Robustness tests: the second stage regression results of Heckman’s two-stage model
| Panel A: IV: the number of female directors on the board with a lag of one period | ||||||
|---|---|---|---|---|---|---|
| Variable | Water_disclosure | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Gender_num | 0.041*** (4.299) | 0.050*** (4.677) | ||||
| Gender_ratio | 0.277*** (3.052) | 0.359*** (3.555) | ||||
| Gender_ind | 0.058*** (−4.825) | 0.075*** (5.378) | ||||
| Water_sensitive | 0.126 (1.266) | 0.126 (1.266) | 0.143 (1.438) | |||
| Gender_num* Water_sensitive | −0.031** (−2.260) | |||||
| Gender_ratio* Water_sensitive | −0.256** (−2.060) | |||||
| Gender_ind* Water_sensitive | −0.052** (−2.326) | |||||
| IMR | 0.136*** (3.293) | 0.106** (2.449) | 0.092*** (2.766) | 0.148*** (3.525) | 0.121*** (2.763) | 0.109*** (3.228) |
| Size | 0.141*** (19.845) | 0.142*** (19.935) | 0.141*** (19.930) | 0.139*** (19.285) | 0.140*** (19.368) | 0.140*** (19.413) |
| Lev | −0.099** (−2.103) | −0.102** (−2.150) | −0.105** (−2.220) | −0.105** (−2.180) | −0.107** (−2.208) | −0.114** (−2.367) |
| Roa | −0.609*** (−4.243) | −0.612*** (−4.263) | −0.625*** (−4.356) | −0.632*** (−4.319) | −0.633*** (−4.322) | −0.649*** (−4.431) |
| SOE | 0.098*** (5.999) | 0.099*** (6.053) | 0.092*** (5.690) | 0.098*** (5.889) | 0.099*** (5.945) | 0.091*** (5.472) |
| Dual | −0.082*** (−4.473) | −0.083*** (−4.520) | −0.080*** (−4.357) | −0.081*** (−4.369) | −0.082*** (−4.401) | −0.080*** (−4.286) |
| Board | −0.364*** (−2.825) | −0.400*** (−3.038) | −0.396*** (−3.059) | −0.391*** (−2.979) | −0.426*** (−3.181) | −0.419*** (−3.180) |
| Tobin’s Q | −0.022*** (−3.360) | −0.023*** (−3.422) | −0.022*** (−3.322) | −0.020*** (−2.982) | −0.020*** (−3.058) | −0.020*** (−2.974) |
| Age | 0.050*** (4.028) | 0.049*** (3.930) | 0.048*** (3.878) | 0.046*** (3.646) | 0.045*** (3.589) | 0.044*** (3.522) |
| Constant | −2.537*** (−7.274) | −2.526*** (−7.232) | −2.523*** (−7.241) | −1.789*** (−8.512) | −1.789*** (−8.511) | −1.795*** (−8.563) |
| 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 | 0.326 | 0.325 | 0.327 | 0.31 | 0.309 | 0.311 |
| F | 86.72 | 86.35 | 86.91 | 77.52 | 77.19 | 77.78 |
| Panel A: IV: the number of female directors on the board with a lag of one period | ||||||
|---|---|---|---|---|---|---|
| Variable | ||||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 0.041*** (4.299) | 0.050*** (4.677) | |||||
| 0.277*** (3.052) | 0.359*** (3.555) | |||||
| 0.058*** (−4.825) | 0.075*** (5.378) | |||||
| 0.126 (1.266) | 0.126 (1.266) | 0.143 (1.438) | ||||
| −0.031** (−2.260) | ||||||
| −0.256** (−2.060) | ||||||
| −0.052** (−2.326) | ||||||
| 0.136*** (3.293) | 0.106** (2.449) | 0.092*** (2.766) | 0.148*** (3.525) | 0.121*** (2.763) | 0.109*** (3.228) | |
