Table 7. Robustness checks Variable...

Table 7.

Robustness checks

Variable	Model 1 ESG_perf Coeff. (p-value) No lag	Model 2 ESG_perf Coeff. (p-value) One-year lag	Model 3 ESG_perf Coeff. (p-value) Two-years lag
B_size	0.0899 (0.0345)	0.0572** (0.0366)	0.0683** (0.0392)
B_gend	0.1734 (0.0860)	0.2894 (0.1405)	0.4477 (0.1892)
B_mgend	0.2163* (0.1684)	0.3161** (0.1632)	0.6973** (0.3689)
B_ind	0.0563* (0.0317)	0.0589** (0.0277)	0.0632** (0.0313)
CSR_com	0.0342* (0.0237)	0.0388* (0.0224)	0.0365* (0.0242)
CEO_dual	−0.0127 (0.0166)*	−0.0138 (0.0163)	−0.0127 (0.0164)
Board age	0.0324	0.0062	0.0019
Control variables	Yes	Yes	Yes
R²	0.4355	0.5346	0.3887
B_size	0.0768 (0.0347)	0.0585** (0.0366)	0.0675** (0.0374)
B_gend	0.1767 (0.0863)	0.2882 (0.1410)	0.4459 (0.1852)
B_mgend	0.2196* (0.1663)	0.3160** (0.1632)	0.6947** (0.3640)
B_ind	0.0584* (0.0312)	0.0597** (0.0266)	0.0630** (0.0315)
CSR_com	0.0347* (0.0242)	0.0379* (0.0235)	0.0372* (0.0297)
CEO_dual	−0.0127 (0.0177)*	−0.0138 (0.0152)	−0.0125 (0.0147)
Control variables	Yes	Yes	Yes
R²	0.4544	0.5583	0.3594

Variable	Model 1 ESG_perf Coeff. (p-value) No lag	Model 2 ESG_perf Coeff. (p-value) One-year lag	Model 3 ESG_perf Coeff. (p-value) Two-years lag
B_size	0.0899 (0.0345)	0.0572** (0.0366)	0.0683** (0.0392)
B_gend	0.1734 (0.0860)	0.2894 (0.1405)	0.4477 (0.1892)
B_mgend	0.2163* (0.1684)	0.3161** (0.1632)	0.6973** (0.3689)
B_ind	0.0563* (0.0317)	0.0589** (0.0277)	0.0632** (0.0313)
CSR_com	0.0342* (0.0237)	0.0388* (0.0224)	0.0365* (0.0242)
CEO_dual	−0.0127 (0.0166)*	−0.0138 (0.0163)	−0.0127 (0.0164)
Board age	0.0324	0.0062	0.0019
Control variables	Yes	Yes	Yes
R²	0.4355	0.5346	0.3887
B_size	0.0768 (0.0347)	0.0585** (0.0366)	0.0675** (0.0374)
B_gend	0.1767 (0.0863)	0.2882 (0.1410)	0.4459 (0.1852)
B_mgend	0.2196* (0.1663)	0.3160** (0.1632)	0.6947** (0.3640)
B_ind	0.0584* (0.0312)	0.0597** (0.0266)	0.0630** (0.0315)
CSR_com	0.0347* (0.0242)	0.0379* (0.0235)	0.0372* (0.0297)
CEO_dual	−0.0127 (0.0177)*	−0.0138 (0.0152)	−0.0125 (0.0147)
Control variables	Yes	Yes	Yes
R²	0.4544	0.5583	0.3594

Note(s):

n = 119 (number of utility firms). ∑_iTin = 595 (number of utility firm-year observations). Panel fixed effects (within) estimation (significant Hausman test). Firm-level clustered robust standard errors are in brackets *, ** and ***denotes level of significance at the 0.10, 0.05 and 0.01 levels, respectively

Source(s): Authors’ own creation

[ViewLarge]

Sharing Unavailable