Logit analysis: Model 1–7 (the 7 ESG respondent groups)
| ESG activity | All | Male | Female | Brazil | China | Germany | USA |
|---|---|---|---|---|---|---|---|
| (E1) Has energy savings initiatives | −0.1 (−1.46) | 0.02 (–0.22) | −0.26** (−2.57) | −0.45*** (−3.42) | 0.3** (−2.24) | 0.03–0.22 | −0.27** (−1.96) |
| (E2) Has water savings initiatives | −0.46*** (−6.99) | −0.44*** (−5.07) | −0.5*** (−4.85) | −0.25* (−1.87) | −0.52*** (−3.86) | −0.4*** (−2.96) | −0.73*** (−5.47) |
| (E3) Measure carbon footprint | −0.77*** (−11.59) | −0.8*** (−9.21) | −0.73*** (−7.09) | −0.5*** (−3.8) | −0.49*** (−3.66) | −1.28*** (−9.49) | −0.88*** (−6.53) |
| (E4) Recycles raw material | −0.15** (−2.21) | −0.12 (−1.36) | −0.18* (−1.79) | −0.45*** (−3.37) | 0.28** (−2.08) | 0.16–1.16 | −0.59*** (−4.36) |
| (E5) Uses recyclable packaging | −0.39*** (−5.92) | −0.35*** (−4.02) | −0.45*** (−4.4) | −0.58*** (−4.35) | 0.25* (−1.86) | −0.46*** (−3.37) | −0.84*** (−6.21) |
| (E6) Policy for clean transportation/logistics | −0.31*** (−4.73) | −0.4*** (−4.56) | −0.2* (−1.96) | −0.43*** (−3.27) | 0.11–0.8 | −0.33** (−2.44) | −0.64*** (−4.76) |
| (S1) Does not avoid paying taxes | −0.56*** (−8.44) | −0.56*** (−6.39) | −0.57*** (−5.52) | −1.13*** (−8.52) | −0.35** (−2.56) | −0.47*** (−3.46) | −0.34** (−2.49) |
| (S2) Pays fair wages to employees | 0.51*** (−7.79) | 0.52*** −6.02 | 0.5*** (−4.91) | 0.35*** (−2.65) | 0.42*** (−3.1) | 0.61*** −4.55 | 0.74*** −5.5 |
| (S3) Profit-sharing with employees | −0.17** (−2.56) | −0.06 (−0.67) | −0.33*** (−3.2) | −0.52*** (−3.92) | 0.12–0.86 | −0.19 (−1.4) | −0.09 (−0.69) |
| (S4) Donates to charities | −1.12*** (−16.85) | −1.2*** (−13.85) | −1*** (−9.7) | −0.83*** (−6.3) | −0.76*** (−5.64) | −1.71*** (−12.64) | −1.28*** (−9.52) |
| (S5) Does not use child labor | 0.42*** −(6.33) | 0.52*** (−5.98) | 0.28*** −2.76 | 0.19–1.47 | 0.01–0.1 | 1*** (−7.48) | 0.48*** −3.58 |
| (S6) Collaborates with unions | −1.4*** (−21.09) | −1.31*** (−15.01) | −1.54*** (−14.93) | −1.96*** (−14.71) | −1.3*** (−9.6) | −1.2*** (−8.93) | −1.27*** (−9.45) |
| (S7) Has a supplier code of conduct | −0.45*** (−6.78) | −0.36*** (−4.11) | −0.58*** (−5.63) | −0.95*** (−7.18) | 0.25* −1.84 | −0.56*** (−4.18) | −0.56*** (−4.13) |
| (S8) Provides safe working conditions | 0.41*** (−6.2) | 0.43*** −4.96 | 0.39*** (−3.78) | −0.49*** (−3.72) | 0.98*** −7.31 | 0.41*** −3.1 | 0.78*** −5.86 |
| (S9) Promotes diversity and equal opportunity | 0.13* (−1.93) | −0.03 (−0.3) | 0.34*** (−3.32) | 0.12–0.91 | 0.86*** −6.41 | −0.36*** (−2.62) | −0.12 (−0.87) |
| (G1) Has a board member responsible for CSR | −0.58*** (−8.71) | −0.62*** (−7.12) | −0.53*** (−5.09) | −0.88*** (−6.6) | 0.44*** −3.28 | −0.98*** (−7.25) | −0.96*** (−7.16) |
| (G2) Shareholders approve Ex. Compensation | −0.85*** (−12.83) | −0.59*** (−6.82) | −1.22*** (−11.81) | −1.52*** (−11.44) | −0.97*** (−7.22) | −0.51*** (−3.76) | −0.46*** (−3.39) |
| (G3) Requires independent board members | −0.88*** (−13.29) | −0.66*** (−7.52) | −1.2*** (−11.68) | −1.7*** (−12.75) | −0.78*** (−5.77) | −0.57*** (−4.25) | −0.54*** (−3.98) |
| (G4) Requires female board members | −1.47*** (−22.18) | −1.66*** (−18.99) | −1.22*** (−11.87) | −1.35*** (−10.17) | −1.64*** (−12.03) | −1.82*** (−13.47) | −1.22*** (−9.08) |
| (G5) Has a CSR/ESG policy | −0.45*** (−6.76) | −0.46*** (−5.24) | −0.44*** (−4.27) | −0.77*** (−5.78) | 0.56*** −4.2 | −0.84*** (−6.25) | −0.79*** (−5.87) |
