Co-opted directors and climate risk disclosure – reverse causality
| Total climate risk disclosure | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Co-optiont | −0.015** (−1.97) | |||
| Co-option (TW)t | −0.019** (−2.16) | |||
| Co-option (Independence)t | −0.016* (−1.75) | |||
| Co-option (TW Independence)t | −0.022** (−1.97) | |||
| All other controls | Yes | Yes | Yes | Yes |
| State FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Observations | 878 | 878 | 878 | 878 |
| Adjusted R2 | 0.697 | 0.698 | 0.697 | 0.697 |
| Total climate risk disclosure | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| −0.015 | ||||
| −0.019 | ||||
| −0.016 | ||||
| −0.022 | ||||
| All other controls | Yes | Yes | Yes | Yes |
| State FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Observations | 878 | 878 | 878 | 878 |
| Adjusted | 0.697 | 0.698 | 0.697 | 0.697 |
This table displays the outcomes of regression analysis investigating the reverse causality in the correlation between co-opted directors and corporate climate risk disclosure. All regressions incorporate controls for the fixed effects of state, industry and years. The t-statistics indicated in the parentheses are computed using standard errors cluster at firm-year. The significance levels are denoted by ***(1% significance level), **(5% significance level) and *(10% significance level)
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