Results of OLS regression models
| Variables | (1) | (2) | VIF |
|---|---|---|---|
| CoD | CoD | ||
| CICD | −3.964*** (1.234) | 1.153 | |
| CICM | −1.723*** (0.544) | 1.148 | |
| SIZE | 0.001* (0.000) | 0.001* (0.000) | 1.671 |
| LEV | 0.009** (0.004) | 0.009** (0.004) | 1.063 |
| ROE | −0.005 (0.004) | −0.005 (0.004) | 1.071 |
| B_SIZE | −0.001*** (0.000) | −0.001*** (0.000) | 1.683 |
| B_IND | −5.890* (3.282) | −5.867* (3.304) | 1.382 |
| CEO_D | −0.002* (0.001) | −0.002** (0.001) | 1.026 |
| ESG_S | 3.355 (6.337) | 3.391 (6.323) | 1.337 |
| ENV_S | 0.001 (0.001) | 0.001 (0.001) | 1.181 |
| Constant | 0.016 (0.011) | 0.015 (0.011) | |
| N | 252 | 252 | |
| Adjusted R2 | 0.164 | 0.163 | |
| p-value (F) | 0.000 | 0.000 | |
| White test | p-value = P(χ2 (52) > 52.0428) = 0.472,247 | p-value = P(χ2 (52) > 52.7759) = 0.44391 |
| Variables | (1) | (2) | VIF |
|---|---|---|---|
| CoD | CoD | ||
| CICD | −3.964*** (1.234) | 1.153 | |
| CICM | −1.723*** (0.544) | 1.148 | |
| SIZE | 0.001* (0.000) | 0.001* (0.000) | 1.671 |
| LEV | 0.009** (0.004) | 0.009** (0.004) | 1.063 |
| ROE | −0.005 (0.004) | −0.005 (0.004) | 1.071 |
| B_SIZE | −0.001*** (0.000) | −0.001*** (0.000) | 1.683 |
| B_IND | −5.890* (3.282) | −5.867* (3.304) | 1.382 |
| CEO_D | −0.002* (0.001) | −0.002** (0.001) | 1.026 |
| ESG_S | 3.355 (6.337) | 3.391 (6.323) | 1.337 |
| ENV_S | 0.001 (0.001) | 0.001 (0.001) | 1.181 |
| Constant | 0.016 (0.011) | 0.015 (0.011) | |
| 252 | 252 | ||
| Adjusted | 0.164 | 0.163 | |
| 0.000 | 0.000 | ||
| White test |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
Coefficients and standard errors for CICD/CICM, B_IND, and ESG are reported × 105 for readability
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