Mandatory sustainability reporting and disclosure-performance gap in civil law countries compared to other EU countries
| Dependent variable: dis_perf_gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Civ_law×Post | −0.0578*** | −0.0186*** | −0.0421*** | |
| (−21.320) | (−3.876) | (−9.698) | ||
| Firm_size | 0.0093*** | 0.0085*** | 0.0127*** | |
| (4.875) | (4.400) | (6.712) | ||
| ROA | 0.1993*** | 0.1587*** | 0.1144*** | |
| (4.417) | (3.844) | (3.264) | ||
| Tobins_q | −0.0094*** | −0.0082*** | ||
| (−4.671) | (−4.107) | |||
| Leverage | −0.0440*** | −0.0420*** | ||
| (−4.362) | (−4.087) | |||
| Slack_resources | −0.0029 | −0.0018 | −0.0008 | |
| (−0.170) | (−0.102) | (−0.047) | ||
| Environmental_perf | −0.0286*** | −0.0323*** | −0.0263*** | |
| (−5.565) | (−6.771) | (−5.134) | ||
| Social_perf | −0.1247*** | −0.0984*** | −0.1199*** | |
| (−17.852) | (−14.976) | (−17.246) | ||
| Governance_perf | −0.0959*** | −0.0826*** | −0.0970*** | |
| (−19.278) | (−16.931) | (−19.652) | ||
| Ownership_structure | 0.0076*** | 0.0051*** | 0.0021 | |
| (4.869) | (3.104) | (1.287) | ||
| Board_size | −0.0053 | −0.0053 | 0.0029*** | |
| (−0.730) | (−0.712) | (0.400) | ||
| Board_independence | 0.0245*** | 0.0215*** | 0.0251*** | |
| (5.003) | (4.392) | (5.158) | ||
| Firm FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| R2 | 0.04 | 0.26 | 0.24 | 0.27 |
| N | 4,400 | 4,400 | 4,400 | 4,400 |
| Dependent variable: dis_perf_gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Civ_law×Post | −0.0578 | −0.0186 | −0.0421 | |
| (−21.320) | (−3.876) | (−9.698) | ||
| Firm_size | 0.0093 | 0.0085 | 0.0127 | |
| (4.875) | (4.400) | (6.712) | ||
| 0.1993 | 0.1587 | 0.1144 | ||
| (4.417) | (3.844) | (3.264) | ||
| Tobins_q | −0.0094 | −0.0082 | ||
| (−4.671) | (−4.107) | |||
| Leverage | −0.0440 | −0.0420 | ||
| (−4.362) | (−4.087) | |||
| Slack_resources | −0.0029 | −0.0018 | −0.0008 | |
| (−0.170) | (−0.102) | (−0.047) | ||
| Environmental_perf | −0.0286 | −0.0323 | −0.0263 | |
| (−5.565) | (−6.771) | (−5.134) | ||
| Social_perf | −0.1247 | −0.0984 | −0.1199 | |
| (−17.852) | (−14.976) | (−17.246) | ||
| Governance_perf | −0.0959 | −0.0826 | −0.0970 | |
| (−19.278) | (−16.931) | (−19.652) | ||
| Ownership_structure | 0.0076 | 0.0051 | 0.0021 | |
| (4.869) | (3.104) | (1.287) | ||
| Board_size | −0.0053 | −0.0053 | 0.0029 | |
| (−0.730) | (−0.712) | (0.400) | ||
| Board_independence | 0.0245 | 0.0215 | 0.0251 | |
| (5.003) | (4.392) | (5.158) | ||
| Firm | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| 0.04 | 0.26 | 0.24 | 0.27 | |
| N | 4,400 | 4,400 | 4,400 | 4,400 |
***, **, *represent the significance levels of the coefficients at 1, 5 and 10%, respectively; parentheses include t-statistics
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