV	4.695	5.318
LEV	[1.150]	[1.300]
FAGE	0.068^*	0.068^*
FAGE	[1.740]	[1.730]
LNTA	3.827^***	3.711
LNTA	[5.820]	[5.590]
MBV	−0.134	−0.149
MBV	[0.550]	[0.620]
BDIND	6.110	6.022
BDIND	[1.640]	[1.620]
BDSIZE	4.143^***	4.135^***
BDSIZE	[8.960]	[8.960]
BDDIV	39.037^***	40.115^***
BDDIV	[5.870]	[5.980]
CEODUA	1.789	1.736
CEODUA	[0.760]	[0.740]
CEOGEN	−13.025^***	−12.836^***
CEOGEN	[3.680]	[3.610]
CEOTEN	0.424^***	0.404^***
CEOTEN	[2.830]	[2.700]
Year and Industry FE	Yes	Yes
Log Likelihood	−3580	−3578
Number of Observations	920	920

Parameter	Estimate	Estimate
Parameter	H1	H2
Intercept	−0.546	9.401
Intercept	[0.020]	[0.310]
BOARDBEN	9.982^***	6.115^*
BOARDBEN	[3.310]	[1.770]
CEOBEN		−1.907
CEOBEN		[1.230]
BOARDBEN^*CEOBEN		5.572^**
BOARDBEN^*CEOBEN		[2.010]
ROE	0.038	0.041
ROE	[1.220]	[1.330]
LNCAPEX	1.366^**	1.282^**
LNCAPEX	[2.300]	[2.150]
LEV	4.695	5.318
LEV	[1.150]	[1.300]
FAGE	0.068^*	0.068^*
FAGE	[1.740]	[1.730]
LNTA	3.827^***	3.711
LNTA	[5.820]	[5.590]
MBV	−0.134	−0.149
MBV	[0.550]	[0.620]
BDIND	6.110	6.022
BDIND	[1.640]	[1.620]
BDSIZE	4.143^***	4.135^***
BDSIZE	[8.960]	[8.960]
BDDIV	39.037^***	40.115^***
BDDIV	[5.870]	[5.980]
CEODUA	1.789	1.736
CEODUA	[0.760]	[0.740]
CEOGEN	−13.025^***	−12.836^***
CEOGEN	[3.680]	[3.610]
CEOTEN	0.424^***	0.404^***
CEOTEN	[2.830]	[2.700]
Year and Industry FE	Yes	Yes
Log Likelihood	−3580	−3578
Number of Observations	920	920

Note(s): Significance is denoted by ^*p < 0.10, ^**p < 0.05, ^***p < 0.01 and t-values are reported in parentheses below estimates. All the variable descriptions are provided in Appendix

Source(s): Authors’ own work

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