Regression results
| ESG_C | ESG_C | ESG_C | ESG_C | ESG_C | ESG_C | |
|---|---|---|---|---|---|---|
| Models | (1) | (2) | (3) | (4) | (5) | (6) |
| Independent variables | ||||||
| NCInd | 0.0209 (0.1361) | 0.0432 (0.1816) | 0.0300 (0.1484) | |||
| L.NCInd | −0.5094** (0.2456) | −0.4359* (0.2122) | −0.5368* (0.2649) | |||
| NCSust | 8.9793* (4.1422) | 11.5416** (5.1498) | 9.0333* (4.0841) | |||
| L.NCSust | 46.7246*** (6.8085) | 48.7838*** (6.4505) | 46.5017*** (7.6684) | |||
| NCAge | −2.8695** (1.0824) | −2.5239* (1.2764) | −2.8955** (1.0808) | |||
| L.NCAge | −2.2896** (1.0155) | −1.6150 (1.7370) | −2.4259** (1.0104) | |||
| NCNation | 0.1787 (9.5830) | −1.8806 (10.1505) | 0.4137 (9.6363) | |||
| L.NCNation | 15.0345 (9.1534) | 4.2211 (11.7520) | 17.4640* (8.8168) | |||
| Control variables | ||||||
| NCWoman_Ch | −19.1305 (10.9752) | −19.7664 (12.1223) | ||||
| L.NCWoman_Ch | −4.9145 (9.8968) | −6.3775 (10.2213) | ||||
| Boardgender | −0.0714 (0.5604) | −0.1557 (0.6189) | ||||
| L.Boardgender | −0.4152 (0.6216) | −0.5108 (0.6016) | ||||
| Boardsize | 0.8400 (1.4886) | 0.8280 (1.7224) | 0.8304 (1.4990) | |||
| L.Boardsize | −0.8678 (1.5472) | −1.0683 (1.7938) | −0.9343 (1.5747) | |||
| Banksize | −4.4658 (31.5078) | −3.9897 (29.4350) | −1.7562 (29.6875) | |||
| L.Banksize | −27.3678 (38.6240) | −10.3926 (34.0693) | −20.3550 (36.2818) | |||
| ROA | 6.3158 (11.8500) | 4.6262 (10.0839) | 7.3473 (11.5528) | |||
| L.ROA | 27.3428* (14.0544) | 24.4607 (13.5732) | 31.1352** (13.8037) | |||
| CINC | −0.1521 (0.6016) | −0.1378 (0.5447) | −0.1308 (0.5664) | |||
| L.CINC | 1.7351*** (0.5066) | 1.6441*** (0.3563) | 1.8000*** (0.4719) | |||
| TIER | −1.5243 (0.8515) | −0.9583 (0.9831) | −1.5809* (0.8682) | |||
| L.TIER | 4.7076* (2.4675) | 4.6583** (1.9652) | 4.5216* (2.4465) | |||
| ECSent | 0.8133 (0.4723) | 0.7927 (0.4931) | 0.8402* (0.4628) | |||
| L.ECSent | −1.1251* (0.5562) | −0.8238 (0.7736) | −1.0129* (0.5892) | |||
| Observations | 151 | 153 | 151 | 136 | 136 | 136 |
| R2-adj | 0.21 | 0.19 | 0.21 | 0.30 | 0.29 | 0.29 |
| Time dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| ESG_C | ESG_C | ESG_C | ESG_C | ESG_C | ESG_C | |
|---|---|---|---|---|---|---|
| Models | (1) | (2) | (3) | (4) | (5) | (6) |
| NCInd | 0.0209 (0.1361) | 0.0432 (0.1816) | 0.0300 (0.1484) | |||
| L.NCInd | −0.5094** (0.2456) | −0.4359 | −0.5368 | |||
| NCSust | 8.9793 | 11.5416** (5.1498) | 9.0333 | |||
| L.NCSust | 46.7246*** (6.8085) | 48.7838*** (6.4505) | 46.5017*** (7.6684) | |||
| NCAge | −2.8695** (1.0824) | −2.5239 | −2.8955** (1.0808) | |||
| L.NCAge | −2.2896** (1.0155) | −1.6150 (1.7370) | −2.4259** (1.0104) | |||
| NCNation | 0.1787 (9.5830) | −1.8806 (10.1505) | 0.4137 (9.6363) | |||
| L.NCNation | 15.0345 (9.1534) | 4.2211 (11.7520) | 17.4640 | |||
| NCWoman_Ch | −19.1305 (10.9752) | −19.7664 (12.1223) | ||||
| L.NCWoman_Ch | −4.9145 (9.8968) | −6.3775 (10.2213) | ||||
| Boardgender | −0.0714 (0.5604) | −0.1557 (0.6189) | ||||
| L.Boardgender | −0.4152 (0.6216) | −0.5108 (0.6016) | ||||
| Boardsize | 0.8400 (1.4886) | 0.8280 (1.7224) | 0.8304 (1.4990) | |||
| L.Boardsize | −0.8678 (1.5472) | −1.0683 (1.7938) | −0.9343 (1.5747) | |||
| Banksize | −4.4658 (31.5078) | −3.9897 (29.4350) | −1.7562 (29.6875) | |||
| L.Banksize | −27.3678 (38.6240) | −10.3926 (34.0693) | −20.3550 (36.2818) | |||
| ROA | 6.3158 (11.8500) | 4.6262 (10.0839) | 7.3473 (11.5528) | |||
| L.ROA | 27.3428 | 24.4607 (13.5732) | 31.1352** (13.8037) | |||
| CINC | −0.1521 (0.6016) | −0.1378 (0.5447) | −0.1308 (0.5664) | |||
| L.CINC | 1.7351*** (0.5066) | 1.6441*** (0.3563) | 1.8000*** (0.4719) | |||
| TIER | −1.5243 (0.8515) | −0.9583 (0.9831) | −1.5809 | |||
| L.TIER | 4.7076 | 4.6583** (1.9652) | 4.5216 | |||
| ECSent | 0.8133 (0.4723) | 0.7927 (0.4931) | 0.8402 | |||
| L.ECSent | −1.1251 | −0.8238 (0.7736) | −1.0129 | |||
| Observations | 151 | 153 | 151 | 136 | 136 | 136 |
| 0.21 | 0.19 | 0.21 | 0.30 | 0.29 | 0.29 | |
| Time dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
Notes:
Time-fixed effects and bank-fixed effects are included in the regressions. The p-values are computed using heteroskedasticity-robust standard errors clustered for banks and are presented in parentheses.
*, ** and *** represent statistical significance at the 10%, 5% and 1% level, respectively
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