Table 5 System GMM estimation Dependent...

Table 5

System GMM estimation

Dependent variable = environmental disclosure
	FTSE 350 firms		S&P 500 firms
Variables	Coefficient	t-statistic	Coefficient	t-statistic
Environmental disclosure (−1)	0.294***	3.264	0.313***	3.595
Speed of adjustment	1–0.2942 = 0.7058 (71%)		1–0.3138 = 0.6862 (69%)
Independent variables
Board size	−1.269	−1.591	−0.535	−0.855
Board independence	0.301***	2.912	1.005***	4.483
Role duality	11.363	1.590	−2.438	−0.578
Board meeting	−0.599*	−1.622	0.014	0.108
Board gender diversity	0.010	0.215	0.066	1.208
Audit committee size	1.121	1.244	0.079	1.239
Audit committee independence	0.177	1.207	−0.618**	−2.068
Control variables
Firm profitability	−51.031**	−2.068	13.852	0.868
Firm age	28.468	0.823	12.645	0.590
Firm size	26.589***	3.310	18.603***	3.682
Board specific skills	−0.125***	2.513	0.150***	4.731
Model summary
	Coefficient	Prob	Coefficient	Prob
J-Statistic	34.73	0.385	37.833	0.568
AR (1)	−3.427***	0.000	−3.680***	0.000
AR (2)	−1.541	0.123	−0.822	0.410
Wald test	21.498***	0.000	8.458***	0.000
No. of instruments rank	44	−	52	−

Dependent variable = environmental disclosure
	FTSE 350 firms		S&P 500 firms
Variables	Coefficient	t-statistic	Coefficient	t-statistic
Environmental disclosure (−1)	0.294***	3.264	0.313***	3.595
Speed of adjustment	1–0.2942 = 0.7058 (71%)		1–0.3138 = 0.6862 (69%)
Independent variables
Board size	−1.269	−1.591	−0.535	−0.855
Board independence	0.301***	2.912	1.005***	4.483
Role duality	11.363	1.590	−2.438	−0.578
Board meeting	−0.599*	−1.622	0.014	0.108
Board gender diversity	0.010	0.215	0.066	1.208
Audit committee size	1.121	1.244	0.079	1.239
Audit committee independence	0.177	1.207	−0.618**	−2.068
Control variables
Firm profitability	−51.031**	−2.068	13.852	0.868
Firm age	28.468	0.823	12.645	0.590
Firm size	26.589***	3.310	18.603***	3.682
Board specific skills	−0.125***	2.513	0.150***	4.731
Model summary
	Coefficient	Prob	Coefficient	Prob
J-Statistic	34.73	0.385	37.833	0.568
AR (1)	−3.427***	0.000	−3.680***	0.000
AR (2)	−1.541	0.123	−0.822	0.410
Wald test	21.498***	0.000	8.458***	0.000
No. of instruments rank	44	−	52	−

Notes:

***p < 0.01;

**p < 0.05;

*p < 0.1

Source: Created by the authors

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