Mandatory sustainability reporting and disclosure-performance gap in environmentally sensitive industries compared to other industries within EU
| Dependent variable: disclosure-performance gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Env_sens×Post | 0.0519*** | 0.0518*** | 0.0574*** | |
| (11.795) | (13.362) | (13.059) | ||
| Firm_size | 0.0093*** | 0.0082*** | −0.0175*** | |
| (4.875) | (4.378) | (−10.180) | ||
| ROA | 0.1993*** | 0.1740*** | ||
| (4.417) | (3.937) | |||
| Tobins_q | −0.0094*** | −0.0066*** | −0.0037** | |
| (−4.671) | (−3.322) | (−2.025) | ||
| Leverage | −0.0440*** | −0.0500*** | −0.0813*** | |
| (−4.362) | (−5.064) | (−7.493) | ||
| Slack_resources | −0.0029 | −0.0066 | −0.0068 | |
| (−0.170) | (−0.395) | (−0.351) | ||
| Environmenta_perf | −0.0286*** | −0.0330*** | ||
| (−5.565) | (−6.539) | |||
| Social_perf | −0.1247*** | −0.1142*** | ||
| (−17.852) | (−16.598) | |||
| Governance_perf | −0.0959*** | −0.0974*** | ||
| (−19.278) | (−20.007) | |||
| Ownership_structure | 0.0076*** | 0.0078*** | 0.0044*** | |
| (4.869) | (5.062) | (2.605) | ||
| Board_size | −0.0053 | −0.0046 | ||
| (−0.730) | (−0.645) | |||
| Board_independence | 0.0245*** | 0.0211*** | ||
| (5.003) | (4.394) | |||
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| R2 | 0.032 | 0.264 | 0.29 | 0.07 |
| N | 4,400 | 4,400 | 4,400 | 4,400 |
| Dependent variable: disclosure-performance gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Env_sens×Post | 0.0519 | 0.0518 | 0.0574 | |
| (11.795) | (13.362) | (13.059) | ||
| Firm_size | 0.0093 | 0.0082 | −0.0175 | |
| (4.875) | (4.378) | (−10.180) | ||
| 0.1993 | 0.1740 | |||
| (4.417) | (3.937) | |||
| Tobins_q | −0.0094 | −0.0066 | −0.0037 | |
| (−4.671) | (−3.322) | (−2.025) | ||
| Leverage | −0.0440 | −0.0500 | −0.0813 | |
| (−4.362) | (−5.064) | (−7.493) | ||
| Slack_resources | −0.0029 | −0.0066 | −0.0068 | |
| (−0.170) | (−0.395) | (−0.351) | ||
| Environmenta_perf | −0.0286 | −0.0330 | ||
| (−5.565) | (−6.539) | |||
| Social_perf | −0.1247 | −0.1142 | ||
| (−17.852) | (−16.598) | |||
| Governance_perf | −0.0959 | −0.0974 | ||
| (−19.278) | (−20.007) | |||
| Ownership_structure | 0.0076 | 0.0078 | 0.0044 | |
| (4.869) | (5.062) | (2.605) | ||
| Board_size | −0.0053 | −0.0046 | ||
| (−0.730) | (−0.645) | |||
| Board_independence | 0.0245 | 0.0211 | ||
| (5.003) | (4.394) | |||
| Firm | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| 0.032 | 0.264 | 0.29 | 0.07 | |
| 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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