Table 6 The effect of the components of...

Table 6

The effect of the components of board diversity on sustainability performance

	Individual diversity components, without moderator		Diversity index, with moderating effect
	Environmental performance (E) (1)	Social performance (S) (2)	Environmental performance (E) (3)	Social performance (S) (4)
Gender diversity	11.472	16.228	n/a	n/a
Racial diversity	−8.291	−3.928	n/a	n/a
Age diversity	−0.729	−0.605	n/a	n/a
Occupation diversity	0.541	0.731	n/a	n/a
After King IV	−2.465	2.084	12.488	−6.715
Diversity index	n/a	n/a	9.561	−1.905
Diversity index x After King IV	n/a	n/a	−14.356**	9.079*
Board size	0.169	0.085	0.259	−0.004
Board independence	9.941	−1.808	13.199	−3.152
Leverage	2.108	10.668 *	3.099	10.835*
Company size	6.784***	6.661***	6.467***	7.208***
Sales growth	−9.455*	−7.291*	−9.738**	−8.104*
Institutional ownership	−8.195	1.329	−9.854	0.780
ROA	−5.962	7.575	0.589	8.153
Constant	−59.527 **	−59.826 **	−67.936 **	−61.918 **
Observations	285	285	285	285
R-squared	0.042	0.142	0.065	0.157
Number of companies	80	80	80	80
Wald χ²	113.57	141.80	109.02	124.46
Prob > χ²	0.000	0.000	0.000	0.000

	Individual diversity components, without moderator		Diversity index, with moderating effect
	Environmental performance (E) (1)	Social performance (S) (2)	Environmental performance (E) (3)	Social performance (S) (4)
Gender diversity	11.472	16.228	n/a	n/a
Racial diversity	−8.291	−3.928	n/a	n/a
Age diversity	−0.729	−0.605	n/a	n/a
Occupation diversity	0.541	0.731	n/a	n/a
After King IV	−2.465	2.084	12.488	−6.715
Diversity index	n/a	n/a	9.561	−1.905
Diversity index x After King IV	n/a	n/a	−14.356**	9.079*
Board size	0.169	0.085	0.259	−0.004
Board independence	9.941	−1.808	13.199	−3.152
Leverage	2.108	10.668 *	3.099	10.835*
Company size	6.784***	6.661***	6.467***	7.208***
Sales growth	−9.455*	−7.291*	−9.738**	−8.104*
Institutional ownership	−8.195	1.329	−9.854	0.780
ROA	−5.962	7.575	0.589	8.153
Constant	−59.527 **	−59.826 **	−67.936 **	−61.918 **
Observations	285	285	285	285
R-squared	0.042	0.142	0.065	0.157
Number of companies	80	80	80	80
Wald χ²	113.57	141.80	109.02	124.46
Prob > χ²	0.000	0.000	0.000	0.000

Note(s): ***p < 0.01, **p < 0.05, *p < 0.10

Source(s): Created by authors

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