Additional Test 2 and Test 3
| Variable | Water_disclosure | Water_perfor | Water_disclosure | Water_disclosure | Water_perfor | Water_disclosure | Water_disclosure | Water_perfor | Water_disclosure |
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Gender_num | 0.021*** (2.637) | 0.071*** (4.765) | 0.019** (2.449) | ||||||
| Gender_ratio | 0.167** (2.260) | 0.499*** (3.634) | 0.157** (2.222) | ||||||
| Gender_ind | 0.050*** (4.131) | 0.054** (2.347) | 0.047*** (4.001) | ||||||
| Water_perfor | 0.234*** (21.635) | 0.234*** (21.655) | 0.233*** (21.633) | ||||||
| Size | 0.111*** (12.197) | 0.144*** (7.814) | 0.082*** (9.397) | 0.111*** (12.252) | 0.149*** (8.083) | 0.083*** (9.457) | 0.112*** (12.342) | 0.149*** (7.969) | 0.084*** (9.542) |
| Lev | −0.03 (−0.507) | 0.121 (1.047) | −0.017 (−0.296) | −0.03 (−0.508) | 0.105 (0.907) | −0.017 (−0.294) | −0.036 (−0.607) | 0.1 (0.847) | −0.022 (−0.392) |
| Roa | −0.526*** (−2.979) | 0.074 (0.240) | −0.475*** (−2.812) | −0.525*** (−2.971) | 0.068 (0.218) | −0.474*** (−2.806) | −0.547*** (−3.097) | 0.012 (0.038) | −0.494*** (−2.928) |
| Dual | 0.070*** (3.400) | −0.034 (−0.837) | 0.054*** (2.727) | 0.072*** (3.448) | −0.03 (−0.729) | 0.056*** (2.791) | 0.066*** (3.193) | −0.056 (−1.351) | 0.050** (2.534) |
| SOE | −0.102*** (−4.526) | −0.127*** (−3.309) | −0.084*** (−3.917) | −0.102*** (−4.530) | −0.126*** (−3.284) | −0.084*** (−3.924) | −0.100*** (−4.466) | −0.124*** (−3.199) | −0.083*** (−3.861) |
| Board | −0.523*** (−3.176) | −0.517* (−1.706) | −0.406*** (−2.582) | −0.558*** (−3.397) | −0.663** (−2.196) | −0.437*** (−2.784) | −0.558*** (−3.403) | −0.653** (−2.131) | −0.437*** (−2.791) |
| Tobin’s Q | −0.038*** (−4.595) | −0.012 (−0.831) | −0.034*** (−4.296) | −0.038*** (−4.645) | −0.014 (−0.979) | −0.034*** (−4.340) | −0.037*** (−4.538) | −0.011 (−0.738) | −0.033*** (−4.238) |
| Age | 0.101*** (6.873) | −0.019 (−0.637) | 0.098*** (7.015) | 0.098*** (6.666) | −0.028 (−0.930) | 0.096*** (6.813) | 0.098*** (6.714) | −0.023 (−0.746) | 0.096*** (6.863) |
| Constant | −1.521*** (−7.320) | −2.984*** (−7.640) | −0.969*** (−4.841) | −1.511*** (−7.273) | −2.967*** (−7.577) | −0.962*** (−4.810) | −1.533*** (−7.406) | −3.015*** (−7.517) | −0.983*** (−4.930) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 |
| Adj-R2 | 0.238 | 0.094 | 0.305 | 0.238 | 0.09 | 0.304 | 0.239 | 0.0877 | 0.306 |
| F | 45.99 | 7.788 | 62.34 | 45.92 | 7.469 | 62.29 | 46.38 | 7.38 | 62.75 |
| Sobel | Z = 2.26, |Z| > 0.97 | Z = 3.24, |Z| > 0.97 | Z = 3.76, |Z| > 0.97 | ||||||
| Variable | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| 0.021*** (2.637) | 0.071*** (4.765) | 0.019** (2.449) | |||||||
| 0.167** (2.260) | 0.499*** (3.634) | 0.157** (2.222) | |||||||
| 0.050*** (4.131) | 0.054** (2.347) | 0.047*** (4.001) | |||||||
| 0.234*** (21.635) | 0.234*** (21.655) | 0.233*** (21.633) | |||||||
| 0.111*** (12.197) | 0.144*** (7.814) | 0.082*** (9.397) | 0.111*** (12.252) | 0.149*** (8.083) | 0.083*** (9.457) | 0.112*** (12.342) | 0.149*** (7.969) | 0.084*** (9.542) | |
| −0.03 (−0.507) | 0.121 (1.047) | −0.017 (−0.296) | −0.03 (−0.508) | 0.105 (0.907) | −0.017 (−0.294) | −0.036 (−0.607) | 0.1 (0.847) | −0.022 (−0.392) | |
| −0.526*** (−2.979) | 0.074 (0.240) | −0.475*** (−2.812) | −0.525*** (−2.971) | 0.068 (0.218) | −0.474*** (−2.806) | −0.547*** (−3.097) | 0.012 (0.038) | −0.494*** (−2.928) | |
| 0.070*** (3.400) | −0.034 (−0.837) | 0.054*** (2.727) | 0.072*** (3.448) | −0.03 (−0.729) | 0.056*** (2.791) | 0.066*** (3.193) | −0.056 (−1.351) | 0.050** (2.534) | |
| −0.102*** (−4.526) | −0.127*** (−3.309) | −0.084*** (−3.917) | −0.102*** (−4.530) | −0.126*** (−3.284) | −0.084*** (−3.924) | −0.100*** (−4.466) | −0.124*** (−3.199) | −0.083*** (−3.861) | |
| −0.523*** (−3.176) | −0.517* (−1.706) | −0.406*** (−2.582) | −0.558*** (−3.397) | −0.663** (−2.196) | −0.437*** (−2.784) | −0.558*** (−3.403) | −0.653** (−2.131) | −0.437*** (−2.791) | |
| −0.038*** (−4.595) | −0.012 (−0.831) | −0.034*** (−4.296) | −0.038*** (−4.645) | −0.014 (−0.979) | −0.034*** (−4.340) | −0.037*** (−4.538) | −0.011 (−0.738) | −0.033*** (−4.238) | |
| 0.101*** (6.873) | −0.019 (−0.637) | 0.098*** (7.015) | 0.098*** (6.666) | −0.028 (−0.930) | 0.096*** (6.813) | 0.098*** (6.714) | −0.023 (−0.746) | 0.096*** (6.863) | |
| −1.521*** (−7.320) | −2.984*** (−7.640) | −0.969*** (−4.841) | −1.511*** (−7.273) | −2.967*** (−7.577) | −0.962*** (−4.810) | −1.533*** (−7.406) | −3.015*** (−7.517) | −0.983*** (−4.930) | |
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | 5,031 | |
| 0.238 | 0.094 | 0.305 | 0.238 | 0.09 | 0.304 | 0.239 | 0.0877 | 0.306 | |
| 45.99 | 7.788 | 62.34 | 45.92 | 7.469 | 62.29 | 46.38 | 7.38 | 62.75 | |
Note(s): This table shows the results of female directors promoting water performance (Columns 1, 4 and 7), water performance promoting water information disclosure (Columns 3, 6 and 9) and water performance as a mediator variable between female directors and water information disclosure (Columns 1–9). 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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