Results of logistic regressions
| Model | Equation (1) – Multinomial logistic regression (base: UP-C) | Equation (2) – Multinomial logistic regression (base: MP-NC) | ||||
|---|---|---|---|---|---|---|
| Independent variables | k = 1: MP-INC (1a) | k = 2: LP-CONS (1b) | k = 3: HP-CONS (1c) | k = 1: MP-INC (2a) | k = 2: LP-CONS (2b) | k = 3: HP-CONS (2c) |
| StakeholderEngagement | 1.893*** (0.175) | 2.420*** (0.603) | 3.755*** (0.717) | 2.343*** (0.121) | 3.048*** (0.725) | 4.556*** (0.809) |
| SustCommittee | 1.466*** (0.141) | 1.987*** (0.503) | 2.048*** (0.384) | 1.398*** (0.076) | 1.859** (0.449) | 1.875*** (0.317) |
| SustAssurance | 1.520*** (0.150) | 1.295 (0.297) | 1.834*** (0.289) | 1.427*** (0.073) | 1.215 (0.270) | 1.778*** (0.243) |
| EMTs | 1.253* (0.118) | 1.397 (0.301) | 1.253 (0.197) | 0.854 (0.046) | 1.053 (0.211) | 0.912 (0.119) |
| GCsignatory | 1.286** (0.142) | 1.486* (0.306) | 1.380** (0.214) | 0.982 (0.050) | 1.114 (0.217) | 1.057 (0.132) |
| ExecutiveSustComp | 1.023 (0.099) | 1.108 (0.214) | 0.861 (0.131) | 1.443*** (0.069) | 1.610*** (0.278) | 1.263* (0.156) |
| Controls | YES | YES | YES | YES | YES | YES |
| Industry fixed effects | YES | YES | YES | YES | YES | YES |
| Region fixed effects | YES | YES | YES | YES | YES | YES |
| Constant | 0.005*** (0.002) | 0.000*** (0.000) | 0.000*** (0.000) | 5.291*** (1.921) | 0.0755** (0.094) | 0.480 (0.467) |
| Observations (group) | 4,186 | 167 | 377 | 4,186 | 167 | 377 |
| Observations (total) | 5,601 | 12,130 | ||||
| Pseudo R-squared | 0.1104 | 0.0782 | ||||
| Model | ||||||
|---|---|---|---|---|---|---|
| 1.893 | 2.420 | 3.755 | 2.343 | 3.048 | 4.556 | |
| 1.466 | 1.987 | 2.048 | 1.398 | 1.859 | 1.875 | |
| 1.520 | 1.295 (0.297) | 1.834 | 1.427 | 1.215 (0.270) | 1.778 | |
| 1.253 | 1.397 (0.301) | 1.253 (0.197) | 0.854 (0.046) | 1.053 (0.211) | 0.912 (0.119) | |
| 1.286 | 1.486 | 1.380 | 0.982 (0.050) | 1.114 (0.217) | 1.057 (0.132) | |
| 1.023 (0.099) | 1.108 (0.214) | 0.861 (0.131) | 1.443 | 1.610 | 1.263 | |
| Controls | YES | YES | YES | YES | YES | YES |
| Industry fixed effects | YES | YES | YES | YES | YES | YES |
| Region fixed effects | YES | YES | YES | YES | YES | YES |
| Constant | 0.005 | 0.000 | 0.000 | 5.291 | 0.0755 | 0.480 (0.467) |
| Observations (group) | 4,186 | 167 | 377 | 4,186 | 167 | 377 |
| Observations (total) | 5,601 | 12,130 | ||||
| Pseudo | 0.1104 | 0.0782 | ||||
Note(s): Robust standard errors in parentheses. ***p < 0.01, **p < 0.05 and *p < 0.1. The table shows the results of regression analysis. Coefficients are odds ratios. One-year lag between dependent and independent variables. UP-C (“Unmeasurable performance – Communication”). MP-NC (“Measurable performance – No Communication”). MP-INC: “Measurable performance – Communication SDG-inconsistent”. LP-CONS: “Lower performance – Communication SDG-consistent”. HP-CONS: “Higher performance – Communication SDG-consistent”. Categories and relative labels are defined in subsection 3.1.3
Source(s): Authors’ own work
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