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 | ||||
| massB_GEq | 1.76 (1.72)** | 2.328 (1.51) | 1.960 (1.32) | 0.594 (0.74) |
| Control variables | ||||
| B_size | 0.154 (0.74) | −0.024 (−0.09) | 0.367 (1.382) | 0.027 (0.22) |
| B_ind | 0.009 (0.22) | −0.022 (−0.43) | −0.042 (−0.68) | 0.044 (1.63) |
| CSR_com | 3.188 (4.15)*** | 1.178 (1.09) | 1.238 (1.09) | 0.569 (0.94) |
| SIZE | 16.369 (9.20)*** | 4.522 (1.84)* | 16.714 (6.22)*** | 8.873 (6.47)*** |
| ROE | 0.115 (2.34)** | 0.076 (0.94) | 0.027 (0.25) | 0.014 (0.28) |
| LEV | −0.651 (−2.76)*** | 0.050 (0.18) | −0.257 (−0.73) | −0.459 (−2.53)*** |
| Goc_mod | 0.009 (0.213) | 0.007 (0.145) | 0.005 (0.104) | 0.008 (0.114) |
| Fixed/random effects | Fixed | Fixed | Fixed | Fixed |
| Adjusted R square | 0.874 | 0.811 | 0.754 | 0.753 |
| F statistics | 40.52 | 25.49 | 17.66 | 18.13 |
| Probability | <0.01 | <0.01 | <0.01 | <0.01 |
| Model 1 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|
| ESG_perf | ENV_perf | SOC_perf | GOV_perf | |
| massB_GEq | 1.76 (1.72) | 2.328 (1.51) | 1.960 (1.32) | 0.594 (0.74) |
| B_size | 0.154 (0.74) | −0.024 (−0.09) | 0.367 (1.382) | 0.027 (0.22) |
| B_ind | 0.009 (0.22) | −0.022 (−0.43) | −0.042 (−0.68) | 0.044 (1.63) |
| CSR_com | 3.188 (4.15) | 1.178 (1.09) | 1.238 (1.09) | 0.569 (0.94) |
| SIZE | 16.369 (9.20) | 4.522 (1.84) | 16.714 (6.22) | 8.873 (6.47) |
| ROE | 0.115 (2.34) | 0.076 (0.94) | 0.027 (0.25) | 0.014 (0.28) |
| LEV | −0.651 (−2.76) | 0.050 (0.18) | −0.257 (−0.73) | −0.459 (−2.53) |
| Goc_mod | 0.009 (0.213) | 0.007 (0.145) | 0.005 (0.104) | 0.008 (0.114) |
| Fixed/random effects | Fixed | Fixed | Fixed | Fixed |
| Adjusted | 0.874 | 0.811 | 0.754 | 0.753 |
| 40.52 | 25.49 | 17.66 | 18.13 | |
| Probability | <0.01 | <0.01 | <0.01 | <0.01 |
Notes:
Testing H2 − Critical mass 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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