Table 11. Endogeneity check for H2a, H2b...

Table 11.

Endogeneity check for H2a, H2b, H2c, H2d, H2e and H2f using two-stage least squares

Variables	H2a	H2b	H2c	H2d	H2e	H2f
1. Env_Sust_Comp	17.21	−36.22	−132.22	−134.89**	151.42**	155.78
2. Soc_Sust_Comp	58.03**	98.01*	148.5**	3,650.23**	33.23**	53.22
3. Env_Sust_Comp*CGC¹	268.9*	370.11*	1,209.00	−702.22**	68.02*	22.34
4. Soc_Sust_Comp*CGC¹	70.11	−55.22	−248.55*	1,148.01**	31.03*	10.21
5. Size	0.02	4.01	0.00	0.06	0.07	4.33
6. Profitability	50.01**	33.44*	43.41*	38.11*	99.03**	21.12
R² overall	0.88	0.86	0.79	0.75	0.11	0.88
Number of firms	40	40	40	40	40	40

Variables	H2a	H2b	H2c	H2d	H2e	H2f
1. Env_Sust_Comp	17.21	−36.22	−132.22	−134.89**	151.42**	155.78
2. Soc_Sust_Comp	58.03**	98.01*	148.5**	3,650.23**	33.23**	53.22
3. Env_Sust_Comp*CGC¹	268.9*	370.11*	1,209.00	−702.22**	68.02*	22.34
4. Soc_Sust_Comp*CGC¹	70.11	−55.22	−248.55*	1,148.01**	31.03*	10.21
5. Size	0.02	4.01	0.00	0.06	0.07	4.33
6. Profitability	50.01**	33.44*	43.41*	38.11*	99.03**	21.12
R² overall	0.88	0.86	0.79	0.75	0.11	0.88
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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