Results from the regression analyses
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | inst_cc | inst_ge | inst_ps | inst_rq | inst_rl | inst_va |
| Panel A: Full sample | ||||||
| institutional | 0.0796 (1.3384) | 0.0845 (1.3324) | 0.0479 (0.9947) | 0.0675 (1.0839) | 0.0908 (1.2461) | 0.1138** (2.7997) |
| leverage | −0.0856** (−2.5139) | −0.0819** (−2.2813) | −0.0893** (−2.8131) | −0.0831** (−2.2767) | −0.0792* (−2.0763) | −0.0726* (−1.9827) |
| crosslisting | −0.0803 (−1.3303) | −0.0726 (−1.1685) | −0.0829 (−1.4076) | −0.0730 (−1.1641) | −0.0789 (−1.2889) | −0.0683 (−1.1106) |
| oda | −0.0014* (−1.9410) | −0.0014* (−1.9846) | −0.0014 (−1.7289) | −0.0014* (−1.8899) | −0.0015* (−1.8977) | −0.0011** (−2.6615) |
| esi | 0.0382 (1.5486) | 0.0456* (1.8840) | 0.0404 (1.6233) | 0.0449* (1.9014) | 0.0434 (1.7497) | 0.0357 (1.4236) |
| Obs. | 6,534 | 6,534 | 6,534 | 6,534 | 6,534 | 6,534 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| R2 | 0.2323 | 0.2347 | 0.2277 | 0.2300 | 0.2323 | 0.2547 |
| Panel B: South Africa | ||||||
| institutional | −0.4458*** (−5.7668) | −0.6752*** (−9.7940) | −0.3709*** (−9.5847) | −0.7524*** (−9.5424) | 0.4302*** (7.2055) | 1.4946*** (9.9716) |
| leverage | −0.0421 (−1.0554) | −0.0503 (−1.2833) | −0.0523 (−1.3405) | −0.0536 (−1.3709) | −0.0390 (−0.9872) | −0.0591 (−1.5232) |
| crosslisting | −0.1916*** (−10.0757) | −0.1921*** (−10.2695) | −0.1926*** (−10.3063) | −0.1907*** (−10.1740) | −0.1937*** (−10.2739) | −0.1908*** (−10.2512) |
| oda | −0.0112*** (−4.6857) | −0.0098*** (−4.3326) | −0.0058** (−2.3794) | 0.0070** (2.1576) | −0.0225*** (−9.4657) | −0.0118*** (−5.2653) |
| esi | 0.0182 (0.7299) | 0.0204 (0.8360) | 0.0205 (0.8349) | 0.0209 (0.8541) | 0.0182 (0.7312) | 0.0220 (0.8965) |
| Obs. | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Year FE | NO | NO | NO | NO | NO | NO |
| R2 | 0.2373 | 0.2621 | 0.2569 | 0.2581 | 0.2436 | 0.2590 |
| Panel C: Strong institutional environment | ||||||
| institutional | −0.2037*** (−7.6910) | −0.0995*** (−5.7330) | −0.1419*** (−6.4786) | −0.0764*** (−5.5141) | −0.1356*** (−4.8731) | 0.0135 (0.6715) |
| leverage | −0.0871* (−1.8146) | −0.1085** (−2.2138) | −0.1074** (−2.1957) | −0.1159** (−2.3782) | −0.1148** (−2.3654) | −0.0871* (−1.8146) |
| crosslisting | 0.0659*** (3.2129) | 0.0330 (1.5670) | 0.0468** (2.2518) | 0.0291 (1.3828) | 0.0408* (1.9293) | 0.0659*** (3.2129) |
| oda | −0.0001 (−0.8158) | −0.0003* (−1.8942) | −0.0004*** (−2.9031) | −0.0004** (−2.5751) | −0.0003* (−1.9526) | −0.0001 (−0.8158) |
| esi | −0.0092 (−0.2026) | −0.0366 (−0.7911) | −0.0228 (−0.4957) | −0.0348 (−0.7581) | −0.0335 (−0.7272) | −0.0092 (−0.2026) |
| Obs. | 1,762 | 1,762 | 1,762 | 1,762 | 1,762 | 1,762 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| R2 | 0.1843 | 0.1612 | 0.1682 | 0.1598 | 0.1586 | 0.1495 |
| Panel D: Weak institutional environment | ||||||
| institutional | 0.0396** (2.0716) | 0.1259*** (6.1843) | 0.0388*** (3.2506) | 0.0809*** (5.4953) | 0.0546*** (3.0470) | −0.0261* (−1.6533) |
| leverage | −0.0544*** (−2.7963) | −0.0373* (−1.9166) | −0.0543*** (−2.8014) | −0.0402** (−2.0618) | −0.0474** (−2.4078) | −0.0648*** (−3.3691) |
| crosslisting | 0.0376** (2.3799) | 0.0425*** (2.7021) | 0.0315** (1.9820) | 0.0346** (2.1738) | 0.0363** (2.2896) | 0.0360** (2.2606) |
| oda | 0.0010*** (3.6971) | 0.0004 (1.3650) | 0.0004 (0.9457) | 0.0007*** (2.6922) | 0.0009*** (3.2425) | 0.0013*** (5.3952) |
| esi | 0.0418** (2.0513) | 0.0440** (2.1153) | 0.0407** (2.0169) | 0.0396* (1.9264) | 0.0425** (2.0721) | 0.0466** (2.2731) |
