Mandatory sustainability reporting and disclosure-performance gap in common law countries compared to other EU countries
| Dependent variable: dis_perf_gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Comm_law×Post | 0.0538*** | 0.0404*** | 0.0478*** | |
| (11.550) | (8.102) | (9.855) | ||
| Firm_size | 0.0129*** | |||
| (6.609) | ||||
| ROA | 0.1555*** | 0.1175** | ||
| (3.450) | (2.282) | |||
| Tobins_q | −0.0094*** | −0.0085*** | −0.0061*** | |
| (−4.671) | (−4.226) | (−2.686) | ||
| Leverage | −0.0440*** | −0.0440*** | −0.0734*** | |
| (−4.362) | (−4.394) | (−6.478) | ||
| Slack_resources | −0.0029 | −0.0031 | ||
| (−0.170) | (−0.186) | |||
| Environmental_perf | −0.0286*** | −0.0255*** | ||
| (−5.565) | (−4.985) | |||
| Social_perf | −0.1247*** | −0.1201*** | ||
| (−17.852) | (−17.273) | |||
| Governance_perf | −0.0959*** | −0.1020*** | ||
| (−19.278) | (−20.434) | |||
| Ownership_structure | 0.0076*** | 0.0020 | ||
| (4.869) | (1.163) | |||
| Board_size | −0.0053 | 0.0050 | ||
| (−0.730) | (0.686) | |||
| Board_independence | 0.0245*** | 0.0243 | −0.0162*** | |
| (5.003) | (4.992)*** | (−3.289) | ||
| Firm FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| R2 | 0.03 | 0.26 | 0.27 | 0.04 |
| N | 4,400 | 4,400 | 4,400 | 4,400 |
| Dependent variable: dis_perf_gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Comm_law×Post | 0.0538 | 0.0404 | 0.0478 | |
| (11.550) | (8.102) | (9.855) | ||
| Firm_size | 0.0129 | |||
| (6.609) | ||||
| 0.1555 | 0.1175 | |||
| (3.450) | (2.282) | |||
| Tobins_q | −0.0094 | −0.0085 | −0.0061 | |
| (−4.671) | (−4.226) | (−2.686) | ||
| Leverage | −0.0440 | −0.0440 | −0.0734 | |
| (−4.362) | (−4.394) | (−6.478) | ||
| Slack_resources | −0.0029 | −0.0031 | ||
| (−0.170) | (−0.186) | |||
| Environmental_perf | −0.0286 | −0.0255 | ||
| (−5.565) | (−4.985) | |||
| Social_perf | −0.1247 | −0.1201 | ||
| (−17.852) | (−17.273) | |||
| Governance_perf | −0.0959 | −0.1020 | ||
| (−19.278) | (−20.434) | |||
| Ownership_structure | 0.0076 | 0.0020 | ||
| (4.869) | (1.163) | |||
| Board_size | −0.0053 | 0.0050 | ||
| (−0.730) | (0.686) | |||
| Board_independence | 0.0245 | 0.0243 | −0.0162 | |
| (5.003) | (4.992) | (−3.289) | ||
| Firm | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| 0.03 | 0.26 | 0.27 | 0.04 | |
| 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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