Table 1 The moderating effect of...

Table 1

The moderating effect of provincial environmental corruption

	Compliance_it	Resource efficiency_it	Environmental initiatives_it	EPI_it
Provincial corruption_jt (PC)	−0.308	0.588	−22.58^***	−7.432^***
Provincial corruption_jt (PC)	(−0.10)	(0.25)	(−3.35)	(−2.80)
Female presence_ijt	1.133	0.383	4.150^**	1.888^**
Female presence_ijt	(1.15)	(0.52)	(1.99)	(2.30)
PC_jt × Female presence_ijt	10.55^**	5.688	12.17	9.471^**
PC_jt × Female presence_ijt	(2.22)	(1.61)	(1.21)	(2.38)
Board independence_ijt	0.453	0.168	3.031^**	1.218^**
Board independence_ijt	(0.72)	(0.36)	(2.25)	(2.30)
PC_jt × Board independence_ijt	0.651	2.564	6.244	3.152
PC_jt × Board independence_ijt	(0.23)	(1.20)	(1.03)	(1.31)
Board diversity_ijt	−0.0242	0.162	0.283	0.141
Board diversity_ijt	(−0.17)	(1.57)	(0.96)	(1.21)
PC_jt × Board diversity_ijt	−0.255	−0.933^**	2.119^*	0.310
PC_jt × Board diversity_ijt	(−0.44)	(−2.15)	(1.71)	(0.64)
Board size_ijt	0.135	0.127	−0.138	0.0410
Board size_ijt	(1.23)	(1.57)	(−0.60)	(0.45)
PC_jt × Board size_ijt	0.100	0.234	2.298^**	0.878^**
PC_jt × Board size_ijt	(0.23)	(0.72)	(2.47)	(2.39)
Constant	51.22^***	43.86^***	23.13^***	39.41^***
Constant	(60.65)	(69.73)	(12.92)	(55.77)
Other board characteristics	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes
Industry fixed-effect	Yes	Yes	Yes	Yes
Year fixed-effect	Yes	Yes	Yes	Yes
var(e.dependent variable)	20.20^***	11.20^***	90.81^***	14.14^***
var(e.dependent variable)	(29.81)	(29.87)	(29.87)	(29.87)
Observations	1785	1785	1785	1785

	Compliance_it	Resource efficiency_it	Environmental initiatives_it	EPI_it
Provincial corruption_jt (PC)	−0.308	0.588	−22.58^***	−7.432^***
Provincial corruption_jt (PC)	(−0.10)	(0.25)	(−3.35)	(−2.80)
Female presence_ijt	1.133	0.383	4.150^**	1.888^**
Female presence_ijt	(1.15)	(0.52)	(1.99)	(2.30)
PC_jt × Female presence_ijt	10.55^**	5.688	12.17	9.471^**
PC_jt × Female presence_ijt	(2.22)	(1.61)	(1.21)	(2.38)
Board independence_ijt	0.453	0.168	3.031^**	1.218^**
Board independence_ijt	(0.72)	(0.36)	(2.25)	(2.30)
PC_jt × Board independence_ijt	0.651	2.564	6.244	3.152
PC_jt × Board independence_ijt	(0.23)	(1.20)	(1.03)	(1.31)
Board diversity_ijt	−0.0242	0.162	0.283	0.141
Board diversity_ijt	(−0.17)	(1.57)	(0.96)	(1.21)
PC_jt × Board diversity_ijt	−0.255	−0.933^**	2.119^*	0.310
PC_jt × Board diversity_ijt	(−0.44)	(−2.15)	(1.71)	(0.64)
Board size_ijt	0.135	0.127	−0.138	0.0410
Board size_ijt	(1.23)	(1.57)	(−0.60)	(0.45)
PC_jt × Board size_ijt	0.100	0.234	2.298^**	0.878^**
PC_jt × Board size_ijt	(0.23)	(0.72)	(2.47)	(2.39)
Constant	51.22^***	43.86^***	23.13^***	39.41^***
Constant	(60.65)	(69.73)	(12.92)	(55.77)
Other board characteristics	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes
Industry fixed-effect	Yes	Yes	Yes	Yes
Year fixed-effect	Yes	Yes	Yes	Yes
var(e.dependent variable)	20.20^***	11.20^***	90.81^***	14.14^***
var(e.dependent variable)	(29.81)	(29.87)	(29.87)	(29.87)
Observations	1785	1785	1785	1785

Note(s): The dependent variable is the environmental performance index (EPI). t-statistics in parentheses (^*p < 0.10, ^**p < 0.05, ^***p < 0.01)

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