| Obs. | 2,462 | 2,462 | 2,462 | 2,462 | 2,462 | 2,462 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| R2 | 0.2058 | 0.2201 | 0.2081 | 0.2139 | 0.2077 | 0.2055 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | inst_cc | inst_ge | inst_ps | inst_rq | inst_rl | inst_va |
| institutional | 0.0796 (1.3384) | 0.0845 (1.3324) | 0.0479 (0.9947) | 0.0675 (1.0839) | 0.0908 (1.2461) | 0.1138 |
| leverage | −0.0856 | −0.0819 | −0.0893 | −0.0831 | −0.0792 | −0.0726 |
| crosslisting | −0.0803 (−1.3303) | −0.0726 (−1.1685) | −0.0829 (−1.4076) | −0.0730 (−1.1641) | −0.0789 (−1.2889) | −0.0683 (−1.1106) |
| oda | −0.0014 | −0.0014 | −0.0014 (−1.7289) | −0.0014 | −0.0015 | −0.0011 |
| esi | 0.0382 (1.5486) | 0.0456 | 0.0404 (1.6233) | 0.0449 | 0.0434 (1.7497) | 0.0357 (1.4236) |
| Obs. | 6,534 | 6,534 | 6,534 | 6,534 | 6,534 | 6,534 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry | ||||||
| Year | ||||||
| 0.2323 | 0.2347 | 0.2277 | 0.2300 | 0.2323 | 0.2547 | |
| institutional | −0.4458 | −0.6752 | −0.3709 | −0.7524 | 0.4302 | 1.4946 |
| leverage | −0.0421 (−1.0554) | −0.0503 (−1.2833) | −0.0523 (−1.3405) | −0.0536 (−1.3709) | −0.0390 (−0.9872) | −0.0591 (−1.5232) |
| crosslisting | −0.1916 | −0.1921 | −0.1926 | −0.1907 | −0.1937 | −0.1908 |
| oda | −0.0112 | −0.0098 | −0.0058 | 0.0070 | −0.0225 | −0.0118 |
| esi | 0.0182 (0.7299) | 0.0204 (0.8360) | 0.0205 (0.8349) | 0.0209 (0.8541) | 0.0182 (0.7312) | 0.0220 (0.8965) |
| Obs. | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry | ||||||
| Year | ||||||
| 0.2373 | 0.2621 | 0.2569 | 0.2581 | 0.2436 | 0.2590 | |
| institutional | −0.2037 | −0.0995 | −0.1419 | −0.0764 | −0.1356 | 0.0135 (0.6715) |
| leverage | −0.0871 | −0.1085 | −0.1074 | −0.1159 | −0.1148 | −0.0871 |
| crosslisting | 0.0659 | 0.0330 (1.5670) | 0.0468 | 0.0291 (1.3828) | 0.0408 | 0.0659 |
| oda | −0.0001 (−0.8158) | −0.0003 | −0.0004 | −0.0004 | −0.0003 | −0.0001 (−0.8158) |
| esi | −0.0092 (−0.2026) | −0.0366 (−0.7911) | −0.0228 (−0.4957) | −0.0348 (−0.7581) | −0.0335 (−0.7272) | −0.0092 (−0.2026) |
| Obs. | 1,762 | 1,762 | 1,762 | 1,762 | 1,762 | 1,762 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry | ||||||
| Year | ||||||
| 0.1843 | 0.1612 | 0.1682 | 0.1598 | 0.1586 | 0.1495 | |
| institutional | 0.0396 | 0.1259 | 0.0388 | 0.0809 | 0.0546 | −0.0261 |
| leverage | −0.0544 | −0.0373 | −0.0543 | −0.0402 | −0.0474 | −0.0648 |
| crosslisting | 0.0376 | 0.0425 | 0.0315 | 0.0346 | 0.0363 | 0.0360 |
| oda | 0.0010 | 0.0004 (1.3650) | 0.0004 (0.9457) | 0.0007 | 0.0009 | 0.0013 |
| esi | 0.0418 | 0.0440 | 0.0407 | 0.0396 | 0.0425 | 0.0466 |
| Obs. | 2,462 | 2,462 | 2,462 | 2,462 | 2,462 | 2,462 |
| Controls | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED | INCLUDED |
| Industry | ||||||
| Year | ||||||
| 0.2058 | 0.2201 | 0.2081 | 0.2139 | 0.2077 | 0.2055 | |
This table reports ordinary least squares coefficient estimates and t-statistics (in parentheses) based on robust standard errors. ***, ** and * represent significance levels of 0.10 [or 10%], 0.05 [or 5%] and 0.01 [or 1%], respectively. The dependent variable is SDG_discl. The variable institutional is a placeholder indicating that each column presents results for one of the six institutional variables (inst_cc, inst_ge, inst_ps, inst_rq, inst_rl and inst_va). Regressions are estimated using the full sample (Panel A) and using the sub-samples of firms from South Africa (Panel B), firms in countries with strong institutions (Panel C) and firms in countries with weak institutions (Panel D)
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