Table 6 The moderating effect of board... | Emerald Publishing

Table 6

The moderating effect of board independence

Independent variables	ENVD		SOCD		GOVD		ESGD
Independent variables	Coef.	Sig.	Coef.	Sig.	Coef.	Sig.	Coef.	Sig.
FOROWN	1.449	0.016*	1.527	0.014*	1.269	0.001**	1.459	0.000**
STAOWN	1.514	0.002*	1.618	0.015*	1.874	0.010*	1.692	0.003*
MANOWN	−1.506	0.413	−3.615	0.157	−2.407	0.686	−4.147	0.446
BLKOWN	−1.218	0.259	−1.369	0.945	−1.327	0.468	−1.459	0.479
FAOWN	−0.338	0.231	2.177	0.027*	1.925	0.033*	0.394	0.025*
BOIND	1.096	0.028*	1.772	0.001**	1.309	0.004**	1.595	0.006**
COSZE	2.964	0.031*	3.248	0.008**	2.871	0.022*	2.388	0.024*
COAGE	0.864	0.492	0.525	0.485	0.239	0.451	0.926	0.516
Year dummies	Include		Include		Include		Include
Industry dummies	Include		Include		Include		Include
Constant	0.296	0.000**	0.228	0.000**	0.314	0.000**	0.198	0.23
Adj. R square (R²)	0.417**		0.328**		0.282**		0.237**
F-statistics	20.127		7.415		6.129		8.191
Sig. (F-statistics)	0.000		0.000		0.000		0.000
No. of observations	408		408		408		408

Independent variables	ENVD		SOCD		GOVD		ESGD
Independent variables	Coef.	Sig.	Coef.	Sig.	Coef.	Sig.	Coef.	Sig.
FOROWN	1.449	0.016*	1.527	0.014*	1.269	0.001**	1.459	0.000**
STAOWN	1.514	0.002*	1.618	0.015*	1.874	0.010*	1.692	0.003*
MANOWN	−1.506	0.413	−3.615	0.157	−2.407	0.686	−4.147	0.446
BLKOWN	−1.218	0.259	−1.369	0.945	−1.327	0.468	−1.459	0.479
FAOWN	−0.338	0.231	2.177	0.027*	1.925	0.033*	0.394	0.025*
BOIND	1.096	0.028*	1.772	0.001**	1.309	0.004**	1.595	0.006**
COSZE	2.964	0.031*	3.248	0.008**	2.871	0.022*	2.388	0.024*
COAGE	0.864	0.492	0.525	0.485	0.239	0.451	0.926	0.516
Year dummies	Include		Include		Include		Include
Industry dummies	Include		Include		Include		Include
Constant	0.296	0.000**	0.228	0.000**	0.314	0.000**	0.198	0.23
Adj. R square (R²)	0.417**		0.328**		0.282**		0.237**
F-statistics	20.127		7.415		6.129		8.191
Sig. (F-statistics)	0.000		0.000		0.000		0.000
No. of observations	408		408		408		408

Note(s): **Significant at the 1% level; *significant at the 5% level