Table 5 Multinomial logit regression...

Table 5

Multinomial logit regression results for high-level SDG disclosure

Model	DivMethod			Div0	Div50	DivYear
Variable	Cash	Stock	Cash–stock
SDG	7.471**	10.400***	(3.040)	(6.752)**	0.966	(22.418)*
SDG	4.063	6.885	0.281	4.250	0.084	3.481
SIZE	(0.618)**	0.164	(0.115)	0.261	0.223	(0.636)
SIZE	4.106	0.216	0.076	1.008	0.352	1.437
LEV	(0.105)	(4.250)	9.518*	1.854	(0.849)	5.961
LEV	0.002	1.700	2.913	0.617	0.057	1.046
TobinQ	(0.051)	0.723	0.836	(0.360)	0.891*	1.627**
TobinQ	0.008	1.430	1.026	0.524	3.068	4.638
ROA	24.972*	(27.977)*	36.281*	(2.578)	3.222	2.620
ROA	2.908	3.216	3.337	0.048	0.052	0.021
ROE	0.442	17.337**	6.405	(11.006)*	3.898	7.403
ROE	0.004	6.237	0.383	3.722	0.125	0.366
AGE	0.072***	0.051	0.064**	(0.068)**	0.003	(0.054)
AGE	6.796	2.675	4.037	6.529	0.030	1.357
BGD	(0.010)	0.045**	(0.026)	(0.003)	(0.070)**	0.010
BGD	0.425	5.340	1.229	0.065	5.111	0.136
−2Log-likelihood (Intercept)	396.348			174.612	85.706	57.765
−2Log-likelihood (Final)	245.046***			121.858***	66.923**	40.266**
Pseudo R²	0.382			0.302	0.219	0.303
Observations	163			163	163	163

Model	DivMethod			Div0	Div50	DivYear
Variable	Cash	Stock	Cash–stock
SDG	7.471**	10.400***	(3.040)	(6.752)**	0.966	(22.418)*
SDG	4.063	6.885	0.281	4.250	0.084	3.481
SIZE	(0.618)**	0.164	(0.115)	0.261	0.223	(0.636)
SIZE	4.106	0.216	0.076	1.008	0.352	1.437
LEV	(0.105)	(4.250)	9.518*	1.854	(0.849)	5.961
LEV	0.002	1.700	2.913	0.617	0.057	1.046
TobinQ	(0.051)	0.723	0.836	(0.360)	0.891*	1.627**
TobinQ	0.008	1.430	1.026	0.524	3.068	4.638
ROA	24.972*	(27.977)*	36.281*	(2.578)	3.222	2.620
ROA	2.908	3.216	3.337	0.048	0.052	0.021
ROE	0.442	17.337**	6.405	(11.006)*	3.898	7.403
ROE	0.004	6.237	0.383	3.722	0.125	0.366
AGE	0.072***	0.051	0.064**	(0.068)**	0.003	(0.054)
AGE	6.796	2.675	4.037	6.529	0.030	1.357
BGD	(0.010)	0.045**	(0.026)	(0.003)	(0.070)**	0.010
BGD	0.425	5.340	1.229	0.065	5.111	0.136
−2Log-likelihood (Intercept)	396.348			174.612	85.706	57.765
−2Log-likelihood (Final)	245.046***			121.858***	66.923**	40.266**
Pseudo R²	0.382			0.302	0.219	0.303
Observations	163			163	163	163

Note(s): Significant at *p < 0.10; **p < 0.05; ***p < 0.01; Negative numbers are presented in parentheses; the italicised value below is the Wald value

Source(s): Authors' own work

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