Test of Hypothesis 2
| Variable | Water_disclosure | ||
|---|---|---|---|
| (1) | (2) | (3) | |
| Gender_num | 0.020*** (2.681) | ||
| Gender_ratio | 0.159** (2.240) | ||
| Gender_ind | 0.048*** (4.009) | ||
| Water_sensitive | 0.122 (1.229) | 0.120 (1.209) | 0.133 (1.341) |
| Gender_num* Water_sensitive | −0.023* (−1.742) | ||
| Gender_ratio* Water_sensitive | −0.246** (−1.991) | ||
| Gender_ind* Water_sensitive | −0.045** (−2.065) | ||
| Size | 0.138*** (19.364) | 0.139*** (19.326) | 0.139*** (19.471) |
| Lev | −0.084* (−1.760) | −0.084* (−1.768) | −0.088* (−1.853) |
| Roa | −0.619*** (−4.247) | −0.619*** (−4.247) | −0.629*** (−4.317) |
| SOE | 0.099*** (6.045) | 0.099*** (6.000) | 0.096*** (5.877) |
| Dual | −0.089*** (−4.837) | −0.089*** (−4.811) | −0.088*** (−4.803) |
| Board | −0.292** (−2.291) | −0.313** (−2.463) | −0.312** (−2.458) |
| Tobin’s Q | −0.019*** (−2.781) | −0.019*** (−2.840) | −0.018*** (−2.748) |
| Age | 0.055*** (4.798) | 0.053*** (4.691) | 0.053*** (4.669) |
| Constant | −1.803*** (−8.646) | −1.791*** (−8.590) | −1.815*** (−8.731) |
| Year | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes |
| Obs | 7,099 | 7,099 | 7,099 |
| Adj-R2 | 0.315 | 0.314 | 0.315 |
| F | 82.87 | 82.82 | 83.21 |
| Variable | |||
|---|---|---|---|
| (1) | (2) | (3) | |
| 0.020*** (2.681) | |||
| 0.159** (2.240) | |||
| 0.048*** (4.009) | |||
| 0.122 (1.229) | 0.120 (1.209) | 0.133 (1.341) | |
| −0.023* (−1.742) | |||
| −0.246** (−1.991) | |||
| −0.045** (−2.065) | |||
| 0.138*** (19.364) | 0.139*** (19.326) | 0.139*** (19.471) | |
| −0.084* (−1.760) | −0.084* (−1.768) | −0.088* (−1.853) | |
| −0.619*** (−4.247) | −0.619*** (−4.247) | −0.629*** (−4.317) | |
| 0.099*** (6.045) | 0.099*** (6.000) | 0.096*** (5.877) | |
| −0.089*** (−4.837) | −0.089*** (−4.811) | −0.088*** (−4.803) | |
| −0.292** (−2.291) | −0.313** (−2.463) | −0.312** (−2.458) | |
| −0.019*** (−2.781) | −0.019*** (−2.840) | −0.018*** (−2.748) | |
| 0.055*** (4.798) | 0.053*** (4.691) | 0.053*** (4.669) | |
| −1.803*** (−8.646) | −1.791*** (−8.590) | −1.815*** (−8.731) | |
| Yes | Yes | Yes | |
| Yes | Yes | Yes | |
| 7,099 | 7,099 | 7,099 | |
| 0.315 | 0.314 | 0.315 | |
| 82.87 | 82.82 | 83.21 | |
Note(s): The regression results for water sensitive as a moderator variable on the relationship between female directors and water disclosure are presented in this table. Columns (1), (2) and (3), respectively show how water sensitivity moderates the relationship between female directors and water information disclosure under the three proxies of female directors. 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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