Table 6 Regression results of...

Table 6

Regression results of association between sustainability committee characteristics and CSR performance

	Dependent variable = CSR_PERF_t+1
	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)	Model (7)
COMSIZE	0.057^**	–	–	–	–	–	0.051^*
COMSIZE	(2.020)						(1.807)
GENDER	–	0.157^***	–	–	–	–	0.124^***
GENDER		(4.815)					(3.817)
AGE	–	–	−0.475^***	–	–	–	−0.545^***
AGE			(−4.586)				(−4.906)
COMTEN	–	–	–	0.003^*	–	–	0.006^***
COMTEN				(1.848)			(3.497)
QUAL	–	–	–	–	0.080^*	–	0.075^*
QUAL					(1.747)		(1.717)
OVLP	–	–	–	–	–	0.022^**	0.021^*
OVLP						(2.053)	(1.921)
FSIZE	0.051^***	0.047^***	0.054^***	0.053^***	0.052^***	0.053^***	0.048^***
FSIZE	(10.659)	(9.949)	(11.681)	(11.420)	(11.210)	(11.456)	(9.930)
LEV	0.099^**	0.099^***	0.104^***	0.102^***	0.103^***	0.095^**	0.106^***
LEV	(2.576)	(2.584)	(2.749)	(2.644)	(2.685)	(2.485)	(2.813)
MB	0.007	0.007	0.007	0.006	0.007	0.007	0.007
MB	(0.757)	(0.841)	(0.805)	(0.643)	(0.741)	(0.782)	(0.761)
ROA	0.068	0.091	0.083	0.068	0.077	0.066	0.086
ROA	(0.926)	(1.259)	(1.115)	(0.913)	(1.030)	(0.900)	(1.182)
FIN	−0.080^*	−0.072^*	−0.085^*	−0.079^*	−0.075^*	−0.076^*	−0.081^*
FIN	(−1.823)	(−1.701)	(−1.935)	(−1.836)	(−1.737)	(−1.774)	(−1.899)
COMPET	0.003	0.002	0.003	0.002	0.003	0.003	0.002
COMPET	(0.535)	(0.375)	(0.635)	(0.480)	(0.559)	(0.627)	(0.348)
GLOBAL	0.021	0.024^*	0.018	0.020	0.022	0.022	0.017
GLOBAL	(1.543)	(1.733)	(1.315)	(1.471)	(1.584)	(1.611)	(1.282)
LIQUID	−0.013^***	−0.013^***	−0.012^***	−0.013^***	−0.014^***	−0.013^***	−0.010^**
LIQUID	(−3.429)	(−3.345)	(−3.073)	(−3.293)	(−3.488)	(−3.333)	(−2.511)
LITG	0.044	0.068^*	0.048	0.041	0.044	0.044	0.069^*
LITG	(1.140)	(1.729)	(1.271)	(1.062)	(1.142)	(1.125)	(1.834)
FAGE	0.024^***	0.023^***	0.028^***	0.021^**	0.027^***	0.026^***	0.014
FAGE	(2.782)	(2.662)	(3.265)	(2.315)	(3.125)	(2.942)	(1.483)
CAPEX	0.030^*	0.035^*	0.024	0.031	0.032^*	0.031^*	0.030
CAPEX	(1.648)	(1.943)	(1.150)	(1.608)	(1.731)	(1.682)	(1.491)
EM	0.049	0.046	0.049	0.054	0.050	0.050	0.052
EM	(0.748)	(0.694)	(0.748)	(0.817)	(0.765)	(0.770)	(0.799)
CGOV	0.123^***	0.119^***	0.120^***	0.122^***	0.123^***	0.122^***	0.108^***
CGOV	(5.900)	(5.720)	(5.785)	(5.805)	(5.867)	(5.822)	(5.225)
Constant	−0.079	0.022	2.058^***	−0.007	−0.083	−0.017	2.209^***
Constant	(−1.065)	(0.349)	(4.532)	(−0.102)	(−0.986)	(−0.269)	(4.555)
Year Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,974	1,974	1,974	1,974	1,974	1,974	1,974
R-squared	0.242	0.249	0.248	0.241	0.241	0.242	0.263
F-statistic	13.410^***	13.975^***	13.797^***	13.178^***	13.182^***	13.191^***	13.433^***