| 0.141*** (19.845) | 0.142*** (19.935) | 0.141*** (19.930) | 0.139*** (19.285) | 0.140*** (19.368) | 0.140*** (19.413) | |
| −0.099** (−2.103) | −0.102** (−2.150) | −0.105** (−2.220) | −0.105** (−2.180) | −0.107** (−2.208) | −0.114** (−2.367) | |
| −0.609*** (−4.243) | −0.612*** (−4.263) | −0.625*** (−4.356) | −0.632*** (−4.319) | −0.633*** (−4.322) | −0.649*** (−4.431) | |
| 0.098*** (5.999) | 0.099*** (6.053) | 0.092*** (5.690) | 0.098*** (5.889) | 0.099*** (5.945) | 0.091*** (5.472) | |
| −0.082*** (−4.473) | −0.083*** (−4.520) | −0.080*** (−4.357) | −0.081*** (−4.369) | −0.082*** (−4.401) | −0.080*** (−4.286) | |
| −0.364*** (−2.825) | −0.400*** (−3.038) | −0.396*** (−3.059) | −0.391*** (−2.979) | −0.426*** (−3.181) | −0.419*** (−3.180) | |
| −0.022*** (−3.360) | −0.023*** (−3.422) | −0.022*** (−3.322) | −0.020*** (−2.982) | −0.020*** (−3.058) | −0.020*** (−2.974) | |
| 0.050*** (4.028) | 0.049*** (3.930) | 0.048*** (3.878) | 0.046*** (3.646) | 0.045*** (3.589) | 0.044*** (3.522) | |
| −2.537*** (−7.274) | −2.526*** (−7.232) | −2.523*** (−7.241) | −1.789*** (−8.512) | −1.789*** (−8.511) | −1.795*** (−8.563) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | |
| 0.326 | 0.325 | 0.327 | 0.31 | 0.309 | 0.311 | |
| 86.72 | 86.35 | 86.91 | 77.52 | 77.19 | 77.78 | |
| Panel B: IV: the average number of female directors on board in the same year and industry | ||||||
|---|---|---|---|---|---|---|
| Variable | Water_disclosure | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Gender_num | 0.021*** (3.309) | 0.025*** (3.290) | ||||
| Gender_ratio | 0.151*** (2.589) | 0.210*** (2.947) | ||||
| Gender_ind | 0.041*** (4.191) | 0.052*** (4.362) | ||||
| Water_sensitive | 0.158 (1.590) | 0.154 (1.552) | 0.169* (1.708) | |||
| Gender_num* Water_sensitive | −0.023* (−1.702) | |||||
| Gender_ratio* Water_sensitive | −0.258** (−2.102) | |||||
| Gender_ind* Water_sensitive | −0.044** (−2.047) | |||||
| IMR | 0.827*** (7.639) | 0.820*** (7.571) | 0.816*** (7.570) | 0.830*** (7.529) | 0.827*** (7.504) | 0.823*** (7.498) |
| Size | 0.120*** (16.181) | 0.121*** (16.257) | 0.121*** (16.277) | 0.119*** (15.782) | 0.120*** (15.805) | 0.120*** (15.894) |
| Lev | −0.056 (−1.195) | −0.058 (−1.233) | −0.059 (−1.267) | −0.061 (−1.291) | −0.062 (−1.301) | −0.067 (−1.405) |
| Roa | −0.483*** (−3.380) | −0.485*** (−3.390) | −0.494*** (−3.454) | −0.506*** (−3.464) | −0.507*** (−3.474) | −0.517*** (−3.543) |
| SOE | 0.058*** (3.419) | 0.059*** (3.471) | 0.055*** (3.289) | 0.058*** (3.350) | 0.058*** (3.367) | 0.054*** (3.139) |
| Dual | −0.067*** (−3.672) | −0.067*** (−3.688) | −0.065*** (−3.578) | −0.068*** (−3.662) | −0.068*** (−3.654) | −0.067*** (−3.610) |
| Board | −0.894*** (−6.018) | −0.922*** (−6.198) | −0.924*** (−6.223) | −0.908*** (−6.015) | −0.935*** (−6.185) | −0.932*** (−6.173) |
