Regressions results for H3 and H4
| DV: Ln(EnvDisclosure) | (1) | (2) | (3) |
|---|---|---|---|
| Ln(StateOwn(%)) | −0.014 (−1.035) | −0.014 (−1.034) | |
| Ln(StateOwn(%)) X developed | 0.086*** (4.253) | 0.086*** (4.211) | |
| Ln(InstitutionalOwn(%)) | −0.022 (−1.612) | −0.023* (−1.660) | |
| Ln(InstitutionalOwn(%)) X developed | 0.009 (0.613) | 0.011 (0.730) | |
| Developed | −0.094 (−0.904) | −0.070 (−0.666) | −0.072 (−0.695) |
| FirmSize (lnTotalAssets) | −0.003 (−0.441) | −0.004 (−0.561) | −0.005 (−0.694) |
| Leverage (lnDebttoEquity) | 0.005 (1.177) | 0.005 (1.253) | 0.005 (1.239) |
| ROE (lnROE) | −0.031*** (−5.418) | −0.033*** (−5.728) | −0.032*** (−5.532) |
| CFO (lnCFO) | 0.090*** (11.696) | 0.091*** (11.874) | 0.090*** (11.750) |
| Reputation_Monitoring_indicator | 0.294*** (14.666) | 0.297*** (14.796) | 0.294*** (14.666) |
| CEO_Comp_Link_indicator | 0.072*** (5.606) | 0.074*** (5.720) | 0.072*** (5.625) |
| CEO_BoardMem_indicator | −0.023 (−0.998) | −0.026 (−1.178) | −0.022 (−0.971) |
| CG_Comm_indicator | 0.025 (1.226) | 0.028 (1.382) | 0.027 (1.328) |
| CSR_Comm_indicator | 0.387*** (27.494) | 0.387*** (27.404) | 0.387*** (27.442) |
| Ln(CloselyHeldShares(%)) | −0.016*** (−3.180) | −0.016*** (−3.036) | −0.018*** (−3.444) |
| Constant | −1.511*** (−10.928) | −1.518*** (−11.012) | −1.484*** (−10.784) |
| 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 | 0.421 | 0.419 | 0.422 |
| DV: Ln(EnvDisclosure) | (1) | (2) | (3) |
|---|---|---|---|
| −0.014 (−1.035) | −0.014 (−1.034) | ||
| −0.022 (−1.612) | |||
| 0.009 (0.613) | 0.011 (0.730) | ||
| −0.094 (−0.904) | −0.070 (−0.666) | −0.072 (−0.695) | |
| −0.003 (−0.441) | −0.004 (−0.561) | −0.005 (−0.694) | |
| 0.005 (1.177) | 0.005 (1.253) | 0.005 (1.239) | |
| −0.031 | −0.033 | −0.032 | |
| 0.090 | 0.091 | 0.090 | |
| 0.294 | 0.297 | 0.294 | |
| 0.072 | 0.074 | 0.072 | |
| −0.023 (−0.998) | −0.026 (−1.178) | −0.022 (−0.971) | |
| 0.025 (1.226) | 0.028 (1.382) | 0.027 (1.328) | |
| 0.387 | 0.387 | 0.387 | |
| −0.016 | −0.016 | −0.018 | |
| −1.511 | −1.518 | −1.484 | |
| 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 | 0.421 | 0.419 | 0.422 |
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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