	Dependent variable = CSR_PERF_t+1
	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)	Model (7)
COMSIZE	0.057^**	–	–	–	–	–	0.051^*
COMSIZE	(2.020)						(1.807)
GENDER	–	0.157^***	–	–	–	–	0.124^***
GENDER		(4.815)					(3.817)
AGE	–	–	−0.475^***	–	–	–	−0.545^***
AGE			(−4.586)				(−4.906)
COMTEN	–	–	–	0.003^*	–	–	0.006^***
COMTEN				(1.848)			(3.497)
QUAL	–	–	–	–	0.080^*	–	0.075^*
QUAL					(1.747)		(1.717)
OVLP	–	–	–	–	–	0.022^**	0.021^*
OVLP						(2.053)	(1.921)
FSIZE	0.051^***	0.047^***	0.054^***	0.053^***	0.052^***	0.053^***	0.048^***
FSIZE	(10.659)	(9.949)	(11.681)	(11.420)	(11.210)	(11.456)	(9.930)
LEV	0.099^**	0.099^***	0.104^***	0.102^***	0.103^***	0.095^**	0.106^***
LEV	(2.576)	(2.584)	(2.749)	(2.644)	(2.685)	(2.485)	(2.813)
MB	0.007	0.007	0.007	0.006	0.007	0.007	0.007
MB	(0.757)	(0.841)	(0.805)	(0.643)	(0.741)	(0.782)	(0.761)
ROA	0.068	0.091	0.083	0.068	0.077	0.066	0.086
ROA	(0.926)	(1.259)	(1.115)	(0.913)	(1.030)	(0.900)	(1.182)
FIN	−0.080^*	−0.072^*	−0.085^*	−0.079^*	−0.075^*	−0.076^*	−0.081^*
FIN	(−1.823)	(−1.701)	(−1.935)	(−1.836)	(−1.737)	(−1.774)	(−1.899)
COMPET	0.003	0.002	0.003	0.002	0.003	0.003	0.002
COMPET	(0.535)	(0.375)	(0.635)	(0.480)	(0.559)	(0.627)	(0.348)
GLOBAL	0.021	0.024^*	0.018	0.020	0.022	0.022	0.017
GLOBAL	(1.543)	(1.733)	(1.315)	(1.471)	(1.584)	(1.611)	(1.282)
LIQUID	−0.013^***	−0.013^***	−0.012^***	−0.013^***	−0.014^***	−0.013^***	−0.010^**
LIQUID	(−3.429)	(−3.345)	(−3.073)	(−3.293)	(−3.488)	(−3.333)	(−2.511)
LITG	0.044	0.068^*	0.048	0.041	0.044	0.044	0.069^*
LITG	(1.140)	(1.729)	(1.271)	(1.062)	(1.142)	(1.125)	(1.834)
FAGE	0.024^***	0.023^***	0.028^***	0.021^**	0.027^***	0.026^***	0.014
FAGE	(2.782)	(2.662)	(3.265)	(2.315)	(3.125)	(2.942)	(1.483)
CAPEX	0.030^*	0.035^*	0.024	0.031	0.032^*	0.031^*	0.030
CAPEX	(1.648)	(1.943)	(1.150)	(1.608)	(1.731)	(1.682)	(1.491)
EM	0.049	0.046	0.049	0.054	0.050	0.050	0.052
EM	(0.748)	(0.694)	(0.748)	(0.817)	(0.765)	(0.770)	(0.799)
CGOV	0.123^***	0.119^***	0.120^***	0.122^***	0.123^***	0.122^***	0.108^***
CGOV	(5.900)	(5.720)	(5.785)	(5.805)	(5.867)	(5.822)	(5.225)
Constant	−0.079	0.022	2.058^***	−0.007	−0.083	−0.017	2.209^***
Constant	(−1.065)	(0.349)	(4.532)	(−0.102)	(−0.986)	(−0.269)	(4.555)
Year Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,974	1,974	1,974	1,974	1,974	1,974	1,974
R-squared	0.242	0.249	0.248	0.241	0.241	0.242	0.263
F-statistic	13.410^***	13.975^***	13.797^***	13.178^***	13.182^***	13.191^***	13.433^***

Note(s): This table shows the regression results of the association between different characteristics of the sustainability committee and CSR performance. Model (1) to Model (6) show the regression results of sustainability committee size, committee members’ gender, tenure, age and qualifications, and sustainability committee overlap with audit committee members with CSR performance; and Model (7) reports the regression results of all sustainability committee characteristics with 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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