Multivariate analysis of how CEOs’ and board members’ personal characteristics affect the ESG score of their firm: Ordered logit regressions
| Variables | CEOs | Board members |
|---|---|---|
| ESGit (1) | ESGit (2) | |
| CONVICTIONit | 0.088 (0.90) | 0.089 (0.75) |
| AGEit | −0.570*** (−3.40) | −0.065 (−0.35) |
| SINGLEit | −0.132 (−1.42) | −0.145* (−1.37) |
| EDUCATION_LEVELit | 0.325*** (3.42) | 0.361*** (3.40) |
| TOTAL_INCOMEit | 0.018 (0.37) | −0.142** (−2.78) |
| BUSINESS_DEGREEit | −0.790*** (−5.77) | −0.910*** (−5.70) |
| MALEit | 0.481*** (3.57) | 0.454*** (3.75) |
| SIZEit | 0.360*** (13.78) | 0.418*** (15.91) |
| EQUITYit | −0.233** (−1.83) | −0.262** (−2.05) |
| ROAit | 0.463* (2.75) | 0.600*** (3.45) |
| Intercept | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| N | 120,384 | 120,384 |
| Variables | CEOs | Board members |
|---|---|---|
| ESG | ESG | |
| 0.088 (0.90) | 0.089 (0.75) | |
| −0.570*** (−3.40) | −0.065 (−0.35) | |
| −0.132 (−1.42) | −0.145* (−1.37) | |
| 0.325*** (3.42) | 0.361*** (3.40) | |
| 0.018 (0.37) | −0.142** (−2.78) | |
| −0.790*** (−5.77) | −0.910*** (−5.70) | |
| 0.481*** (3.57) | 0.454*** (3.75) | |
| 0.360*** (13.78) | 0.418*** (15.91) | |
| −0.233** (−1.83) | −0.262** (−2.05) | |
| 0.463* (2.75) | 0.600*** (3.45) | |
| Intercept | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| N | 120,384 | 120,384 |
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