Table 4 Univariate analysis of how CEOs’...

Table 4

Univariate analysis of how CEOs’ and board members’ personal characteristics affect the ESG performance of their firm

Variables	High score (7<ESG <10) n = 92,354	Low score (4<ESG <6) n = 28,030	p-value for difference
CEO_AGE_it	49.89	50.32	<0.001
CEO_EDU_it	2.35	1.72	<0.001
CEO_INCOME_it	11.27	11.12	<0.001
CEO_CONV_it	0.23	0.27	<0.001
CEO_SINGLE_it	0.26	0.27	<0.001
BOARD_CONV_it	0.19	0.22	<0.001
BOARD_AGE_it	50.56	50.37	0.014
BOARD_SINGLE_it	0.29	0.32	<0.001
BOARD_EDU_it	2.31	1.75	<0.001
BOARD_INCOME_it	11.14	10.95	<0.001
CEO_MALE_it	0.82	0.88	<0.001
BOARD_MALE_it	0.72	0.73	0.019
CEO_BUS_DEG_it	0.15	0.11	<0.001
BOARD_BUS_DEG_it	0.16	0.12	<0.001
SIZE_it	13.61	13.81	<0.001
EQUITY_it	0.50	0.46	<0.001
ROA_it	0.13	0.09	<0.001

Variables	High score(7<ESG <10)n = 92,354	Low score(4<ESG <6)n = 28,030	p-value for difference
CEO_AGE_it	49.89	50.32	<0.001
CEO_EDU_it	2.35	1.72	<0.001
CEO_INCOME_it	11.27	11.12	<0.001
CEO_CONV_it	0.23	0.27	<0.001
CEO_SINGLE_it	0.26	0.27	<0.001
BOARD_CONV_it	0.19	0.22	<0.001
BOARD_AGE_it	50.56	50.37	0.014
BOARD_SINGLE_it	0.29	0.32	<0.001
BOARD_EDU_it	2.31	1.75	<0.001
BOARD_INCOME_it	11.14	10.95	<0.001
CEO_MALE_it	0.82	0.88	<0.001
BOARD_MALE_it	0.72	0.73	0.019
CEO_BUS_DEG_it	0.15	0.11	<0.001
BOARD_BUS_DEG_it	0.16	0.12	<0.001
SIZE_it	13.61	13.81	<0.001
EQUITY_it	0.50	0.46	<0.001
ROA_it	0.13	0.09	<0.001

Notes:

The table reports the mean values of the main variables of interest, which are grouped into high and low ESG scores. The binomial variables (CEO_CONV_it, CEO_MALE_it, CEO_BUS_DEG_it and CEO_SINGLE_it) were tested using a Chi-squared test. The other variables are tested using a T-test. All variables are defined in Appendix 2

Source: Author’s own work

[ViewLarge]

Sharing Unavailable