Two stage least squares regression
| Variables | Financial constraints (1) | Carbon emissions (2) |
|---|---|---|
| Ind avg SA index | 0.179*** (0.009) | – |
| Predicted financial constraints | 0.161** (0.070) | |
| Board gender diversity | 0.002*** (0.001) | 0.005** (0.002) |
| Policy emissions reduction | −0.036 (0.022) | 1.316*** (0.079) |
| Eco-innovation score | 0.039* (0.020) | 0.484*** (0.051) |
| Environmental expenditure investment | −0.028 (0.024) | 0.460*** (0.147) |
| Executive gender diversity | −0.000 (0.001) | −0.000 (0.003) |
| Human rights policy | −0.007 (0.019) | −0.052 (0.060) |
| Board size | 0.006 (0.004) | 0.220*** (0.038) |
| Policy board diversity | −0.000 (0.001) | −0.001 (0.007) |
| Independent board director | −0.006 (0.058) | 0.737 (0.465) |
| Leverage | 0.032*** (0.007) | −0.018 (0.040) |
| Board-specific skills | 0.000 (0.000) | −0.007** (0.003) |
| Return on asset | −0.029*** (0.009) | 0.142*** (0.045) |
| Constant | 0.791*** (0.266) | 7.036** (2.438) |
| Industry and year FE | Yes | Yes |
| Observations | 1,536 | 1,536 |
| R-squared | 0.324 | 0.338 |
| Adjusted R-squared | 0.308 | 0.323 |
| Variables | Financial constraints (1) | Carbon emissions (2) |
|---|---|---|
| Ind avg SA index | 0.179 | – |
| Predicted financial constraints | 0.161** (0.070) | |
| Board gender diversity | 0.002 | 0.005** (0.002) |
| Policy emissions reduction | −0.036 (0.022) | 1.316 |
| Eco-innovation score | 0.039* (0.020) | 0.484 |
| Environmental expenditure investment | −0.028 (0.024) | 0.460 |
| Executive gender diversity | −0.000 (0.001) | −0.000 (0.003) |
| Human rights policy | −0.007 (0.019) | −0.052 (0.060) |
| Board size | 0.006 (0.004) | 0.220 |
| Policy board diversity | −0.000 (0.001) | −0.001 (0.007) |
| Independent board director | −0.006 (0.058) | 0.737 (0.465) |
| Leverage | 0.032 | −0.018 (0.040) |
| Board-specific skills | 0.000 (0.000) | −0.007** (0.003) |
| Return on asset | −0.029 | 0.142 |
| Constant | 0.791 | 7.036** (2.438) |
| Industry and year FE | Yes | Yes |
| Observations | 1,536 | 1,536 |
| 0.324 | 0.338 | |
| Adjusted | 0.308 | 0.323 |
Notes:
Standard errors are in parentheses
***p < 0.01; **p < 0.05; *p < 0.1