Endogeneity tests
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| FE | 2SLS | |||||||
| Variables | First stage | Second stage | First stage | Second stage | Simultaneous equations | |||
| L.Prop_wom | −0.073* (0.037) | |||||||
| Prop_wom | −0.413* (0.248) | −0.084** (0.037) | ||||||
| L.Blau | −0.075** (0.032) | |||||||
| Blau | −0.608* (0.334) | −0.081** (0.035) | ||||||
| Prop_F_nomin | 0.014 (0.011) | 0.026* (0.014) | ||||||
| BTenure | −0.005*** (0.001) | −0.003*** (0.001) | ||||||
| BIndep | −0.006 (0.058) | −0.000 (0.059) | 0.157*** (0.032) | 0.052 (0.078) | 0.227*** (0.039) | 0.110 (0.098) | −0.080* (0.044) | −0.077* (0.044) |
| BSize | 0.001 (0.002) | 0.001 (0.002) | −0.002 (0.001) | −0.001 (0.003) | −0.001 (0.002) | −0.001 (0.003) | 0.004** (0.002) | 0.004** (0.002) |
| BESG_exp | 0.021 (0.058) | 0.024 (0.058) | −0.042 (0.036) | 0.173** (0.074) | 0.012 (0.044) | 0.211*** (0.077) | −0.050*** (0.009) | −0.050*** (0.009) |
| Sust_com | 0.017 (0.021) | 0.018 (0.021) | −0.001 (0.012) | 0.061** (0.024) | 0.004 (0.015) | 0.063** (0.025) | 0.002 (0.011) | 0.003 (0.011) |
| FSize | 0.005 (0.009) | 0.007 (0.009) | −0.001 (0.006) | 0.019* (0.011) | 0.002 (0.007) | 0.021* (0.012) | −0.006 (0.005) | −0.006 (0.005) |
| FPerf | −0.116** (0.046) | −0.114** (0.046) | 0.072*** (0.027) | −0.089 (0.056) | 0.088*** (0.033) | −0.068 (0.062) | −0.127** (0.052) | −0.127** (0.052) |
| FLev | 0.002 (0.001) | 0.002 (0.001) | −0.001 (0.001) | 0.002 (0.001) | −0.001 (0.001) | 0.002 (0.001) | 0.003*** (0.001) | 0.003*** (0.001) |
| Env_industry | −0.023*** (0.008) | −0.023*** (0.008) | ||||||
| ESG_controv | 0.000 (0.000) | 0.000 (0.000) | ||||||
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 2,002 | 2,002 | 1,724 | 1,534 | 1,724 | 1,534 | 2,002 | 2,002 |
| R-squared | 0.008 | 0.009 | 0.471 | 0.034 | 0.455 | −0.041 | 0.046 | 0.046 |
| F-test | 1.78* | 2.02** | 71.69*** | 4.26*** | 67.31*** | 4.00*** | ||
| Sargan test | 1.318 | 0.506 | ||||||
| Sargan test p-value | 0.251 | 0.477 | ||||||
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| 2SLS | ||||||||
| Variables | First stage | Second stage | First stage | Second stage | Simultaneous equations | |||
| L.Prop_wom | −0.073 | |||||||
| Prop_wom | −0.413 | −0.084 | ||||||
| L.Blau | −0.075 | |||||||
| Blau | −0.608 | −0.081 | ||||||
| Prop_F_nomin | 0.014 (0.011) | 0.026 | ||||||
| BTenure | −0.005 | −0.003 | ||||||
| BIndep | −0.006 (0.058) | −0.000 (0.059) | 0.157 | 0.052 (0.078) | 0.227 | 0.110 (0.098) | −0.080 | −0.077 |
| BSize | 0.001 (0.002) | 0.001 (0.002) | −0.002 (0.001) | −0.001 (0.003) | −0.001 (0.002) | −0.001 (0.003) | 0.004 | 0.004 |
| BESG_exp | 0.021 (0.058) | 0.024 (0.058) | −0.042 (0.036) | 0.173 | 0.012 (0.044) | 0.211 | −0.050 | −0.050 |
| Sust_com | 0.017 (0.021) | 0.018 (0.021) | −0.001 (0.012) | 0.061 | 0.004 (0.015) | 0.063 | 0.002 (0.011) | 0.003 (0.011) |
| FSize | 0.005 (0.009) | 0.007 (0.009) | −0.001 (0.006) | 0.019 | 0.002 (0.007) | 0.021 | −0.006 (0.005) | −0.006 (0.005) |
| FPerf | −0.116 | −0.114 | 0.072 | −0.089 (0.056) | 0.088 | −0.068 (0.062) | −0.127 | −0.127 |
| FLev | 0.002 (0.001) | 0.002 (0.001) | −0.001 (0.001) | 0.002 (0.001) | −0.001 (0.001) | 0.002 (0.001) | 0.003 | 0.003 |
| Env_industry | −0.023 | −0.023 | ||||||
| ESG_controv | 0.000 (0.000) | 0.000 (0.000) | ||||||
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 2,002 | 2,002 | 1,724 | 1,534 | 1,724 | 1,534 | 2,002 | 2,002 |
| 0.008 | 0.009 | 0.471 | 0.034 | 0.455 | −0.041 | 0.046 | 0.046 | |
| F-test | 1.78 | 2.02 | 71.69 | 4.26 | 67.31 | 4.00 | ||
| Sargan test | 1.318 | 0.506 | ||||||
| Sargan test | 0.251 | 0.477 | ||||||
Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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