ESG disclosure, audit committee attributes and annual report readability (GMM estimations)
| (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 |
| L. RREAD-LNT | 0.6280*** | −0.1830** | 0.6154*** | 0.6762*** | ||||
| (0.0961) | (0.0770) | (0.1068) | (0.1043) | |||||
| L. RREAD-SZ | 0.1992*** | 0.2528*** | 0.3090*** | 0.2918*** | ||||
| (0.0676) | (0.0386) | (0.0468) | (0.0557) | |||||
| ESGdisclosure | −0.5951 | −1.2524 | 0.8849 | −1.4436** | 2.4900 | 1.2366 | 4.9834 | −0.5162 |
| (0.4071) | (1.6191) | (0.6986) | (0.5935) | (1.9808) | (3.1634) | (2.9743) | (1.1673) | |
| ACBDiv | −0.6929** | −0.5996 | ||||||
| (0.3117) | (0.5155) | |||||||
| ESGdisclosure*ACBDiv | 2.7740* | 2.8223 | ||||||
| (1.4458) | (2.4261) | |||||||
| ACMeetings | 0.0685 | 0.1810 | ||||||
| (0.0418) | (0.1326) | |||||||
| ESGdisclosure*ACMeetings | −0.4353* | −0.7094 | ||||||
| (0.2366) | (0.7463) | |||||||
| ACNumber | −0.0758* | −0.1384 | ||||||
| (0.0413) | (0.1062) | |||||||
| ESGdisclosure*ACNumber | 0.3095* | 0.8540* | ||||||
| (0.1725) | (0.4623) | |||||||
| Bdsize | −0.0087 | −0.0893*** | −0.0167 | −0.0189* | 0.0342 | 0.0351 | 0.0141 | −0.0011 |
| (0.0133) | (0.0245) | (0.0105) | (0.0109) | (0.0520) | (0.0632) | (0.0328) | (0.0505) | |
| Boardinde | −0.0182* | 0.0497 | −0.0005 | −0.0072 | −0.0528 | 0.0618 | 0.0787** | 0.0119 |
| (0.0096) | (0.0296) | (0.0136) | (0.0087) | (0.0536) | (0.0568) | (0.0374) | (0.0392) | |
| Leverage | 0.1381 | 0.3995* | 0.0067 | 0.0168 | 0.7083 | −0.5232 | 0.9261 | 0.7620* |
| (0.1225) | (0.2096) | (0.1232) | (0.1428) | (0.4663) | (0.4389) | (0.6315) | (0.3716) | |
| SoFirm | 0.0019 | −0.0087 | −0.0041 | 0.0033 | 0.0068 | −0.0276 | −0.0126 | −0.0020 |
| (0.0069) | (0.0063) | (0.0054) | (0.0069) | (0.0167) | (0.0297) | (0.0169) | (0.0145) | |
| ROA | 0.0521 | 0.2926** | 0.0425 | −0.0187 | −0.7692* | −1.0772** | −0.2536 | −0.4837 |
| (0.0764) | (0.1185) | (0.0796) | (0.0916) | (0.3767) | (0.4713) | (0.4761) | (0.3153) | |
| Loss | −0.0011 | 0.0774 | 0.0093 | −0.0123 | −0.3058** | −0.3942* | −0.0211 | −0.1393 |
| (0.0276) | (0.0614) | (0.0182) | (0.0280) | (0.1247) | (0.2015) | (0.1436) | (0.1071) | |
| Firmage | −0.0164** | −0.0733*** | −0.0198*** | −0.0166** | −0.0166 | −0.0209 | −0.0282*** | −0.0157** |
| (0.0060) | (0.0112) | (0.0065) | (0.0063) | (0.0103) | (0.0206) | (0.0090) | (0.0070) | |
| Constant | −0.7587*** | −1.4596*** | −0.8600*** | −0.1203 | −1.0697 | 0.2321 | −1.8450* | −0.6018 |
| (0.2163) | (0.4437) | (0.1986) | (0.3748) | (0.6314) | (1.1738) | (0.9246) | (0.4893) | |
| Instruments | 19 | 17 | 20 | 21 | 16 | 15 | 20 | 22 |
| Hansen | 9.73(0.372) | 4.76(0.446) | 3.52(0.898) | 11.28(0.257) | 6.15(0.406) | 3.77(0.288) | 10.14(0.256) | 11.00(0.358) |
| AR(1) | −3.46(0.001) | −0.91(0.365) | −3.08(0.002) | −3.39(0.001) | −4.11(0.000) | −3.23(0.001) | −3.37(0.001) | −3.76(0.000) |
| AR(2) | 1.40(0.162) | −1.60(0.110) | 0.92(0.358) | 1.31(0.189) | 1.73(0.083) | 1.80(0.073) | 1.00(0.316) | 1.58(0.115) |
| Observations | 448 | 220 | 283 | 386 | 462 | 229 | 291 | 396 |
| Number of code | 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 |