| (G6) Manages cyber security risk | −0.31*** (−4.63) | −0.17* (−1.91) | −0.51*** (−4.95) | −0.62*** (−4.67) | −0.31** (−2.27) | −0.41*** (−3.02) | 0.08–0.6 |
| (G7) Has an anti-corruption policy | − | − | − | − | − | − | − |
| − | − | − | − | − | − | − | |
| n | 452 | 264 | 188 | 114 | 113 | 114 | 111 |
| Pseudo R2 | 0.07 | 0.07 | 0.07 | 0.08 | 0.1 | 0.1 | 0.08 |
| Log likelihood | −19003.64 | −11050.18 | −7873.35 | −4721.71 | −4578.89 | −4598.52 | −4606.36 |
| Null | −20369.05 | −11896.97 | −8472.08 | −5137.33 | −5092.26 | −5137.33 | −5002.13 |
| All | Male | Female | Brazil | China | Germany | ||
|---|---|---|---|---|---|---|---|
| (E1) Has energy savings initiatives | −0.1 (−1.46) | 0.02 (–0.22) | −0.26 | −0.45 | 0.3 | 0.03–0.22 | −0.27 |
| (E2) Has water savings initiatives | −0.46 | −0.44 | −0.5 | −0.25 | −0.52 | −0.4 | −0.73 |
| (E3) Measure carbon footprint | −0.77 | −0.8 | −0.73 | −0.5 | −0.49 | −1.28 | −0.88 |
| (E4) Recycles raw material | −0.15 | −0.12 (−1.36) | −0.18 | −0.45 | 0.28 | 0.16–1.16 | −0.59 |
| (E5) Uses recyclable packaging | −0.39 | −0.35 | −0.45 | −0.58 | 0.25 | −0.46 | −0.84 |
| (E6) Policy for clean transportation/logistics | −0.31 | −0.4 | −0.2 | −0.43 | 0.11–0.8 | −0.33 | −0.64 |
| (S1) Does not avoid paying taxes | −0.56 | −0.56 | −0.57 | −1.13 | −0.35 | −0.47 | −0.34 |
| (S2) Pays fair wages to employees | 0.51 | 0.52 | 0.5 | 0.35 | 0.42 | 0.61 | 0.74 |
| (S3) Profit-sharing with employees | −0.17 | −0.06 (−0.67) | −0.33 | −0.52 | 0.12–0.86 | −0.19 (−1.4) | −0.09 (−0.69) |
| (S4) Donates to charities | −1.12 | −1.2 | −1 | −0.83 | −0.76 | −1.71 | −1.28 |
| (S5) Does not use child labor | 0.42 | 0.52 | 0.28 | 0.19–1.47 | 0.01–0.1 | 1 | 0.48 |
| (S6) Collaborates with unions | −1.4 | −1.31 | −1.54 | −1.96 | −1.3 | −1.2 | −1.27 |
| (S7) Has a supplier code of conduct | −0.45 | −0.36 | −0.58 | −0.95 | 0.25 | −0.56 | −0.56 |
| (S8) Provides safe working conditions | 0.41 | 0.43 | 0.39 | −0.49 | 0.98 | 0.41 | 0.78 |
| (S9) Promotes diversity and equal opportunity | 0.13 | −0.03 (−0.3) | 0.34 | 0.12–0.91 | 0.86 | −0.36 | −0.12 (−0.87) |
| (G1) Has a board member responsible for | −0.58 | −0.62 | −0.53 | −0.88 | 0.44 | −0.98 | −0.96 |
| (G2) Shareholders approve Ex. Compensation | −0.85 | −0.59 | −1.22 | −1.52 | −0.97 | −0.51 | −0.46 |
| (G3) Requires independent board members | −0.88 | −0.66 | −1.2 | −1.7 | −0.78 | −0.57 | −0.54 |
| (G4) Requires female board members | −1.47 | −1.66 | −1.22 | −1.35 | −1.64 | −1.82 | −1.22 |
| (G5) Has a CSR/ | −0.45 | −0.46 | −0.44 | −0.77 | 0.56 | −0.84 | −0.79 |
| (G6) Manages cyber security risk | −0.31 | −0.17 | −0.51 | −0.62 | −0.31 | −0.41 | 0.08–0.6 |
| (G7) Has an anti-corruption policy | − | − | − | − | − | − | − |
| − | − | − | − | − | − | − | |
| 452 | 264 | 188 | 114 | 113 | 114 | 111 | |
| Pseudo | 0.07 | 0.07 | 0.07 | 0.08 | 0.1 | 0.1 | 0.08 |
| Log likelihood | −19003.64 | −11050.18 | −7873.35 | −4721.71 | −4578.89 | −4598.52 | −4606.36 |
| Null | −20369.05 | −11896.97 | −8472.08 | −5137.33 | −5092.26 | −5137.33 | −5002.13 |
The results from logit models 1–7 analyze the individual preferences of the full sample (“All”), and the subsamples for Male, Female, Brazil, China, Germany and USA. “G7” (“Has an anti-corruption policy”) is the model reference category and thus left blank. Standard errors in parentheses. *** p < 0.01, ** p < 0.05, *p < 0.10