Two-step GMM regression result
| Variables | Carbon emissions |
|---|---|
| Carbon emissions | 0.952*** (0.064) |
| Financial constraints | 0.473** (0.207) |
| Board gender diversity | −0.017* (0.010) |
| Policy emissions reduction | −0.431 (0.283) |
| Eco innovation score | 0.242 (0.292) |
| Environmental expenditure investment | −0.227 (0.222) |
| Executive gender diversity | −0.013 (0.009) |
| Human rights policy | −0.677*** (0.249) |
| Board size | 0.005 (0.051) |
| Policy board diversity | 0.011 (0.008) |
| Independent board Director | 0.434 (0.845) |
| Leverage | −0.495** (0.235) |
| Board-specific skills | −0.004 (0.004) |
| Return on asset | −0.009 (0.076) |
| Constant | 1.034 (4.068) |
| Observations | 497 |
| Number of groups | 171 |
| Number of instruments | 46 |
| F-statistics | 0.000 |
| Sargan test (p-value) | 0.167 |
| AR(1) test (p-value) | 0.028 |
| AR(2) test (p-value) | 0.406 |
| Variables | Carbon emissions |
|---|---|
| Carbon emissions | 0.952 |
| Financial constraints | 0.473** (0.207) |
| Board gender diversity | −0.017* (0.010) |
| Policy emissions reduction | −0.431 (0.283) |
| Eco innovation score | 0.242 (0.292) |
| Environmental expenditure investment | −0.227 (0.222) |
| Executive gender diversity | −0.013 (0.009) |
| Human rights policy | −0.677 |
| Board size | 0.005 (0.051) |
| Policy board diversity | 0.011 (0.008) |
| Independent board Director | 0.434 (0.845) |
| Leverage | −0.495** (0.235) |
| Board-specific skills | −0.004 (0.004) |
| Return on asset | −0.009 (0.076) |
| Constant | 1.034 (4.068) |
| Observations | 497 |
| Number of groups | 171 |
| Number of instruments | 46 |
| 0.000 | |
| Sargan test ( | 0.167 |
| AR(1) test ( | 0.028 |
| AR(2) test ( | 0.406 |
Notes:
Standard errors are given in parentheses;
***p < 0.01; **p < 0.05 and *p < 0.1