Table 5 ESG disclosure, audit committee...

Table 5

ESG disclosure, audit committee attributes and annual report readability (Driscoll–Kraay fixed effects controlling for year)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	RREAD-LNT	RREAD-LNT	RREAD-LNT	RREAD-LNT	RREAD-SZ	RREAD-SZ	RREAD-SZ	RREAD-SZ
ESGdisclosure	−1.7427**	0.4682	1.5613	−3.4746***	2.7330	2.1398	8.0523*	−0.3223
ESGdisclosure	(0.6278)	(1.6669)	(1.1279)	(1.1714)	(2.0408)	(4.8678)	(4.3720)	(2.9604)
ACBDiv		−0.3538**				−1.1195**
ACBDiv		(0.1379)				(0.4778)
ESGdisclosure*ACBDiv		1.7694**				5.9230**
ESGdisclosure*ACBDiv		(0.6918)				(2.3681)
ACMeetings			0.1184**				0.2527*
ACMeetings			(0.0543)				(0.1366)
ESGdisclosure*ACMeetings			−0.7655**				−1.2761
ESGdisclosure*ACMeetings			(0.3171)				(0.8563)
ACNumber				−0.1202*				−0.1443
ACNumber				(0.0679)				(0.1301)
ESGdisclosure*ACNumber				0.5863*				0.7426
ESGdisclosure*ACNumber				(0.3153)				(0.4577)
Bdsize	−0.0025	−0.0306*	−0.0061	−0.0007	0.0122	0.0802	−0.0164	0.0360
Bdsize	(0.0154)	(0.0171)	(0.0194)	(0.0145)	(0.0408)	(0.0972)	(0.0512)	(0.0506)
Boardinde	−0.0501***	0.0146	−0.0322**	−0.0475***	−0.0096	0.0652	0.0979*	−0.0233
Boardinde	(0.0138)	(0.0275)	(0.0154)	(0.0144)	(0.0395)	(0.1252)	(0.0570)	(0.0420)
Leverage	0.3801*	0.1684	0.3915**	0.3467*	1.0836**	−0.5475	1.1830	0.9584
Leverage	(0.1969)	(0.2154)	(0.1599)	(0.2021)	(0.5193)	(0.7699)	(0.7365)	(0.6851)
SoFirm	−0.0112	−0.0195**	−0.0122**	−0.0073	−0.0111	−0.0858**	−0.0392	−0.0255
SoFirm	(0.0083)	(0.0071)	(0.0046)	(0.0081)	(0.0176)	(0.0354)	(0.0348)	(0.0179)
ROA	0.0736	0.1128	0.2576***	0.1091	−0.2028	−0.8626	−0.0999	−0.4850
ROA	(0.1043)	(0.1258)	(0.0866)	(0.1190)	(0.4604)	(0.8394)	(0.5574)	(0.6330)
Loss	−0.0281	0.0166	0.1100**	−0.0043	−0.2093	−0.4485**	−0.0934	−0.2511
Loss	(0.0503)	(0.0441)	(0.0427)	(0.0545)	(0.1374)	(0.1808)	(0.1923)	(0.1526)
Firmage	−0.0091	−0.0431**	−0.0117	−0.0198**	0.0039	−0.0478	−0.0000	−0.0104
Firmage	(0.0056)	(0.0163)	(0.0069)	(0.0086)	(0.0290)	(0.0390)	(0.0247)	(0.0294)
Constant	−2.5595***	−1.6297***	−3.2365***	−1.9336***	−1.9649*	−0.0735	−2.8970**	−0.9052
Constant	(0.3043)	(0.5439)	(0.2514)	(0.5142)	(0.9707)	(1.9822)	(1.0419)	(1.2737)
Year effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	493	232	305	415	500	238	310	421
Number of groups	30	18	21	25	30	18	21	25

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	RREAD-LNT	RREAD-LNT	RREAD-LNT	RREAD-LNT	RREAD-SZ	RREAD-SZ	RREAD-SZ	RREAD-SZ
ESGdisclosure	−1.7427**	0.4682	1.5613	−3.4746***	2.7330	2.1398	8.0523*	−0.3223
ESGdisclosure	(0.6278)	(1.6669)	(1.1279)	(1.1714)	(2.0408)	(4.8678)	(4.3720)	(2.9604)
ACBDiv		−0.3538**				−1.1195**
ACBDiv		(0.1379)				(0.4778)
ESGdisclosure*ACBDiv		1.7694**				5.9230**
ESGdisclosure*ACBDiv		(0.6918)				(2.3681)
ACMeetings			0.1184**				0.2527*
ACMeetings			(0.0543)				(0.1366)
ESGdisclosure*ACMeetings			−0.7655**				−1.2761
ESGdisclosure*ACMeetings			(0.3171)				(0.8563)
ACNumber				−0.1202*				−0.1443
ACNumber				(0.0679)				(0.1301)
ESGdisclosure*ACNumber				0.5863*				0.7426
ESGdisclosure*ACNumber				(0.3153)				(0.4577)
Bdsize	−0.0025	−0.0306*	−0.0061	−0.0007	0.0122	0.0802	−0.0164	0.0360
Bdsize	(0.0154)	(0.0171)	(0.0194)	(0.0145)	(0.0408)	(0.0972)	(0.0512)	(0.0506)
Boardinde	−0.0501***	0.0146	−0.0322**	−0.0475***	−0.0096	0.0652	0.0979*	−0.0233
Boardinde	(0.0138)	(0.0275)	(0.0154)	(0.0144)	(0.0395)	(0.1252)	(0.0570)	(0.0420)
Leverage	0.3801*	0.1684	0.3915**	0.3467*	1.0836**	−0.5475	1.1830	0.9584
Leverage	(0.1969)	(0.2154)	(0.1599)	(0.2021)	(0.5193)	(0.7699)	(0.7365)	(0.6851)
SoFirm	−0.0112	−0.0195**	−0.0122**	−0.0073	−0.0111	−0.0858**	−0.0392	−0.0255
SoFirm	(0.0083)	(0.0071)	(0.0046)	(0.0081)	(0.0176)	(0.0354)	(0.0348)	(0.0179)
ROA	0.0736	0.1128	0.2576***	0.1091	−0.2028	−0.8626	−0.0999	−0.4850
ROA	(0.1043)	(0.1258)	(0.0866)	(0.1190)	(0.4604)	(0.8394)	(0.5574)	(0.6330)
Loss	−0.0281	0.0166	0.1100**	−0.0043	−0.2093	−0.4485**	−0.0934	−0.2511
Loss	(0.0503)	(0.0441)	(0.0427)	(0.0545)	(0.1374)	(0.1808)	(0.1923)	(0.1526)
Firmage	−0.0091	−0.0431**	−0.0117	−0.0198**	0.0039	−0.0478	−0.0000	−0.0104
Firmage	(0.0056)	(0.0163)	(0.0069)	(0.0086)	(0.0290)	(0.0390)	(0.0247)	(0.0294)
Constant	−2.5595***	−1.6297***	−3.2365***	−1.9336***	−1.9649*	−0.0735	−2.8970**	−0.9052
Constant	(0.3043)	(0.5439)	(0.2514)	(0.5142)	(0.9707)	(1.9822)	(1.0419)	(1.2737)
Year effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	493	232	305	415	500	238	310	421
Number of groups	30	18	21	25	30	18	21	25

Note(s): Standard errors in parentheses

***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ own work based on data from annual reports

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