Robustness tests: additional control variables
| Variable | Water_disclosure | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Gender_num | 0.017*** (2.619) | 0.023*** (2.901) | ||||
| Gender_ratio | 0.102* (1.706) | 0.156** (2.135) | ||||
| Gender_ind | 0.041*** (3.998) | 0.055*** (4.402) | ||||
| Water_sensitive | 0.164 (1.620) | 0.166 (1.643) | 0.178* (1.770) | |||
| Gender_num*Water_sensitive | −0.028* (−1.930) | |||||
| Gender_ratio*Water_sensitive | −0.233* (−1.839) | |||||
| Gender_ind*Water_sensitive | −0.051** (−2.248) | |||||
| Size | 0.149*** (16.218) | 0.149*** (16.184) | 0.150*** (16.308) | 0.146*** (15.575) | 0.145*** (15.530) | 0.146*** (15.613) |
| Lev | −0.128*** (−2.595) | −0.129*** (−2.621) | −0.130*** (−2.636) | −0.136*** (−2.706) | −0.136*** (−2.718) | −0.140*** (−2.797) |
| Roa | −0.626*** (−4.263) | −0.625*** (−4.257) | −0.636*** (−4.331) | −0.641*** (−4.280) | −0.640*** (−4.268) | −0.654*** (−4.368) |
| SOE | 0.091*** (5.392) | 0.091*** (5.329) | 0.089*** (5.315) | 0.089*** (5.174) | 0.089*** (5.108) | 0.086*** (5.006) |
| Dual | −0.082*** (−4.317) | −0.082*** (−4.313) | −0.081*** (−4.250) | −0.083*** (−4.286) | −0.082*** (−4.261) | −0.082*** (−4.261) |
| Board | −0.282** (−2.205) | −0.309** (−2.418) | −0.315** (−2.467) | −0.315** (−2.418) | −0.337*** (−2.588) | −0.338*** (−2.603) |
| Tobin’Q | −0.022*** (−3.162) | −0.022*** (−3.217) | −0.021*** (−3.096) | −0.020*** (−2.934) | −0.021*** (−2.993) | −0.020*** (−2.903) |
| Age | 0.035** (2.385) | 0.036** (2.403) | 0.033** (2.221) | 0.030** (1.972) | 0.031** (2.030) | 0.028* (1.865) |
| Growth | 0.007 (0.590) | 0.019 (0.587) | 0.001 (0.621) | 0.153 (0.560) | 0.179 (0.579) | 0.163 (0.568) |
| HHI | −0.239* (−1.818) | −0.242* (−1.841) | −0.247* (−1.879) | −0.235* (−1.746) | −0.238* (−1.769) | −0.235* (−1.751) |
| OwnershipConcentration | 0.270** (2.522) | 0.269** (2.514) | 0.271** (2.534) | 0.280** (2.551) | 0.280** (2.547) | 0.281** (2.560) |
| Inter_control | −0.006 (−1.116) | −0.006 (−1.107) | −0.006 (−1.112) | −0.008 (−1.308) | −0.007 (−1.281) | −0.007 (−1.271) |
| Media | −0.01 (−1.547) | −0.01 (−1.489) | −0.01 (−1.501) | −0.006 (−0.961) | −0.006 (−0.908) | −0.006 (−0.870) |
| Beta | 0.227* (1.931) | 0.228* (1.936) | 0.228* (1.941) | 0.219* (1.833) | 0.219* (1.837) | 0.222* (1.863) |
| Constant | −2.385*** (−10.119) | −2.365*** (−10.031) | −2.384*** (−10.153) | −2.275*** (−9.576) | −2.264*** (−9.527) | −2.276*** (−9.599) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 |
| Adj-R2 | 0.319 | 0.318 | 0.32 | 0.302 | 0.302 | 0.304 |
| F | 70.82 | 70.69 | 71.15 | 63.59 | 63.48 | 63.95 |
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 0.017*** (2.619) | 0.023*** (2.901) | |||||
| 0.102* (1.706) | 0.156** (2.135) | |||||
