Main analysis – GMM
| Variables | CSRGap |
|---|---|
| Coef. (Std. Err.) | |
| Independent variables | |
| ACIndep | 0.0043883 (0.002227)* |
| ACGenderDiv | −0.0004979 (0.0003381)*** |
| ACExpert | −0.0023595 (0.0110999)** |
| ACSize | 0.005547 (0.0027595) |
| ACTenure | −0.0027369 (0.0016765) |
| ACMeet | −0.0003362 (0.0002562) |
| Control variables | |
| Size | −0.093122 (0.0356626)*** |
| CAPEX | −0.0001066 (0.0000388)*** |
| CashFlowOA | 1.41e-11 (4.93e-12)*** |
| ROA | 0.0637295 (0.0436381) |
| Leverage | 0.0424775 (0.0250901)* |
| TobinsQ | −0.0101335 (0.0041783) |
| LOSS | 0.0015621 (0.0081924) |
| Accruals | 7.59e-13 (1.30e-12) |
| GovCommittee | 0.0535216 (0.0221267)** |
| CSRCommittee | −0.0376474 (0.0271076) |
| BGenderDiv | 0.0003083 (0.0002538) |
| BSize | −0.0220937 (0.0098779)** |
| CEODuality | 0.0134737 (0.0071502)* |
| ESGS | 0.0009348 (0.0009017) |
| EUTaxonomy | −0.0112456 (0.0112342)* |
| CSRD | −0.0016344 (0.0062581) |
| Assurance | −0.0007412 (0.0160963) |
| Industry, country and year variables included | |
| AR(2) Arellano-Bond test: Pr > z = 0.542 Hansen test of overidentification: Prob > χ2 = 0.823 | |
| Groups | 2,696 |
| Number of obs | 9,655 |
| Variables | CSRGap |
|---|---|
| Coef. (Std. Err.) | |
| ACIndep | 0.0043883 (0.002227)* |
| ACGenderDiv | −0.0004979 (0.0003381)*** |
| ACExpert | −0.0023595 (0.0110999)** |
| ACSize | 0.005547 (0.0027595) |
| ACTenure | −0.0027369 (0.0016765) |
| ACMeet | −0.0003362 (0.0002562) |
| Size | −0.093122 (0.0356626)*** |
| CAPEX | −0.0001066 (0.0000388)*** |
| CashFlowOA | 1.41e-11 (4.93e-12)*** |
| ROA | 0.0637295 (0.0436381) |
| Leverage | 0.0424775 (0.0250901)* |
| TobinsQ | −0.0101335 (0.0041783) |
| LOSS | 0.0015621 (0.0081924) |
| Accruals | 7.59e-13 (1.30e-12) |
| GovCommittee | 0.0535216 (0.0221267)** |
| CSRCommittee | −0.0376474 (0.0271076) |
| BGenderDiv | 0.0003083 (0.0002538) |
| BSize | −0.0220937 (0.0098779)** |
| CEODuality | 0.0134737 (0.0071502)* |
| ESGS | 0.0009348 (0.0009017) |
| EUTaxonomy | −0.0112456 (0.0112342)* |
| CSRD | −0.0016344 (0.0062581) |
| Assurance | −0.0007412 (0.0160963) |
| AR(2) Arellano-Bond test: Pr > | |
| Groups | 2,696 |
| Number of obs | 9,655 |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1
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