Table 6 COVID-19 outbreak and CSR...

Table 6

COVID-19 outbreak and CSR disclosure: the moderating role of board structure

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Board size	Independent directors on board	Women on board
$C O V I D_{N Z, t}$	1.154*** (0.216)	0.728*** (0.040)	1.158*** (0.216)
$B S I Z E_{i, t}$	0.433*** (0.042)
$C O V I D_{N Z, t} \times B S I Z E_{i, t}$	2.473*** (0.212)
$I N D I R_{i, t}$		0.557 (.444)
$C O V I D_{N Z, t} \times I N D I R_{i, t}$		0.001*** (0.000)
$W O M E N_{N Z, t}$			1.839*** (0.397)
$C O V I D_{N Z, t} \times W O M E N_{i, t}$			2.474*** (0.213)
$C O N S T A N T_{i, t}$	9.100*** (0.984)	8.009*** (1.913)	3.429*** (1.280)
$C o n t r o l v a r i a b l e s$	Yes	Yes	Yes
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672	2,638
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.547	0.579	0.542

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Board size	Independent directors on board	Women on board
$C O V I D_{N Z, t}$	1.154*** (0.216)	0.728*** (0.040)	1.158*** (0.216)
$B S I Z E_{i, t}$	0.433*** (0.042)
$C O V I D_{N Z, t} \times B S I Z E_{i, t}$	2.473*** (0.212)
$I N D I R_{i, t}$		0.557 (.444)
$C O V I D_{N Z, t} \times I N D I R_{i, t}$		0.001*** (0.000)
$W O M E N_{N Z, t}$			1.839*** (0.397)
$C O V I D_{N Z, t} \times W O M E N_{i, t}$			2.474*** (0.213)
$C O N S T A N T_{i, t}$	9.100*** (0.984)	8.009*** (1.913)	3.429*** (1.280)
$C o n t r o l v a r i a b l e s$	Yes	Yes	Yes
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	2,672	2,672	2,638
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.547	0.579	0.542

Note(s): Table 6 reports the results on the moderating role of board structure on the relationship between the COVID-19 outbreak and CSR disclosure. The robust standard errors are reported in the parentheses. And “***”, “**” and “*”, represent the significance at 1, 5 and 10% levels, respectively. The variables are defined as in Appendix

[ViewLarge]

Sharing Unavailable