| 0.041*** (3.998) | 0.055*** (4.402) | |||||
| 0.164 (1.620) | 0.166 (1.643) | 0.178* (1.770) | ||||
| −0.028* (−1.930) | ||||||
| −0.233* (−1.839) | ||||||
| −0.051** (−2.248) | ||||||
| 0.149*** (16.218) | 0.149*** (16.184) | 0.150*** (16.308) | 0.146*** (15.575) | 0.145*** (15.530) | 0.146*** (15.613) | |
| −0.128*** (−2.595) | −0.129*** (−2.621) | −0.130*** (−2.636) | −0.136*** (−2.706) | −0.136*** (−2.718) | −0.140*** (−2.797) | |
| −0.626*** (−4.263) | −0.625*** (−4.257) | −0.636*** (−4.331) | −0.641*** (−4.280) | −0.640*** (−4.268) | −0.654*** (−4.368) | |
| 0.091*** (5.392) | 0.091*** (5.329) | 0.089*** (5.315) | 0.089*** (5.174) | 0.089*** (5.108) | 0.086*** (5.006) | |
| −0.082*** (−4.317) | −0.082*** (−4.313) | −0.081*** (−4.250) | −0.083*** (−4.286) | −0.082*** (−4.261) | −0.082*** (−4.261) | |
| −0.282** (−2.205) | −0.309** (−2.418) | −0.315** (−2.467) | −0.315** (−2.418) | −0.337*** (−2.588) | −0.338*** (−2.603) | |
| −0.022*** (−3.162) | −0.022*** (−3.217) | −0.021*** (−3.096) | −0.020*** (−2.934) | −0.021*** (−2.993) | −0.020*** (−2.903) | |
| 0.035** (2.385) | 0.036** (2.403) | 0.033** (2.221) | 0.030** (1.972) | 0.031** (2.030) | 0.028* (1.865) | |
| 0.007 (0.590) | 0.019 (0.587) | 0.001 (0.621) | 0.153 (0.560) | 0.179 (0.579) | 0.163 (0.568) | |
| −0.239* (−1.818) | −0.242* (−1.841) | −0.247* (−1.879) | −0.235* (−1.746) | −0.238* (−1.769) | −0.235* (−1.751) | |
| 0.270** (2.522) | 0.269** (2.514) | 0.271** (2.534) | 0.280** (2.551) | 0.280** (2.547) | 0.281** (2.560) | |
| −0.006 (−1.116) | −0.006 (−1.107) | −0.006 (−1.112) | −0.008 (−1.308) | −0.007 (−1.281) | −0.007 (−1.271) | |
| −0.01 (−1.547) | −0.01 (−1.489) | −0.01 (−1.501) | −0.006 (−0.961) | −0.006 (−0.908) | −0.006 (−0.870) | |
| 0.227* (1.931) | 0.228* (1.936) | 0.228* (1.941) | 0.219* (1.833) | 0.219* (1.837) | 0.222* (1.863) | |
| −2.385*** (−10.119) | −2.365*** (−10.031) | −2.384*** (−10.153) | −2.275*** (−9.576) | −2.264*** (−9.527) | −2.276*** (−9.599) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | |
| 0.319 | 0.318 | 0.32 | 0.302 | 0.302 | 0.304 | |
| 70.82 | 70.69 | 71.15 | 63.59 | 63.48 | 63.95 | |
Note(s): This table displays the regression results of robustness tests that used more control variables to investigate the effect of female directors on water information disclosure. Columns (1) and (4) detail how Gender_num, as an independent variable, influences water information disclosure. Meanwhile, Columns (2) and (5) detail how Gender_ratio, as an independent variable, influences water information disclosure. Lastly, Columns (3) and (6) describe how Gender_ind, as an independent variable, influences water information disclosure. 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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