Table 6 Robustness test (G2SLS)... | Emerald Publishing

Table 6

Robustness test (G2SLS)

Dependent variable = environmental disclosure
	FTSE 350 firms		S&P 500 firms
Variables	Coefficient	Standard error	Coefficient	Standard error
Independent variables
Board size	−0.169	0.213	0.628***	0.177
Board independence	4.932**	2.009	23.804***	3.561
Role duality	1.287	2.564	−0.719	0.983
Board meeting	−2.464**	1.209	−0.033	0.088
Board gender diversity	8.608***	3.208	35.03***	3.782
Audit committee size	29.287***	7.059	−16.94**	7.755
Audit committee independence	−3.530	3.031	−11.472*	6.603
Control variables
Firm profitability	6.214**	2.508	−2.135	5.194
Firm age	0.050	0.045	0.240***	0.041
Firm size	4.612***	0.549	0.469	0.289
Board specific skills	−4.726**	1.899	3.373*	1.753
Model summary
No. of firms	121		200
Wald chi²	158.30***		297.78***
R²	0.374		0.137

Dependent variable = environmental disclosure
	FTSE 350 firms		S&P 500 firms
Variables	Coefficient	Standard error	Coefficient	Standard error
Independent variables
Board size	−0.169	0.213	0.628***	0.177
Board independence	4.932**	2.009	23.804***	3.561
Role duality	1.287	2.564	−0.719	0.983
Board meeting	−2.464**	1.209	−0.033	0.088
Board gender diversity	8.608***	3.208	35.03***	3.782
Audit committee size	29.287***	7.059	−16.94**	7.755
Audit committee independence	−3.530	3.031	−11.472*	6.603
Control variables
Firm profitability	6.214**	2.508	−2.135	5.194
Firm age	0.050	0.045	0.240***	0.041
Firm size	4.612***	0.549	0.469	0.289
Board specific skills	−4.726**	1.899	3.373*	1.753
Model summary
No. of firms	121		200
Wald chi²	158.30***		297.78***
R²	0.374		0.137

Notes:

***p < 0.01;

**p < 0.05;

*p < 0.1

Source: Created by the authors