Table 6.

Mandatory sustainability reporting and disclosure-performance gap in EU companies compared to non-EU OECD companies

Dependent variable: dis_perf_gap
VariablesModel 1Model 2Model 3Model 4
EU×Post0.0242*** 0.0722***0.0118***
(4.696) (27.067)(2.803)
Firm_size −0.0028**−0.0053−0.0200
 (−2.386)(4.362) 
ROA 0.01980.1330*** 
 (0.960)(6.351) 
Tobins_q −0.0045***−0.0101***−0.0018**
 (−6.266)(−7.595)(−2.369)
Leverage 0.0014***−0.014***0.0001
 (4.758)(−2.751)(0.462)
Slack_resources −0.0222−0.0256** 
 (−1.548)(−2.195) 
Environmental_perf −0.0097***−0.0174*** 
 (−5.169)(−6.899) 
Social_perf −0.0919***−0.1353*** 
 (−35.356)(−42.017) 
Governance_perf −0.0973***−0.1219*** 
 (−37.417)(−44.469) 
Ownership_structure 0.0131***0.0153***0.0010***
 (12.858)(14.517)(0.886)
Board_size 0.0278***0.0294***0.0211***
 (6.184)(6.774)(4.174)
Board_independence 0.0582***0.0639***0.0043**
 (28.883)(31.019)(2.026)
Firm FEYesYesYesYes
Industry FEYesYesYesYes
Year FEYesYesYesYes
R20.070.30.400.10
N15,11015,11015,11015,110
Note(s):

***, **, *represent the significance levels of the coefficients at 1, 5 and 10%, respectively; parentheses include t-statistics

Source(s): Created by author
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