Multivariate analysis of how board members’ personal characteristics affect the ESG score of their firm
| Variables | Sub-scores | ||||
|---|---|---|---|---|---|
| Exp. sign | ESGit (1) | Environmentalit (2) | Socialit (3) | Governanceit (4) | |
| BOARD_CONVit | – | −0.000 (−0.05) | −0.001 (−0.47) | 0.000 (0.07) | 0.000 (0.15) |
| BOARD_AGEit | – | −0.000 (−0.02) | 0.001 (0.58) | −0.002 (−0.90) | 0.001 (0.40) |
| BOARD_SINGLEit | – | −0.005 (−1.60) | −0.000 (−0.28) | −0.003** (−2.02) | −0.001 (−0.85) |
| BOARD_EDUit | + | 0.011*** (3.39) | 0.001 (0.91) | 0.002 (1.06) | 0.009*** (4.88) |
| BOARD_INCOMEit | + | −0.005** (−2.35) | −0.001 (−1.06) | −0.002** (−2.55) | −0.002* (−1.68) |
| BOARD_BUS_DEGit | + | −0.027*** (−5.22) | −0.002 (−1.34) | −0.011*** (−4.67) | −0.013*** (−4.81) |
| BOARD_MALEit | + | 0.011*** (3.25) | 0.001 (1.18) | 0.004** (2.44) | 0.005*** (3.09) |
| SIZEit | + | 0.019*** (12.01) | 0.005*** (8.96) | 0.005*** (8.16) | 0.009*** (11.20) |
| EQUITYit | + | −0.010** (−2.43) | −0.000 (−0.14) | −0.003 (−1.37) | −0.008*** (−3.30) |
| ROAit | + | 0.015*** (2.78) | −0.000 (−0.24) | 0.009*** (3.44) | 0.006* (1.89) |
| Intercept | Yes | Yes | Yes | Yes | |
| Year FE | Yes | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | Yes | |
| R-Squared | 0.023 | 0.016 | 0.013 | 0.022 | |
| N | 120,384 | 120,384 | 120,384 | 120,384 | |
| Variables | Sub-scores | ||||
|---|---|---|---|---|---|
| Exp. | ESG | Environmental | Social | Governance | |
| – | −0.000 (−0.05) | −0.001 (−0.47) | 0.000 (0.07) | 0.000 (0.15) | |
| – | −0.000 (−0.02) | 0.001 (0.58) | −0.002 (−0.90) | 0.001 (0.40) | |
| – | −0.005 (−1.60) | −0.000 (−0.28) | −0.003** (−2.02) | −0.001 (−0.85) | |
| + | 0.011*** (3.39) | 0.001 (0.91) | 0.002 (1.06) | 0.009*** (4.88) | |
| + | −0.005** (−2.35) | −0.001 (−1.06) | −0.002** (−2.55) | −0.002* (−1.68) | |
| + | −0.027*** (−5.22) | −0.002 (−1.34) | −0.011*** (−4.67) | −0.013*** (−4.81) | |
| + | 0.011*** (3.25) | 0.001 (1.18) | 0.004** (2.44) | 0.005*** (3.09) | |
| + | 0.019*** (12.01) | 0.005*** (8.96) | 0.005*** (8.16) | 0.009*** (11.20) | |
| + | −0.010** (−2.43) | −0.000 (−0.14) | −0.003 (−1.37) | −0.008*** (−3.30) | |
| + | 0.015*** (2.78) | −0.000 (−0.24) | 0.009*** (3.44) | 0.006* (1.89) | |
| Intercept | Yes | Yes | Yes | Yes | |
| Year FE | Yes | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | Yes | |
| R-Squared | 0.023 | 0.016 | 0.013 | 0.022 | |
| N | 120,384 | 120,384 | 120,384 | 120,384 | |
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