Multivariate analysis of how CEOs’ personal characteristics affect the ESG score of their firm
| Variables | Exp. sign | ESGit (1) | Sub-scores | ||
|---|---|---|---|---|---|
| Environmentalit (2) | Socialit (3) | Governanceit (4) | |||
| CEO_CONVit | – | 0.001 (0.35) | −0.001 (−0.67) | 0.001 (0.84) | 0.001 (0.31) |
| CEO_AGEit | – | −0.015** (−2.53) | −0.003 (−1.57) | −0.004 (−1.31) | −0.008*** (−2.62) |
| CEO_SINGLEit | – | −0.003 (−0.97) | 0.000 (0.07) | −0.001 (−0.89) | −0.002* (−1.12) |
| CEO_EDUit | + | 0.011*** (3.45) | 0.000 (0.15) | 0.002 (1.60) | 0.008*** (5.00) |
| CEO_INCOMEit | + | 0.001 (0.62) | 0.001 (1.18) | −0.001 (−1.43) | 0.001 (1.37) |
| CEO_BUS_DEGit | + | −0.024*** (−5.12) | 0.001 (0.56) | −0.012*** (−7.50) | −0.012*** (−4.85) |
| CEO_MALEit | + | 0.009*** (2.64) | −0.000 (−0.24) | 0.005*** (3.42) | 0.004** (2.41) |
| SIZEit | + | 0.018*** (11.67) | 0.005*** (9.15) | 0.005*** (7.89) | 0.008*** (10.51) |
| EQUITYit | + | −0.009** (−2.06) | 0.000 (0.21) | −0.002 (−1.14) | −0.007*** (−3.01) |
| ROAit | + | 0.010** (1.88) | −0.002 (−1.03) | 0.008*** (3.21) | 0.003 (1.02) |
| Intercept | Yes | Yes | Yes | Yes | |
| Year FE | Yes | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | Yes | |
| R-Squared | 0.027 | 0.017 | 0.013 | 0.023 | |
| N | 120,384 | 120,384 | 120,384 | 120,384 | |
| Variables | Exp. | ESG | Sub-scores | ||
|---|---|---|---|---|---|
| Environmental | Social | Governance | |||
| – | 0.001 (0.35) | −0.001 (−0.67) | 0.001 (0.84) | 0.001 (0.31) | |
| – | −0.015** (−2.53) | −0.003 (−1.57) | −0.004 (−1.31) | −0.008*** (−2.62) | |
| – | −0.003 (−0.97) | 0.000 (0.07) | −0.001 (−0.89) | −0.002* (−1.12) | |
| + | 0.011*** (3.45) | 0.000 (0.15) | 0.002 (1.60) | 0.008*** (5.00) | |
| + | 0.001 (0.62) | 0.001 (1.18) | −0.001 (−1.43) | 0.001 (1.37) | |
| + | −0.024*** (−5.12) | 0.001 (0.56) | −0.012*** (−7.50) | −0.012*** (−4.85) | |
| + | 0.009*** (2.64) | −0.000 (−0.24) | 0.005*** (3.42) | 0.004** (2.41) | |
| + | 0.018*** (11.67) | 0.005*** (9.15) | 0.005*** (7.89) | 0.008*** (10.51) | |
| + | −0.009** (−2.06) | 0.000 (0.21) | −0.002 (−1.14) | −0.007*** (−3.01) | |
| + | 0.010** (1.88) | −0.002 (−1.03) | 0.008*** (3.21) | 0.003 (1.02) | |
| Intercept | Yes | Yes | Yes | Yes | |
| Year FE | Yes | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | Yes | |
| R-Squared | 0.027 | 0.017 | 0.013 | 0.023 | |
| 120,384 | 120,384 | 120,384 | 120,384 | ||
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