Table 5 Panel regression results for...

Table 5

Panel regression results for predictors with robust standard errors

	Model 1	Model 2	Model 3	Model 4
Variables	ESG_perf	ENV_perf	SOC_perf	GOV_perf
Independent variable
%B_GEq	0.067 (1.57)	0.005 (0.722)	0.115 (1.78)*	0.039 (1.14)
Control variables
B_size	0.155 (0.877)	−0.003 (−0.009)	0.398 (1.50)*	0.039 (0.27)
B_ind	0.008 (0.222)	−0.021 (−0.399)	−0.037 (−0.70)	0.044 (1.57)
CSR_com	2.939 (3.733)***	0.991 (0.904)	0.815 (0.684)	0.427 (0.70)
SIZE	16.048 (8.66)***	4.699 (1.83)*	15.778 (5.60)***	8.522 (5.97)***
ROE	0.137 (2.21)**	0.072 (0.833)	0.015 (0.160)	0.008 (0.192)
LEV	−0.635 (−2.70)***	0.064 (0.194)	−0.245 (−0.69)	−0.452 (−2.50)***
Gov_mod	0.023 (0.172)	0.004 (0.246)	0.007 (0.318)	0.009 (0.201)
Fixed/random effects	Fixed	Fixed	Fixed	Fixed
Adjusted R square	0.852	0.778	0.707	0.714
F statistics	40.32	25.46	17.71	18.15
Probability	<0.01	<0.01	<0.01	<0.01

	Model 1	Model 2	Model 3	Model 4
Variables	ESG_perf	ENV_perf	SOC_perf	GOV_perf
Independent variable
%B_GEq	0.067 (1.57)	0.005 (0.722)	0.115 (1.78)*	0.039 (1.14)
Control variables
B_size	0.155 (0.877)	−0.003 (−0.009)	0.398 (1.50)*	0.039 (0.27)
B_ind	0.008 (0.222)	−0.021 (−0.399)	−0.037 (−0.70)	0.044 (1.57)
CSR_com	2.939 (3.733)***	0.991 (0.904)	0.815 (0.684)	0.427 (0.70)
SIZE	16.048 (8.66)***	4.699 (1.83)*	15.778 (5.60)***	8.522 (5.97)***
ROE	0.137 (2.21)**	0.072 (0.833)	0.015 (0.160)	0.008 (0.192)
LEV	−0.635 (−2.70)***	0.064 (0.194)	−0.245 (−0.69)	−0.452 (−2.50)***
Gov_mod	0.023 (0.172)	0.004 (0.246)	0.007 (0.318)	0.009 (0.201)
Fixed/random effects	Fixed	Fixed	Fixed	Fixed
Adjusted R square	0.852	0.778	0.707	0.714
F statistics	40.32	25.46	17.71	18.15
Probability	<0.01	<0.01	<0.01	<0.01

Notes:

Testing H1 − Percentage of women on BoD N = 72 (number of European banks). Ʃ_iT_i.N = 504 (number of bank-year observations). t-statistics are shown in parenthesis. The robust standard errors of the estimated coefficients are clustered at the bank level. *, ** and ***denote level of significance at the 0.10, 0.05 and 0.01 levels, respectively;

Model 1, Model 2, Model 3 and Model 4 correlate the percentage of women on BoD (dependent variable) to the comprehensive ESG scoring, the environmental scoring, the social scoring and the governance scoring, respectively

Source: Table created by authors

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