Test of Hypothesis 1
| Variable | Water_dummy | Water_disclosure | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Gender_num | 0.005*** (3.007) | 0.016** (2.532) | ||||
| Gender_ratio | 0.017** (1.995) | 0.104* (1.788) | ||||
| Gender_ind | 0.006* (1.936) | 0.037*** (3.751) | ||||
| Size | 0.220*** (19.099) | 0.220*** (19.877) | 0.220*** (19.049) | 0.140*** (19.878) | 0.140*** (19.868) | 0.140*** (19.955) |
| Lev | −0.184*** (−14.083) | −0.183*** (−14.031) | −0.184*** (−14.062) | −0.078* (−1.672) | −0.080* (−1.703) | −0.080* (−1.720) |
| Roa | −0.078* (−1.911) | −0.079* (−1.944) | −0.079* (−1.939) | −0.597*** (−4.177) | −0.597*** (−4.178) | −0.605*** (−4.238) |
| SOE | 0.150*** (28.048) | 0.150*** (27.920) | 0.149*** (27.906) | 0.099*** (6.161) | 0.099*** (6.136) | 0.097*** (6.070) |
| Dual | −0.005 (−1.006) | −0.005 (−0.956) | −0.004 (−0.901) | −0.088*** (−4.863) | −0.088*** (−4.857) | −0.087*** (−4.784) |
| Board | −0.124*** (−3.033) | −0.112*** (−2.755) | −0.112*** (−2.748) | −0.277** (−2.211) | −0.302** (−2.424) | −0.307** (−2.461) |
| Tobin’Q | −0.055*** (−29.228) | −0.054*** (−29.197) | −0.055*** (−29.219) | −0.021*** (−3.182) | −0.021*** (−3.238) | −0.021*** (−3.134) |
| Age | 0.004 (1.282) | 0.005* (1.791) | 0.005* (1.694) | 0.059*** (5.248) | 0.057*** (5.072) | 0.057*** (5.069) |
| Constant | −4.790*** (−7.068) | −4.776*** (−6.940) | −4.777*** (−7.277) | −1.320*** (−5.199) | −1.307*** (−5.141) | −1.322*** (−5.222) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 24,001 | 24,001 | 24,001 | 7,099 | 7,099 | 7,099 |
| Adj-R2 | 0.472 | 0.472 | 0.472 | 0.331 | 0.331 | 0.332 |
| F | 483.4 | 482.9 | 483.1 | 93.03 | 92.9 | 93.35 |
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 0.005*** (3.007) | 0.016** (2.532) | |||||
| 0.017** (1.995) | 0.104* (1.788) | |||||
| 0.006* (1.936) | 0.037*** (3.751) | |||||
| 0.220*** (19.099) | 0.220*** (19.877) | 0.220*** (19.049) | 0.140*** (19.878) | 0.140*** (19.868) | 0.140*** (19.955) | |
| −0.184*** (−14.083) | −0.183*** (−14.031) | −0.184*** (−14.062) | −0.078* (−1.672) | −0.080* (−1.703) | −0.080* (−1.720) | |
| −0.078* (−1.911) | −0.079* (−1.944) | −0.079* (−1.939) | −0.597*** (−4.177) | −0.597*** (−4.178) | −0.605*** (−4.238) | |
| 0.150*** (28.048) | 0.150*** (27.920) | 0.149*** (27.906) | 0.099*** (6.161) | 0.099*** (6.136) | 0.097*** (6.070) | |
| −0.005 (−1.006) | −0.005 (−0.956) | −0.004 (−0.901) | −0.088*** (−4.863) | −0.088*** (−4.857) | −0.087*** (−4.784) | |
| −0.124*** (−3.033) | −0.112*** (−2.755) | −0.112*** (−2.748) | −0.277** (−2.211) | −0.302** (−2.424) | −0.307** (−2.461) | |
| −0.055*** (−29.228) | −0.054*** (−29.197) | −0.055*** (−29.219) | −0.021*** (−3.182) | −0.021*** (−3.238) | −0.021*** (−3.134) | |
| 0.004 (1.282) | 0.005* (1.791) | 0.005* (1.694) | 0.059*** (5.248) | 0.057*** (5.072) | 0.057*** (5.069) | |
| −4.790*** (−7.068) | −4.776*** (−6.940) | −4.777*** (−7.277) | −1.320*** (−5.199) | −1.307*** (−5.141) | −1.322*** (−5.222) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 24,001 | 24,001 | 24,001 | 7,099 | 7,099 | 7,099 | |
| 0.472 | 0.472 | 0.472 | 0.331 | 0.331 | 0.332 | |
| 483.4 | 482.9 | 483.1 | 93.03 | 92.9 | 93.35 | |
Note(s): This table presents the regression results for the effect of female directors on water information disclosure. Columns (1), (2) and (3) depict the relationship between the three proxies of female directors and the dummy variable of water disclosure. Meanwhile, Columns (4), (5) and (6) show the relationship between the three proxies of female directors and the water disclosure index. The t-values are given in parentheses next to the coefficients. All variables are defined in Appendix 1. ***p < 0.01, **p < 0.05, *p < 0.1
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