Mediation analysis between sustainability committee, sustainability-linked CEO compensation/stakeholder engagement/sustainability reporting quality and CSR performance
| Panel A: Mediation analysis between CSR performance, sustainability-linked CEO compensation and sustainability committee | |||
|---|---|---|---|
| CSR_PERFt+1 | SUSTPAYt+1 | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt | 0.047*** | 0.110*** | 0.031*** |
| (7.750) | (10.750) | (5.330) | |
| SUSTPAYt+1 | – | – | 0.142*** |
| (26.370) | |||
| Constant | −0.206*** | −1.074*** | −0.053 |
| (−5.320) | (−16.660) | (–1.390) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| R-squared | 0.269 | 0.252 | 0.310 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × SUSTPAY | 0.016*** | ||
| z-statistic for indirect effect – SUSTCOM × SUSTPAY | (9.956) | ||
| Direct effect | 0.031*** | ||
| Total effect | 0.047*** | ||
| % of total mediated effect | 32.94% | ||
| Panel A: Mediation analysis between CSR performance, sustainability-linked CEO compensation and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.047*** | 0.110*** | 0.031*** | |
| (7.750) | (10.750) | (5.330) | |
| – | – | 0.142*** | |
| (26.370) | |||
| Constant | −0.206*** | −1.074*** | −0.053 |
| (−5.320) | (−16.660) | (–1.390) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| 0.269 | 0.252 | 0.310 | |
| Indirect effect – | 0.016*** | ||
| (9.956) | |||
| Direct effect | 0.031*** | ||
| Total effect | 0.047*** | ||
| % of total mediated effect | 32.94% | ||
| Panel B: Mediation analysis between CSR performance, stakeholder engagement and sustainability committee | |||
|---|---|---|---|
| CSR_PERFt+1 | STAKEt+1 | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt | 0.047*** | 0.167*** | 0.025*** |
| (7.750) | (14.660) | (4.120) | |
| STAKEt+1 | – | – | 0.137*** |
| (23.370) | |||
| Constant | −0.206*** | −1.498*** | −0.001 |
| (–5.320) | (–20.820) | (−0.030) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| R-squared | 0.269 | 0.352 | 0.316 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × STAKE | 0.023*** | ||
| z-statistic for indirect effect – SUSTCOM × STAKE | (13.020) | ||
| Direct effect | 0.025*** | ||
| Total effect | 0.047*** | ||
| % of total mediated effect | 48.10% | ||
| Panel B: Mediation analysis between CSR performance, stakeholder engagement and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.047*** | 0.167*** | 0.025*** | |
| (7.750) | (14.660) | (4.120) | |
| – | – | 0.137*** | |
| (23.370) | |||
| Constant | −0.206*** | −1.498*** | −0.001 |
| (–5.320) | (–20.820) | (−0.030) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| 0.269 | 0.352 | 0.316 | |
| Indirect effect – | 0.023*** | ||
| (13.020) | |||
| Direct effect | 0.025*** | ||
| Total effect | 0.047*** | ||
| % of total mediated effect | 48.10% | ||
| Panel C: Mediation analysis between CSR performance, sustainability reporting quality and sustainability committee | |||
|---|---|---|---|
| CSR_PERFt+1 | SUSTQUALt+1 | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt | 0.047*** | 0.160*** | 0.020*** |
| (7.750) | (15.610) | (3.440) | |
| SUSTQUALt+1 | – | – | 0.168*** |
| (31.850) | |||
| Constant | −0.206*** | −1.114*** | −0.019 |
| (–5.320) | (–17.080) | (–0.500) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| R-squared | 0.269 | 0.275 | 0.327 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × SUSTQUAL | 0.027*** | ||
| z-statistic for indirect effect – SUSTCOM × SUSTQUAL | (14.014) | ||
| Direct effect | 0.020 | ||
| Total effect | 0.047 | ||
| % of total mediated effect | 57.01% | ||
| Panel C: Mediation analysis between CSR performance, sustainability reporting quality and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.047*** | 0.160*** | 0.020*** | |
| (7.750) | (15.610) | (3.440) | |
| – | – | 0.168*** | |
| (31.850) | |||
| Constant | −0.206*** | −1.114*** | −0.019 |
| (–5.320) | (–17.080) | (–0.500) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 11,684 | 11,684 | 11,684 |
| 0.269 | 0.275 | 0.327 | |
| Indirect effect – | 0.027*** | ||
| (14.014) | |||
| Direct effect | 0.020 | ||
| Total effect | 0.047 | ||
| % of total mediated effect | 57.01% | ||
Note(s): This table shows the mediating role of sustainability-linked CEO compensation, stakeholder engagement and sustainability reporting quality in the association between the presence of a sustainability committee and CSR performance. Panel A shows the mediating role of sustainability-linked CEO compensation in the association between the presence of a sustainability committee and CSR performance. Panel B shows the mediating role of stakeholder engagement in the association between the presence of a sustainability committee and CSR performance. Panel C shows the mediating role of the sustainability reporting quality in the association between the presence of a sustainability committee and CSR performance. The numbers in parentheses are t-statistics. All variables are defined in Appendix
***, ** and * represent statistical significance at the 1%, 5 and 10% levels, respectively
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