| L. RREAD-LNT | 0.6280*** | −0.1830** | 0.6154*** | 0.6762*** | ||||
| (0.0961) | (0.0770) | (0.1068) | (0.1043) | |||||
| L. RREAD-SZ | 0.1992*** | 0.2528*** | 0.3090*** | 0.2918*** | ||||
| (0.0676) | (0.0386) | (0.0468) | (0.0557) | |||||
| ESGdisclosure | −0.5951 | −1.2524 | 0.8849 | −1.4436** | 2.4900 | 1.2366 | 4.9834 | −0.5162 |
| (0.4071) | (1.6191) | (0.6986) | (0.5935) | (1.9808) | (3.1634) | (2.9743) | (1.1673) | |
| ACBDiv | −0.6929** | −0.5996 | ||||||
| (0.3117) | (0.5155) | |||||||
| ESGdisclosure*ACBDiv | 2.7740* | 2.8223 | ||||||
| (1.4458) | (2.4261) | |||||||
| ACMeetings | 0.0685 | 0.1810 | ||||||
| (0.0418) | (0.1326) | |||||||
| ESGdisclosure*ACMeetings | −0.4353* | −0.7094 | ||||||
| (0.2366) | (0.7463) | |||||||
| ACNumber | −0.0758* | −0.1384 | ||||||
| (0.0413) | (0.1062) | |||||||
| ESGdisclosure*ACNumber | 0.3095* | 0.8540* | ||||||
| (0.1725) | (0.4623) | |||||||
| Bdsize | −0.0087 | −0.0893*** | −0.0167 | −0.0189* | 0.0342 | 0.0351 | 0.0141 | −0.0011 |
| (0.0133) | (0.0245) | (0.0105) | (0.0109) | (0.0520) | (0.0632) | (0.0328) | (0.0505) | |
| Boardinde | −0.0182* | 0.0497 | −0.0005 | −0.0072 | −0.0528 | 0.0618 | 0.0787** | 0.0119 |
| (0.0096) | (0.0296) | (0.0136) | (0.0087) | (0.0536) | (0.0568) | (0.0374) | (0.0392) | |
| Leverage | 0.1381 | 0.3995* | 0.0067 | 0.0168 | 0.7083 | −0.5232 | 0.9261 | 0.7620* |
| (0.1225) | (0.2096) | (0.1232) | (0.1428) | (0.4663) | (0.4389) | (0.6315) | (0.3716) | |
| SoFirm | 0.0019 | −0.0087 | −0.0041 | 0.0033 | 0.0068 | −0.0276 | −0.0126 | −0.0020 |
| (0.0069) | (0.0063) | (0.0054) | (0.0069) | (0.0167) | (0.0297) | (0.0169) | (0.0145) | |
| ROA | 0.0521 | 0.2926** | 0.0425 | −0.0187 | −0.7692* | −1.0772** | −0.2536 | −0.4837 |
| (0.0764) | (0.1185) | (0.0796) | (0.0916) | (0.3767) | (0.4713) | (0.4761) | (0.3153) | |
| Loss | −0.0011 | 0.0774 | 0.0093 | −0.0123 | −0.3058** | −0.3942* | −0.0211 | −0.1393 |
| (0.0276) | (0.0614) | (0.0182) | (0.0280) | (0.1247) | (0.2015) | (0.1436) | (0.1071) | |
| Firmage | −0.0164** | −0.0733*** | −0.0198*** | −0.0166** | −0.0166 | −0.0209 | −0.0282*** | −0.0157** |
| (0.0060) | (0.0112) | (0.0065) | (0.0063) | (0.0103) | (0.0206) | (0.0090) | (0.0070) | |
| Constant | −0.7587*** | −1.4596*** | −0.8600*** | −0.1203 | −1.0697 | 0.2321 | −1.8450* | −0.6018 |
| (0.2163) | (0.4437) | (0.1986) | (0.3748) | (0.6314) | (1.1738) | (0.9246) | (0.4893) | |
| Instruments | 19 | 17 | 20 | 21 | 16 | 15 | 20 | 22 |
| Hansen | 9.73(0.372) | 4.76(0.446) | 3.52(0.898) | 11.28(0.257) | 6.15(0.406) | 3.77(0.288) | 10.14(0.256) | 11.00(0.358) |
| AR(1) | −3.46(0.001) | −0.91(0.365) | −3.08(0.002) | −3.39(0.001) | −4.11(0.000) | −3.23(0.001) | −3.37(0.001) | −3.76(0.000) |
| AR(2) | 1.40(0.162) | −1.60(0.110) | 0.92(0.358) | 1.31(0.189) | 1.73(0.083) | 1.80(0.073) | 1.00(0.316) | 1.58(0.115) |
| Observations | 448 | 220 | 283 | 386 | 462 | 229 | 291 | 396 |
| Number of code | 30 | 18 | 21 | 25 | 30 | 18 | 21 | 25 |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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