Table 9. Regression results for H2a ,...

Table 9.

Regression results for H2a, H2b, H2c, H2d, H2e and H2f

Variables	H2a	H2b	H2c	H2d	H2e	H2f
1. Env_Sust_Comp	15.72	−38.37	−135.27	−136.71**	153.44**	151.42
2. Soc_Sust_Comp	60.012**	97.09^*	153.50**	3,793.65**	35.62**	55.73
3. Env_Sust_Comp^*CGC¹	274.53^*	372.29^*	1,207.86	−670.71**	69.07^*	21.93
4. Soc_Sust_Comp^*CGC¹	73.73	−56.89	−257.04^*	1,156.08**	27.79^*	9.27
5. Size	0.00	4.55	0.00	0.00	0.00	4.41
6. Profitability	40.68**	32.99^*	40.41^*	39.12^*	97.57**	20.19
R² overall	0.98	0.81	0.89	0.80	0.99	0.46
Number of firms	40	40	40	40	40	40

Variables	H2a	H2b	H2c	H2d	H2e	H2f
1. Env_Sust_Comp	15.72	−38.37	−135.27	−136.71**	153.44**	151.42
2. Soc_Sust_Comp	60.012**	97.09^*	153.50**	3,793.65**	35.62**	55.73
3. Env_Sust_Comp^*CGC¹	274.53^*	372.29^*	1,207.86	−670.71**	69.07^*	21.93
4. Soc_Sust_Comp^*CGC¹	73.73	−56.89	−257.04^*	1,156.08**	27.79^*	9.27
5. Size	0.00	4.55	0.00	0.00	0.00	4.41
6. Profitability	40.68**	32.99^*	40.41^*	39.12^*	97.57**	20.19
R² overall	0.98	0.81	0.89	0.80	0.99	0.46
Number of firms	40	40	40	40	40	40

Notes:

¹Corporate governance’s characteristic (H2a: board of directors’ independence; H2b: compensation committee’s independence; H2c: gender diversity; H2d: board size; H2e: CEO–chair separation; and H2f: sustainability committee).

* and ** indicate statistical significance at p < 0.05 and p < 0.01

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