Additional analysis
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | DV: Ln(CO2 equivalents emission total) | DV: Ln(environmental provisions) | DV: Ln(emission reduction/waste recycling ratio) | DV: Ln(waste recycling ratio) |
| Ln(StateOwn(%)) | 0.240*** (2.781) | 0.332 (1.360) | −0.077** (−2.375) | −0.014** (−2.197) |
| Ln(InstitutionalOwn(%)) | −0.009 (−0.204) | 0.021 (0.186) | −0.009 (−0.553) | −0.001 (−0.333) |
| FirmSize (lnTotalAssets) | −0.610*** (−6.808) | 0.617** (2.168) | 0.016 (0.752) | −0.002 (−0.430) |
| Leverage (lnDebttoEquity) | 0.328*** (6.591) | 0.073 (0.469) | 0.010 (0.726) | 0.003 (0.802) |
| ROE (lnROE) | −0.608*** (−9.556) | −0.175 (−1.021) | 0.091*** (4.166) | 0.018*** (3.942) |
| CFO (lnCFO) | 1.112*** (12.735) | 0.444** (2.057) | 0.000 (0.005) | 0.006 (1.205) |
| Reputation_Monitoring_indicator | 0.310** (2.428) | 0.346 (0.712) | 0.019 (0.469) | 0.010 (1.044) |
| CEO_Comp_Link_indicator | 0.714*** (5.040) | 0.018 (0.043) | −0.063 (−1.215) | −0.015 (−1.442) |
| CEO_BoardMem_indicator | 0.589** (2.520) | 0.215 (0.391) | 0.046 (0.739) | 0.025 (1.635) |
| CG_Comm_indicator | −0.446** (−2.349) | −1.024* (−1.797) | −0.087 (−1.294) | −0.022 (−1.533) |
| CSR_Comm_indicator | 0.637*** (5.141) | 0.157 (0.427) | −0.008 (−0.221) | −0.001 (−0.136) |
| Ln(CloselyHeldShares(%)) | −0.086* (−1.821) | 0.028 (0.231) | 0.018 (1.164) | 0.004 (1.034) |
| Constant | 7.708*** (7.105) | 4.880 (1.600) | −0.938* (−1.677) | −0.288*** (−2.819) |
| Industry fixed-effect | Yes | Yes | Yes | Yes |
| Auditors fixed-effect | Yes | Yes | Yes | Yes |
| Year fixed-effect | Yes | Yes | Yes | Yes |
| Country fixed-effect | Yes | Yes | Yes | Yes |
| Observations | 9,681 | 2,677 | 5,807 | 6,213 |
| R2 | 0.317 | 0.385 | 0.204 | 0.205 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | DV: Ln(CO2 equivalents emission total) | DV: Ln(environmental provisions) | DV: Ln(emission reduction/waste recycling ratio) | DV: Ln(waste recycling ratio) |
| 0.240 | 0.332 (1.360) | −0.077 | −0.014 | |
| −0.009 (−0.204) | 0.021 (0.186) | −0.009 (−0.553) | −0.001 (−0.333) | |
| −0.610 | 0.617 | 0.016 (0.752) | −0.002 (−0.430) | |
| 0.328 | 0.073 (0.469) | 0.010 (0.726) | 0.003 (0.802) | |
| −0.608 | −0.175 (−1.021) | 0.091 | 0.018 | |
| 1.112 | 0.444 | 0.000 (0.005) | 0.006 (1.205) | |
| 0.310 | 0.346 (0.712) | 0.019 (0.469) | 0.010 (1.044) | |
| 0.714 | 0.018 (0.043) | −0.063 (−1.215) | −0.015 (−1.442) | |
| 0.589 | 0.215 (0.391) | 0.046 (0.739) | 0.025 (1.635) | |
| −0.446 | −1.024 | −0.087 (−1.294) | −0.022 (−1.533) | |
| 0.637 | 0.157 (0.427) | −0.008 (−0.221) | −0.001 (−0.136) | |
| −0.086 | 0.028 (0.231) | 0.018 (1.164) | 0.004 (1.034) | |
| 7.708 | 4.880 (1.600) | −0.938 | −0.288 | |
| Industry fixed-effect | Yes | Yes | Yes | Yes |
| Auditors fixed-effect | Yes | Yes | Yes | Yes |
| Year fixed-effect | Yes | Yes | Yes | Yes |
| Country fixed-effect | Yes | Yes | Yes | Yes |
| Observations | 9,681 | 2,677 | 5,807 | 6,213 |
| 0.317 | 0.385 | 0.204 | 0.205 |
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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