Regressions results for H1 and H2
| DV: Ln(EnvDisclosure) | (1) | (2) | (3) |
|---|---|---|---|
| Ln(StateOwn(%)) | 0.030*** (2.901) | 0.030***(2.866) | |
| −0.014*** (−3.322) | −0.014***(−3.259) | ||
| Ln(InstitutionalOwn(%)) | |||
| FirmSize (lnTotalAssets) | −0.003 (−0.431) | −0.004 (−0.584) | −0.005 (−0.724) |
| Leverage (lnDebttoEquity) | 0.005 (1.150) | 0.005 (1.262) | 0.005 (1.225) |
| ROE (lnROE) | −0.031*** (−5.484) | −0.033*** (−5.736) | −0.032*** (−5.614) |
| CFO (lnCFO) | 0.090*** (11.757) | 0.091*** (11.882) | 0.090*** (11.824) |
| Reputation_Monitoring_indicator | 0.294*** (14.665) | 0.297*** (14.783) | 0.294*** (14.647) |
| CEO_Comp_Link_indicator | 0.073*** (5.677) | 0.074*** (5.723) | 0.073*** (5.701) |
| CEO_BoardMem_indicator | −0.027 (−1.192) | −0.026 (−1.168) | −0.026 (−1.150) |
| CG_Comm_indicator | 0.027 (1.355) | 0.028 (1.378) | 0.029 (1.456) |
| CSR_Comm_indicator | 0.387*** (27.424) | 0.387*** (27.420) | 0.387*** (27.386) |
| Ln(CloselyHeldShares(%)) | −0.015*** (−2.989) | −0.016*** (−3.025) | −0.017*** (−3.253) |
| Constant | −1.519*** (−10.996) | −1.517*** (−11.001) | −1.490*** (−10.830) |
| Industry fixed-effect | Yes | Yes | Yes |
| Auditors fixed-effect | Yes | Yes | Yes |
| Year fixed-effect | Yes | Yes | Yes |
| Country fixed-effect | Yes | Yes | Yes |
| Observations | 27,847 | 27,847 | 27,847 |
| Pseudo R2 | 0.419 | 0.419 | 0.420 |
| DV: Ln(EnvDisclosure) | (1) | (2) | (3) |
|---|---|---|---|
| −0.003 (−0.431) | −0.004 (−0.584) | −0.005 (−0.724) | |
| 0.005 (1.150) | 0.005 (1.262) | 0.005 (1.225) | |
| −0.031 | −0.033 | −0.032 | |
| 0.090 | 0.091 | 0.090 | |
| 0.294 | 0.297 | 0.294 | |
| 0.073 | 0.074 | 0.073 | |
| −0.027 (−1.192) | −0.026 (−1.168) | −0.026 (−1.150) | |
| 0.027 (1.355) | 0.028 (1.378) | 0.029 (1.456) | |
| 0.387 | 0.387 | 0.387 | |
| −0.015 | −0.016 | −0.017 | |
| −1.519 | −1.517 | −1.490 | |
| Industry fixed-effect | Yes | Yes | Yes |
| Auditors fixed-effect | Yes | Yes | Yes |
| Year fixed-effect | Yes | Yes | Yes |
| Country fixed-effect | Yes | Yes | Yes |
| Observations | 27,847 | 27,847 | 27,847 |
| Pseudo | 0.419 | 0.419 | 0.420 |
Notes:
All variables are described in Table 2. T-values are presented in parentheses. ***, ** and * denote the significance level at 1%, 5% and 10%
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