Mandatory sustainability reporting and disclosure-performance gap in higher customer proximity compared to other industries within EU
| Dependent variable: disclosure-performance gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Cust_prox×Post | −0.0106*** | −0.0117*** | −0.0095* | |
| (−2.195) | (−3.006) | (−1.674) | ||
| Firm_size | 0.0138*** | 0.0144*** | ||
| (6.796) | (7.073) | |||
| ROA | 0.1866*** | 0.1862*** | 0.1789*** | |
| (3.806) | (3.803) | (3.616) | ||
| Tobins_q | −0.0116*** | −0.0110*** | −0.0152*** | |
| (−4.214) | (−3.997) | (−5.539) | ||
| Leverage | −0.0405*** | −0.0378*** | −0.0348*** | |
| (−3.368) | (−3.139) | (−2.854) | ||
| Slack_resources | 0.0011 | 0.0010 | 0.0013 | |
| (0.068) | (0.062) | (0.077) | ||
| Environmental_perf | −0.0316*** | −0.0320*** | ||
| (−5.112) | (−5.178) | |||
| Social_perf | −0.1429*** | −0.1434*** | −0.1438*** | |
| (−18.143) | (−18.220) | (−22.748) | ||
| Governance_perf | −0.1042*** | −0.1051*** | −0.0899*** | |
| (−18.911) | (−19.067) | (−17.081) | ||
| Ownership_structure | 0.0059*** | 0.0064*** | ||
| (3.516) | (3.782) | |||
| Board_size | −0.0043 | −0.0033 | 0.0058 | |
| (−0.590) | (−0.457) | (0.920) | ||
| Board_independence | 0.0208*** | 0.0192*** | ||
| (3.687) | (3.390) | |||
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| R2 | 0.02 | 0.25 | 0.23 | 0.23 |
| N | 4,400 | 4,400 | 4,400 | 4,400 |
| Dependent variable: disclosure-performance gap | ||||
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| Cust_prox×Post | −0.0106 | −0.0117 | −0.0095 | |
| (−2.195) | (−3.006) | (−1.674) | ||
| Firm_size | 0.0138 | 0.0144 | ||
| (6.796) | (7.073) | |||
| 0.1866 | 0.1862 | 0.1789 | ||
| (3.806) | (3.803) | (3.616) | ||
| Tobins_q | −0.0116 | −0.0110 | −0.0152 | |
| (−4.214) | (−3.997) | (−5.539) | ||
| Leverage | −0.0405 | −0.0378 | −0.0348 | |
| (−3.368) | (−3.139) | (−2.854) | ||
| Slack_resources | 0.0011 | 0.0010 | 0.0013 | |
| (0.068) | (0.062) | (0.077) | ||
| Environmental_perf | −0.0316 | −0.0320 | ||
| (−5.112) | (−5.178) | |||
| Social_perf | −0.1429 | −0.1434 | −0.1438 | |
| (−18.143) | (−18.220) | (−22.748) | ||
| Governance_perf | −0.1042 | −0.1051 | −0.0899 | |
| (−18.911) | (−19.067) | (−17.081) | ||
| Ownership_structure | 0.0059 | 0.0064 | ||
| (3.516) | (3.782) | |||
| Board_size | −0.0043 | −0.0033 | 0.0058 | |
| (−0.590) | (−0.457) | (0.920) | ||
| Board_independence | 0.0208 | 0.0192 | ||
| (3.687) | (3.390) | |||
| Firm | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| 0.02 | 0.25 | 0.23 | 0.23 | |
| 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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