Additional Test 1
| Variable | Water_disclosure | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Fdum1 | −0.008 (−0.570) | |||||
| Fdum2 | 0.021* (1.410) | |||||
| Fdum3 | 0.066*** (3.068) | |||||
| Fdum4 | 0.118*** (3.283) | |||||
| Fdum5 | 0.131* (1.794) | |||||
| Fdum6 | 0.038 (1.323) | |||||
| Size | 0.145*** (20.826) | 0.146*** (20.916) | 0.146*** (21.000) | 0.145*** (20.910) | 0.145*** (20.902) | 0.145*** (20.873) |
| Lev | −0.081* (−1.735) | −0.079* (−1.676) | −0.078* (−1.667) | −0.080* (−1.706) | −0.082* (−1.756) | −0.081* (−1.729) |
| Roa | −0.654*** (−4.575) | −0.656*** (−4.587) | −0.659*** (−4.611) | −0.657*** (−4.603) | −0.660*** (−4.619) | −0.657*** (−4.592) |
| SOE | 0.095*** (5.918) | 0.097*** (6.071) | 0.099*** (6.162) | 0.097*** (6.076) | 0.096*** (5.999) | 0.095*** (5.944) |
| Dual | −0.107*** (−6.012) | −0.109*** (−6.118) | −0.109*** (−6.141) | −0.108*** (−6.095) | −0.108*** (−6.047) | −0.108*** (−6.050) |
| Board | −0.315** (−2.516) | −0.300** (−2.391) | −0.285** (−2.274) | −0.293** (−2.339) | −0.302** (−2.416) | −0.310** (−2.478) |
| Tobin’s Q | −0.022*** (−3.338) | −0.022*** (−3.267) | −0.021*** (−3.220) | −0.021*** (−3.244) | −0.022*** (−3.293) | −0.022*** (−3.315) |
| Age | 0.077*** (7.190) | 0.078*** (7.243) | 0.078*** (7.317) | 0.081*** (7.488) | 0.079*** (7.313) | 0.077*** (7.182) |
| Constant | −2.166*** (−12.768) | −2.202*** (−13.000) | −2.227*** (−13.165) | −2.208*** (−13.097) | −2.201*** (−13.027) | −2.181*** (−12.901) |
| 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 | 0.327 | 0.327 | 0.328 | 0.328 | 0.328 | 0.327 |
| F | 93.93 | 94.01 | 94.32 | 94.38 | 94.06 | 93.93 |
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| −0.008 (−0.570) | ||||||
| 0.021* (1.410) | ||||||
| 0.066*** (3.068) | ||||||
| 0.118*** (3.283) | ||||||
| 0.131* (1.794) | ||||||
| 0.038 (1.323) | ||||||
| 0.145*** (20.826) | 0.146*** (20.916) | 0.146*** (21.000) | 0.145*** (20.910) | 0.145*** (20.902) | 0.145*** (20.873) | |
| −0.081* (−1.735) | −0.079* (−1.676) | −0.078* (−1.667) | −0.080* (−1.706) | −0.082* (−1.756) | −0.081* (−1.729) | |
| −0.654*** (−4.575) | −0.656*** (−4.587) | −0.659*** (−4.611) | −0.657*** (−4.603) | −0.660*** (−4.619) | −0.657*** (−4.592) | |
| 0.095*** (5.918) | 0.097*** (6.071) | 0.099*** (6.162) | 0.097*** (6.076) | 0.096*** (5.999) | 0.095*** (5.944) | |
| −0.107*** (−6.012) | −0.109*** (−6.118) | −0.109*** (−6.141) | −0.108*** (−6.095) | −0.108*** (−6.047) | −0.108*** (−6.050) | |
| −0.315** (−2.516) | −0.300** (−2.391) | −0.285** (−2.274) | −0.293** (−2.339) | −0.302** (−2.416) | −0.310** (−2.478) | |
| −0.022*** (−3.338) | −0.022*** (−3.267) | −0.021*** (−3.220) | −0.021*** (−3.244) | −0.022*** (−3.293) | −0.022*** (−3.315) | |
| 0.077*** (7.190) | 0.078*** (7.243) | 0.078*** (7.317) | 0.081*** (7.488) | 0.079*** (7.313) | 0.077*** (7.182) | |
| −2.166*** (−12.768) | −2.202*** (−13.000) | −2.227*** (−13.165) | −2.208*** (−13.097) | −2.201*** (−13.027) | −2.181*** (−12.901) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | 7,099 | |
| 0.327 | 0.327 | 0.328 | 0.328 | 0.328 | 0.327 | |
| 93.93 | 94.01 | 94.32 | 94.38 | 94.06 | 93.93 | |
Note(s): Fdum1 = 1 if firms with more than zero female on the board, otherwise 0; Fdum2 = 1 if firms with more than one female on the board, otherwise 0; Fdum3 = 1 if firms with more than two female on the board, otherwise 0; Fdum4 = 1 if firms with more than three female on the board, otherwise 0; Fdum5 = 1 if firms with more than four female on the board, otherwise 0; Fdum6 = 1 if firms with more than five female on the board, otherwise 0. 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
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.