Multivariate analysis of how CEOs’ and board members’ personal characteristics affect the ESG score of their firm
| Variables | CEOs | Board members |
|---|---|---|
| ESGit (1) | ESGit (2) | |
| CONVICTIONit | 0.001 (0.35) | −0.000 (−0.04) |
| AGEit | −0.018*** (−2.64) | −0.001 (−0.15) |
| SINGLEit | −0.004 (−1.17) | −0.005* (−1.66) |
| EDUCATION_LEVELit | 0.011*** (3.47) | 0.011*** (3.39) |
| TOTAL_INCOMEit | 0.001 (0.67) | −0.004** (−2.33) |
| CHILDREN_UNDER18it | −0.000 (−0.73) | −0.000 (−0.28) |
| BUSINESS_DEGit | −0.024*** (−5.12) | −0.027*** (−5.22) |
| MALEit | 0.009*** (2.67) | 0.011*** (3.26) |
| SIZEit | 0.018*** (11.67) | 0.019*** (12.03) |
| EQUITYit | −0.009** (−2.08) | −0.011** (−2.43) |
| ROAit | 0.010* (1.89) | 0.015*** (2.79) |
| Intercept | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| R-Squared | 0.026 | 0.026 |
| N | 120,384 | 120,384 |
| Variables | CEOs | Board members |
|---|---|---|
| ESG | ESG | |
| 0.001 (0.35) | −0.000 (−0.04) | |
| −0.018 | −0.001 (−0.15) | |
| −0.004 (−1.17) | −0.005 | |
| 0.011 | 0.011 | |
| 0.001 (0.67) | −0.004 | |
| −0.000 (−0.73) | −0.000 (−0.28) | |
| −0.024 | −0.027 | |
| 0.009 | 0.011 | |
| 0.018 | 0.019 | |
| −0.009 | −0.011 | |
| 0.010 | 0.015 | |
| Intercept | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| R-Squared | 0.026 | 0.026 |
| 120,384 | 120,384 |
This table reports the results from re-estimating Models (1) and (2) by adding a new variable, CHILDREN_UNDER18it. The dependent variable ESGit in both columns is the total ESG score of firm i in year t. Column 1 shows the results for the CEOs and Column 2 shows the results for the board members. CHILDREN_UNDER18it is an indicator variable equal to one if the executive has children under 18 years old and zero otherwise. Year-fixed effects and industry-fixed effects are included to control for systematic variations in ESG performance over time and across various industries. Appendix 2 provides definitions for all other variables. T-statistics are reported in parentheses. ***, ** and * denote significance at the 1, 5 and 10% levels, respectively. All continuous variables are winsorized to the 1st and 99th percentiles of their distributions
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