| Tobin’s Q | −0.024*** (−3.703) | −0.025*** (−3.762) | −0.024*** (−3.664) | −0.022*** (−3.321) | −0.023*** (−3.388) | −0.022*** (−3.300) |
| Age | −0.001 (−0.105) | −0.004 (−0.260) | −0.003 (−0.224) | −0.006 (−0.426) | −0.008 (−0.550) | −0.007 (−0.528) |
| Constant | −0.621** (−2.310) | −0.617** (−2.293) | −0.621** (−2.312) | −1.100*** (−4.830) | −1.087*** (−4.773) | −1.112*** (−4.892) |
| 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 | 0.337 | 0.337 | 0.338 | 0.32 | 0.32 | 0.321 |
| F | 92.88 | 92.7 | 93.15 | 82.87 | 82.8 | 83.18 |
| Panel B: IV: the average number of female directors on board in the same year and industry | ||||||
|---|---|---|---|---|---|---|
| Variable | ||||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 0.021*** (3.309) | 0.025*** (3.290) | |||||
| 0.151*** (2.589) | 0.210*** (2.947) | |||||
| 0.041*** (4.191) | 0.052*** (4.362) | |||||
| 0.158 (1.590) | 0.154 (1.552) | 0.169* (1.708) | ||||
| −0.023* (−1.702) | ||||||
| −0.258** (−2.102) | ||||||
| −0.044** (−2.047) | ||||||
| 0.827*** (7.639) | 0.820*** (7.571) | 0.816*** (7.570) | 0.830*** (7.529) | 0.827*** (7.504) | 0.823*** (7.498) | |
| 0.120*** (16.181) | 0.121*** (16.257) | 0.121*** (16.277) | 0.119*** (15.782) | 0.120*** (15.805) | 0.120*** (15.894) | |
| −0.056 (−1.195) | −0.058 (−1.233) | −0.059 (−1.267) | −0.061 (−1.291) | −0.062 (−1.301) | −0.067 (−1.405) | |
| −0.483*** (−3.380) | −0.485*** (−3.390) | −0.494*** (−3.454) | −0.506*** (−3.464) | −0.507*** (−3.474) | −0.517*** (−3.543) | |
| 0.058*** (3.419) | 0.059*** (3.471) | 0.055*** (3.289) | 0.058*** (3.350) | 0.058*** (3.367) | 0.054*** (3.139) | |
| −0.067*** (−3.672) | −0.067*** (−3.688) | −0.065*** (−3.578) | −0.068*** (−3.662) | −0.068*** (−3.654) | −0.067*** (−3.610) | |
| −0.894*** (−6.018) | −0.922*** (−6.198) | −0.924*** (−6.223) | −0.908*** (−6.015) | −0.935*** (−6.185) | −0.932*** (−6.173) | |
| −0.024*** (−3.703) | −0.025*** (−3.762) | −0.024*** (−3.664) | −0.022*** (−3.321) | −0.023*** (−3.388) | −0.022*** (−3.300) | |
| −0.001 (−0.105) | −0.004 (−0.260) | −0.003 (−0.224) | −0.006 (−0.426) | −0.008 (−0.550) | −0.007 (−0.528) | |
| −0.621** (−2.310) | −0.617** (−2.293) | −0.621** (−2.312) | −1.100*** (−4.830) | −1.087*** (−4.773) | −1.112*** (−4.892) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | |
| 0.337 | 0.337 | 0.338 | 0.32 | 0.32 | 0.321 | |
| 92.88 | 92.7 | 93.15 | 82.87 | 82.8 | 83.18 | |
Note(s): This table presents the regression results of robustness tests examining the effect of female directors on water information disclosure by using Heckman’s two-stage model. In Panel A, L_Gender is an exogenous instrumental variable; in Panel B, Aver_Gender is an exogenous instrumental variable. 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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