Table 6 Results of additional analysis...

Table 6

Results of additional analysis

Variables	ESG SCORE
	ENV SCORE		GOV SCORE		SOC SCORE
	Coef.	p-value	Coef.	p-value	Coef.	p-value
MASCUL	4.770*	0.067	−3.470	0.236	6.100**	0.002
AGE	0.107	0.189	0.490***	0.026	0.012	0.872
TENURE	−0.282***	0.001	−0.542***	0.000	−0.203***	0.010
DUALITY	−1.842	0.314	7.11***	0.004	2.593	0.234
FOREIGNCEO	1.872	0.236	−4.087*	0.057	2.977*	0.061
FSIZE	4.731***	0.000	1.518	0.282	3.935***	0.000
LEV	−2.457	0.514	−14.305***	0.003	0.182	0.962
ROA	−0.714	0.828	−6.872	0.208	−0.243	0.941
Intercept	−37.072**	0.040	48.748	2.07	−3.393	0.844
IND-FE	YES		YES		YES
Y-FE	YES		YES		YES
FIRM-FE	YES		YES		YES
Wald χ²	5329.56		3781.27		4320.86
Prob > χ²	0.000		0.000		0.000
Adjusted R²	0.846		0.599		0.826
N	833		833		833

Variables	ESG SCORE
	ENV SCORE		GOV SCORE		SOC SCORE
	Coef.	p-value	Coef.	p-value	Coef.	p-value
MASCUL	4.770*	0.067	−3.470	0.236	6.100**	0.002
AGE	0.107	0.189	0.490***	0.026	0.012	0.872
TENURE	−0.282***	0.001	−0.542***	0.000	−0.203***	0.010
DUALITY	−1.842	0.314	7.11***	0.004	2.593	0.234
FOREIGNCEO	1.872	0.236	−4.087*	0.057	2.977*	0.061
FSIZE	4.731***	0.000	1.518	0.282	3.935***	0.000
LEV	−2.457	0.514	−14.305***	0.003	0.182	0.962
ROA	−0.714	0.828	−6.872	0.208	−0.243	0.941
Intercept	−37.072**	0.040	48.748	2.07	−3.393	0.844
IND-FE	YES		YES		YES
Y-FE	YES		YES		YES
FIRM-FE	YES		YES		YES
Wald χ²	5329.56		3781.27		4320.86
Prob > χ²	0.000		0.000		0.000
Adjusted R²	0.846		0.599		0.826
N	833		833		833

Note(s): This table reflects results of the additional analysis. The dependent variables are the proxies of CSR performance: Environmental Score (ENV SCORE), Governance Score (GOV SCORE) and Social Score (SOC SCORE). The variable of interest is the CEO facial masculinity, MASCUL. The sample selection process is described in Table 1, and all variables are defined in Table 2. All continuous independent variables were Winsorized at the 1st and 99th percentiles. All specifications include year, industry and firm fixed effects. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively

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