Table 4. Rescaled coefficients and...

Table 4.

Rescaled coefficients and ranking based on logit analysis (Table 2): Model 1–7

ESG activities	All		Male		Female		Brazil		China		Germany		USA
ESG activities	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank
(E1) Has energy savings initiatives	5.43	6	5.77	4	4.93	8	5.00	8	5.70	6	5.94	5	4.82	8
(E2) Has water savings initiatives	4.09	14	4.04	13	4.11	12	5.83	5	2.96	17	4.30	10	3.29	15
(E3) Measure carbon footprint	3.17	17	2.99	19	3.39	17	4.82	10	3.03	16	2.03	20	2.91	18
(E4) Recycles raw material	5.24	7	5.21	8	5.25	6	5.02	7	5.61	7	6.49	4	3.72	13
(E5) Uses recyclable packaging	4.32	11	4.35	10	4.26	11	4.54	12	5.49	8	4.11	12	3.02	17
(E6) Has a policy for clean transportation/logistics	4.60	10	4.20	12	5.18	7	5.07	6	4.93	11	4.55	8	3.56	14
(S1) Does not avoid paying taxes	3.77	15	3.68	15	3.87	15	2.87	18	3.43	15	4.08	13	4.56	9
(S2) Pays fair wages to employees	8.24	1	8.09	1	8.38	1	8.62	1	6.19	5	8.64	2	9.41	2
(S3) Profit-sharing with employees	5.14	8	5.45	7	4.69	9	4.75	11	4.97	10	5.07	7	5.49	6
(S4) Donates to charities	2.34	20	2.10	20	2.69	18	3.69	15	2.40	18	1.37	21	2.04	22
(S5) Does not use child labor	7.76	2	8.08	2	7.30	4	7.84	2	4.58	12	10.68	1	8.10	3
(S6) Collaborates with unions	1.82	21	1.92	21	1.66	22	1.35	22	1.47	21	2.18	19	2.07	21
(S7) Has a supplier code of conduct	4.13	13	4.33	11	3.84	16	3.34	17	5.48	9	3.77	15	3.82	12
(S8) Provides safe working conditions	7.71	3	7.64	3	7.80	2	4.85	9	8.86	1	7.69	3	9.66	1
(S9) Promotes diversity and equal opportunity	6.39	4	5.58	6	7.57	3	7.49	3	8.27	2	4.45	9	5.39	7
(G1) Board member responsible for CSR/ESG	3.72	16	3.50	17	4.02	14	3.56	16	6.29	4	2.66	18	2.71	19
(G2) Shareholders approve CxO compensation	2.95	18	3.58	16	2.21	21	2.04	20	1.98	20	3.95	14	4.14	10
(G3) Requires independent board members	2.87	19	3.39	18	2.25	19	1.73	21	2.36	19	3.74	16	3.89	11
(G4) Requires female board members	1.69	22	1.38	22	2.22	20	2.36	19	1.07	22	1.23	22	2.16	20
(G5) Has a CSR/ESG policy	4.14	12	4.00	14	4.30	10	3.90	14	6.84	3	2.98	17	3.14	16
(G6) Manages cyber security risk	4.63	9	5.03	9	4.06	13	4.39	13	3.54	14	4.28	11	6.23	4
(G7) Has an anti-corruption policy	5.84	5	5.69	5	6.01	5	6.92	4	4.54	13	5.82	6	5.87	5

ESG activities	All		Male		Female		Brazil		China		Germany		USA
ESG activities	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank	Rescaled	Rank
(E1) Has energy savings initiatives	5.43	6	5.77	4	4.93	8	5.00	8	5.70	6	5.94	5	4.82	8
(E2) Has water savings initiatives	4.09	14	4.04	13	4.11	12	5.83	5	2.96	17	4.30	10	3.29	15
(E3) Measure carbon footprint	3.17	17	2.99	19	3.39	17	4.82	10	3.03	16	2.03	20	2.91	18
(E4) Recycles raw material	5.24	7	5.21	8	5.25	6	5.02	7	5.61	7	6.49	4	3.72	13
(E5) Uses recyclable packaging	4.32	11	4.35	10	4.26	11	4.54	12	5.49	8	4.11	12	3.02	17
(E6) Has a policy for clean transportation/logistics	4.60	10	4.20	12	5.18	7	5.07	6	4.93	11	4.55	8	3.56	14
(S1) Does not avoid paying taxes	3.77	15	3.68	15	3.87	15	2.87	18	3.43	15	4.08	13	4.56	9
(S2) Pays fair wages to employees	8.24	1	8.09	1	8.38	1	8.62	1	6.19	5	8.64	2	9.41	2
(S3) Profit-sharing with employees	5.14	8	5.45	7	4.69	9	4.75	11	4.97	10	5.07	7	5.49	6
(S4) Donates to charities	2.34	20	2.10	20	2.69	18	3.69	15	2.40	18	1.37	21	2.04	22
(S5) Does not use child labor	7.76	2	8.08	2	7.30	4	7.84	2	4.58	12	10.68	1	8.10	3
(S6) Collaborates with unions	1.82	21	1.92	21	1.66	22	1.35	22	1.47	21	2.18	19	2.07	21
(S7) Has a supplier code of conduct	4.13	13	4.33	11	3.84	16	3.34	17	5.48	9	3.77	15	3.82	12
(S8) Provides safe working conditions	7.71	3	7.64	3	7.80	2	4.85	9	8.86	1	7.69	3	9.66	1
(S9) Promotes diversity and equal opportunity	6.39	4	5.58	6	7.57	3	7.49	3	8.27	2	4.45	9	5.39	7
(G1) Board member responsible for CSR/ESG	3.72	16	3.50	17	4.02	14	3.56	16	6.29	4	2.66	18	2.71	19
(G2) Shareholders approve CxO compensation	2.95	18	3.58	16	2.21	21	2.04	20	1.98	20	3.95	14	4.14	10
(G3) Requires independent board members	2.87	19	3.39	18	2.25	19	1.73	21	2.36	19	3.74	16	3.89	11
(G4) Requires female board members	1.69	22	1.38	22	2.22	20	2.36	19	1.07	22	1.23	22	2.16	20
(G5) Has a CSR/ESG policy	4.14	12	4.00	14	4.30	10	3.90	14	6.84	3	2.98	17	3.14	16
(G6) Manages cyber security risk	4.63	9	5.03	9	4.06	13	4.39	13	3.54	14	4.28	11	6.23	4
(G7) Has an anti-corruption policy	5.84	5	5.69	5	6.01	5	6.92	4	4.54	13	5.82	6	5.87	5

Source(s): Table by authors

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