Pillar-specific regressions of ESG dimensions, executive gender diversity, and Tobin's Q
| Variables | (1) FE–DK (L.E × Exec. gender) | (2) FE–DK (L.S × Exec. gender) | (3) FE–DK (L.G × Exec. gender) |
|---|---|---|---|
| Lagged Environmental score (E) | 0.001** (2.82) | – | – |
| Lagged Social score (S) | – | 0.002** (2.99) | – |
| Lagged Governance score (G) | – | – | −0.001** (−2.86) |
| Executive gender diversity (cent.) | −0.001 (−1.09) | −0.001 (−0.92) | −0.000 (−0.27) |
| Pillar × Exec. gender diversity | −0.00009** (−2.84) | −0.00008 (−1.75) | −0.00008** (−2.55) |
| Firm size (log assets) | −0.035 (−0.43) | −0.033 (−0.44) | −0.016 (−0.20) |
| Profitability (ROA) | 0.037*** (8.96) | 0.037*** (8.80) | 0.036*** (8.92) |
| Leverage (DTC) | 0.002 (1.65) | 0.002 (1.66) | 0.002 (1.51) |
| Price volatility | 0.009*** (3.51) | 0.009*** (3.59) | 0.009*** (3.52) |
| Board gender diversity | −0.001* (−2.03) | −0.002* (−1.99) | −0.001 (−1.49) |
| Board size | 0.011*** (3.77) | 0.010*** (3.78) | 0.011*** (3.79) |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 5,505 | 5,505 | 5,505 |
| Number of firms | 430 | 430 | 430 |
| R2 (within) | 0.158 | 0.159 | 0.157 |
| F-statistic (Driscoll–Kraay) | 157763.00*** | 79971.09*** | 0.000*** |
| Variables | (1) FE–DK | (2) FE–DK | (3) FE–DK |
|---|---|---|---|
| Lagged Environmental score (E) | 0.001** (2.82) | – | – |
| Lagged Social score (S) | – | 0.002** (2.99) | – |
| Lagged Governance score (G) | – | – | −0.001** (−2.86) |
| Executive gender diversity (cent.) | −0.001 (−1.09) | −0.001 (−0.92) | −0.000 (−0.27) |
| Pillar × Exec. gender diversity | −0.00009** (−2.84) | −0.00008 (−1.75) | −0.00008** (−2.55) |
| Firm size (log assets) | −0.035 (−0.43) | −0.033 (−0.44) | −0.016 (−0.20) |
| Profitability (ROA) | 0.037*** (8.96) | 0.037*** (8.80) | 0.036*** (8.92) |
| Leverage (DTC) | 0.002 (1.65) | 0.002 (1.66) | 0.002 (1.51) |
| Price volatility | 0.009*** (3.51) | 0.009*** (3.59) | 0.009*** (3.52) |
| Board gender diversity | −0.001* (−2.03) | −0.002* (−1.99) | −0.001 (−1.49) |
| Board size | 0.011*** (3.77) | 0.010*** (3.78) | 0.011*** (3.79) |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 5,505 | 5,505 | 5,505 |
| Number of firms | 430 | 430 | 430 |
| 0.158 | 0.159 | 0.157 | |
| F-statistic (Driscoll–Kraay) | 157763.00*** | 79971.09*** | 0.000*** |
Note(s): Fixed-effects regressions with Driscoll–Kraay SEs (robust to heteroskedasticity, autocorrelation, and cross-sectional dependence). Refinitiv Environmental, Social, and Governance pillar scores are mean-centred before interaction with executive gender diversity; main effects reflect mean diversity. Firm and year FE included (years not shown). T-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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