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 | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt-1 | 0.057*** | 0.099*** | 0.043*** |
| (8.560) | (8.950) | (6.620) | |
| SUSTPAYt | – | – | 0.142*** |
| (24.280) | |||
| Constant | −0.209 | −1.094*** | −0.053 |
| (–5.200) | (–16.420) | (−1.350) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| R-squared | 0.255 | 0.239 | 0.296 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × SUSTPAY | 0.014*** | ||
| z-statistic for indirect effect – SUSTCOM × SUSTPAY | (8.399) | ||
| Direct effect | 0.043*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 24.63% | ||
| Panel A: Mediation analysis between CSR performance, sustainability-linked CEO compensation and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.057*** | 0.099*** | 0.043*** | |
| (8.560) | (8.950) | (6.620) | |
| – | – | 0.142*** | |
| (24.280) | |||
| Constant | −0.209 | −1.094*** | −0.053 |
| (–5.200) | (–16.420) | (−1.350) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| 0.255 | 0.239 | 0.296 | |
| Indirect effect – | 0.014*** | ||
| (8.399) | |||
| Direct effect | 0.043*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 24.63% | ||
| Panel B: Mediation analysis between CSR performance, stakeholder engagement and sustainability committee | |||
|---|---|---|---|
| CSR_PERFt+1 | STAKEt | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt-1 | 0.057*** | 0.165*** | 0.033*** |
| (8.560) | (13.410) | (5.130) | |
| STAKEt | – | – | 0.144*** |
| (27.700) | |||
| Constant | −0.209 | −1.560*** | 0.036 |
| (–5.200) | (–20.990) | (1.240) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| R-squared | 0.255 | 0.345 | 0.307 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × STAKE | 0.024*** | ||
| z-statistic for indirect effect – SUSTCOM × STAKE | (12.070) | ||
| Direct effect | 0.033*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 41.73% | ||
| Panel B: Mediation analysis between CSR performance, stakeholder engagement and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.057*** | 0.165*** | 0.033*** | |
| (8.560) | (13.410) | (5.130) | |
| – | – | 0.144*** | |
| (27.700) | |||
| Constant | −0.209 | −1.560*** | 0.036 |
| (–5.200) | (–20.990) | (1.240) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| 0.255 | 0.345 | 0.307 | |
| Indirect effect – | 0.024*** | ||
| (12.070) | |||
| Direct effect | 0.033*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 41.73% | ||
| Panel C: Mediation analysis between CSR performance, sustainability reporting quality and sustainability committee | |||
|---|---|---|---|
| CSR_PERFt+1 | SUSTQUALt | CSR_PERFt+1 | |
| Model (1) | Model (2) | Model (3) | |
| SUSTCOMt-1 | 0.057*** | 0.152*** | 0.031*** |
| (8.560) | (13.600) | (4.830) | |
| SUSTQUALt | – | – | 0.171*** |
| (29.970) | |||
| Constant | −0.209 | −1.150*** | −0.012 |
| (–5.200) | (–17.120) | (−0.300) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| R-squared | 0.255 | 0.270 | 0.316 |
| Mediating effects (Bootstrap approach results): | |||
| Indirect effect – SUSTCOM × SUSTQUAL | 0.026*** | ||
| z-statistic for indirect effect – SUSTCOM × SUSTQUAL | (12.380) | ||
| Direct effect | 0.031*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 45.52% | ||
| Panel C: Mediation analysis between CSR performance, sustainability reporting quality and sustainability committee | |||
|---|---|---|---|
| Model (1) | Model (2) | Model (3) | |
| 0.057*** | 0.152*** | 0.031*** | |
| (8.560) | (13.600) | (4.830) | |
| – | – | 0.171*** | |
| (29.970) | |||
| Constant | −0.209 | −1.150*** | −0.012 |
| (–5.200) | (–17.120) | (−0.300) | |
| Control variables | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes |
| Observations | 10,082 | 10,082 | 10,082 |
| 0.255 | 0.270 | 0.316 | |
| Indirect effect – | 0.026*** | ||
| (12.380) | |||
| Direct effect | 0.031*** | ||
| Total effect | 0.057*** | ||
| % of total mediated effect | 45.52% | ||
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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