Multinomial logit regression results for low-level SDG disclosure
| Model | DivMethod | Div0 | Div50 | DivYear | ||
|---|---|---|---|---|---|---|
| Variable | Cash | Stock | Cash–stock | |||
| SDG | (30.403)*** | (8.518) | (16.804) | 19.393** | (4.754) | 86.524 |
| 8.607 | 0.685 | 1.882 | 6.585 | 0.021 | 2.239 | |
| SIZE | (1.260)*** | (0.609) | (0.743)** | 0.632*** | (1.611) | (0.942) |
| 14.690 | 2.476 | 4.223 | 8.148 | 1.224 | 0.577 | |
| LEV | (0.016) | 5.199 | 1.947 | (1.711) | (5.506) | (8.655) |
| 5x10−5 | 1.656 | 0.345 | 0.825 | 0.376 | 0.626 | |
| TobinQ | (0.440) | (2.997)* | (0.192) | 0.405 | (1.272) | (0.402) |
| 1.268 | 3.257 | 0.301 | 1.242 | 0.502 | 0.326 | |
| ROA | 15.312* | 16.195 | 11.201 | (13.108)* | (1.472) | (17.936) |
| 2.910 | 1.659 | 1.068 | 3.296 | 0.003 | 0.437 | |
| ROE | 2.263 | 3.424 | 12.040** | (4.123) | 11.110 | 25.282 |
| 0.265 | 0.455 | 3.939 | 1.431 | 0.333 | 1.550 | |
| AGE | 0.081*** | 0.039 | 0.076** | (0.065)*** | (0.033) | (0.141) |
| 9.336 | 1.061 | 6.087 | 7.800 | 0.388 | 2.426 | |
| BGD | (0.045)*** | (0.034)* | (0.035)* | 0.035*** | (0.015) | 0.003 |
| 8.191 | 3.171 | 2.994 | 8.432 | 0.148 | 0.005 | |
| −2Log-likelihood (Intercept) | 378.208 | 204.477 | 29.452 | 29.293 | ||
| −2Log-likelihood (Final) | 254.179*** | 145.702*** | 19.315 | 15.521* | ||
| Pseudo R2 | 0.328 | 0.287 | 0.344 | 0.473 | ||
| Observations | 151 | 151 | 151 | 151 | ||
| Model | DivMethod | Div0 | Div50 | DivYear | ||
|---|---|---|---|---|---|---|
| Variable | Cash | Stock | Cash–stock | |||
| SDG | (30.403)*** | (8.518) | (16.804) | 19.393** | (4.754) | 86.524 |
| SIZE | (1.260)*** | (0.609) | (0.743)** | 0.632*** | (1.611) | (0.942) |
| LEV | (0.016) | 5.199 | 1.947 | (1.711) | (5.506) | (8.655) |
| TobinQ | (0.440) | (2.997)* | (0.192) | 0.405 | (1.272) | (0.402) |
| ROA | 15.312* | 16.195 | 11.201 | (13.108)* | (1.472) | (17.936) |
| ROE | 2.263 | 3.424 | 12.040** | (4.123) | 11.110 | 25.282 |
| AGE | 0.081*** | 0.039 | 0.076** | (0.065)*** | (0.033) | (0.141) |
| BGD | (0.045)*** | (0.034)* | (0.035)* | 0.035*** | (0.015) | 0.003 |
| −2Log-likelihood (Intercept) | 378.208 | 204.477 | 29.452 | 29.293 | ||
| −2Log-likelihood (Final) | 254.179*** | 145.702*** | 19.315 | 15.521* | ||
| Pseudo | 0.328 | 0.287 | 0.344 | 0.473 | ||
| Observations | 151 | 151 | 151 | 151 | ||
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
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