Correlation matrix
| CEDisc | BoGenDiv | ESGContr | BoGenDiv × ESGContr | Profit | Lev | FirmSize | BoTen | BoMeet | BoSize | BoInd | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CEDisc | 1,000 | ||||||||||
| BoGenDiv | 0.0695*** | 1,000 | |||||||||
| ESGContr | 0.0173 | −0.0398** | 1,000 | ||||||||
| BoGenDiv × ESGContr | 0.0188 | 0.1543*** | 0.8777*** | 1,000 | |||||||
| Profit | 0.0574*** | 0.0521*** | −0.0867*** | −0.0610*** | 1,000 | ||||||
| Lev | −0.1142*** | −0.1156*** | 0.3811*** | 0.3224*** | −0.2355*** | 1,000 | |||||
| FirmSize | −0.0125 | 0.0650*** | −0.0257 | −0.0137 | −0.1847*** | −0.0401** | 1,000 | ||||
| BoTen | 0.0423*** | 0.0156 | −0.0093 | −0.0093 | 0.0798*** | −0.0087 | −0.1184*** | 1,000 | |||
| BoMeet | 0.0016 | 0.0231 | 0.0020 | 0.0049 | −0.0848*** | 0.0512** | 0.0603*** | −0.1295*** | 1,000 | ||
| BoSize | −0.0893*** | −0.1783*** | 0.2984*** | 0.2242*** | −0.1459*** | 0.5590*** | −0.0222 | −0.0053 | −0.0535*** | 1,000 | |
| BoInd | 0.0900*** | 0.1788*** | −0.0276** | 0.0221 | 0.0107 | −0.0497*** | 0.0565*** | −0.0131 | 0.1819*** | −0.2956*** | 1,000 |
| 1,000 | |||||||||||
| 0.0695 | 1,000 | ||||||||||
| 0.0173 | −0.0398 | 1,000 | |||||||||
| 0.0188 | 0.1543 | 0.8777 | 1,000 | ||||||||
| 0.0574 | 0.0521 | −0.0867 | −0.0610 | 1,000 | |||||||
| −0.1142 | −0.1156 | 0.3811 | 0.3224 | −0.2355 | 1,000 | ||||||
| −0.0125 | 0.0650 | −0.0257 | −0.0137 | −0.1847 | −0.0401 | 1,000 | |||||
| 0.0423 | 0.0156 | −0.0093 | −0.0093 | 0.0798 | −0.0087 | −0.1184 | 1,000 | ||||
| 0.0016 | 0.0231 | 0.0020 | 0.0049 | −0.0848 | 0.0512 | 0.0603 | −0.1295 | 1,000 | |||
| −0.0893 | −0.1783 | 0.2984 | 0.2242 | −0.1459 | 0.5590 | −0.0222 | −0.0053 | −0.0535 | 1,000 | ||
| 0.0900 | 0.1788 | −0.0276 | 0.0221 | 0.0107 | −0.0497 | 0.0565 | −0.0131 | 0.1819 | −0.2956 | 1,000 |
Note(s): Dependent variable. CEDisc: Unweighted sum of 12 environmental items disclosed by companies, assigning value 1 when the company does present information on that environmental aspect and 0 otherwise; Independent variable. BoGenDiv: Percentage of female on the board; Moderating variable. ESGContr: 100 minus the ESG Controversy Score, that is calculated based on 23 ESG controversy topics; Interaction term. BoGenDiv * ESGContr: Two ways interaction term obtained by multiplying the BoGenDiv and ESGContr; Control variables. Profit: Return on assets; Lev: Long-term debt divided by total assets; FirmSize: Natural logarithm of total assets; BoTen: Average number of years each board member has been on the board; BoMeet: Number of board meetings during the year; BoSize: Total number of board members at the end of the fiscal year; BoInd: Percentage of independent directors on the board. ***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Developed by authors