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 variables | ||||
| nB_GEq | 1.84 (1.95) | 2.116 (1.64) | 1.724 (1.32) | 0.783 (0.82) |
| Control variables | ||||
| B_size | 0.134 (0.76) | −0.023 (−0.19) | 0.467 (1.382) | 0.027 (0.22) |
| B_ind | 0.009 (0.25) | −0.011 (−0.23) | −0.037 (−0.66) | 0.043 (1.63) |
| CSR_com | 3.189 (4.15)*** | 1.177 (1.09) | 1.339 (1.05) | 0.567 (0.94) |
| SIZE | 16.355 (9.20)*** | 4.523 (1.85)* | 16.724 (6.20)*** | 8.873 (6.47)** |
| ROE | 0.245 (2.14)** | 0.076 (0.93) | 0.027 (0.25) | 0.014 (0.28) |
| LEV | −0.651 (−2.76)*** | 0.049 (0.12) | −0.217 (−0.73) | −0.459 (−2.53)** |
| Goc_mod | 0.008 (0.212) | 0.006 (0.144) | 0.005 (0.104) | 0.008 (0.114) |
| Fixed/random effects | Fixed | Fixed | Fixed | Fixed |
| Adjusted R square | 0.873 | 0.814 | 0.753 | 0.754 |
| F statistics | 40.50 | 25.59 | 17.67 | 18.13 |
| 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 |
| nB_GEq | 1.84 (1.95) | 2.116 (1.64) | 1.724 (1.32) | 0.783 (0.82) |
| B_size | 0.134 (0.76) | −0.023 (−0.19) | 0.467 (1.382) | 0.027 (0.22) |
| B_ind | 0.009 (0.25) | −0.011 (−0.23) | −0.037 (−0.66) | 0.043 (1.63) |
| CSR_com | 3.189 (4.15) | 1.177 (1.09) | 1.339 (1.05) | 0.567 (0.94) |
| SIZE | 16.355 (9.20) | 4.523 (1.85) | 16.724 (6.20) | 8.873 (6.47) |
| ROE | 0.245 (2.14) | 0.076 (0.93) | 0.027 (0.25) | 0.014 (0.28) |
| LEV | −0.651 (−2.76) | 0.049 (0.12) | −0.217 (−0.73) | −0.459 (−2.53) |
| Goc_mod | 0.008 (0.212) | 0.006 (0.144) | 0.005 (0.104) | 0.008 (0.114) |
| Fixed/random effects | Fixed | Fixed | Fixed | Fixed |
| Adjusted | 0.873 | 0.814 | 0.753 | 0.754 |
| 40.50 | 25.59 | 17.67 | 18.13 | |
| Probability | <0.01 | <0.01 | <0.01 | <0.01 |
Notes:
Testing H2 − number of women on BoD
N = 72 (number of European banks). ƩiTi.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 number of women on BoD (dependent variable) to the comprehensive ESG scoring, the environmental scoring, the social scoring and the governance scoring, respectively
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