Pooled OLS regression result: financial constraints and carbon emissions – High vs low leverage firms
| Variables | Carbon emissions High-leverage firms | Carbon emissions Low-leverage firms |
|---|---|---|
| (1) | (2) | |
| Financial constraints | 0.306*** (0.075) | 0.274* (0.131) |
| Board gender diversity | −0.001 (0.002) | 0.004 (0.003) |
| Policy emissions reduction | 1.039*** (0.102) | 1.504*** (0.095) |
| Eco-innovation score | 0.755*** (0.148) | 0.307* (0.165) |
| Environmental expenditure investment | 0.131 (0.128) | 0.878*** (0.269) |
| Executive gender diversity | −0.005** (0.002) | −0.001 (0.004) |
| Human rights policy | 0.024 (0.113) | −0.202*** (0.060) |
| Board size | 0.206*** (0.042) | 0.261*** (0.034) |
| Policy board diversity | 0.004 (0.008) | −0.005 (0.008) |
| Independent board director | 0.246 (0.647) | 1.561*** (0.483) |
| Board−specific skills | −0.002 (0.004) | −0.010*** (0.003) |
| Return on asset | 0.079 (0.091) | 0.186*** (0.027) |
| Constant | 8.739** (2.977) | 2.442 (2.015) |
| Industry and year FE | Yes | Yes |
| Observations | 753 | 783 |
| R-squared | 0.325 | 0.390 |
| Adjusted R-squared | 0.296 | 0.363 |
| Variables | Carbon emissions | Carbon emissions |
|---|---|---|
| (1) | (2) | |
| Financial constraints | 0.306 | 0.274* (0.131) |
| Board gender diversity | −0.001 (0.002) | 0.004 (0.003) |
| Policy emissions reduction | 1.039 | 1.504 |
| Eco-innovation score | 0.755 | 0.307* (0.165) |
| Environmental expenditure investment | 0.131 (0.128) | 0.878 |
| Executive gender diversity | −0.005** (0.002) | −0.001 (0.004) |
| Human rights policy | 0.024 (0.113) | −0.202 |
| Board size | 0.206 | 0.261 |
| Policy board diversity | 0.004 (0.008) | −0.005 (0.008) |
| Independent board director | 0.246 (0.647) | 1.561 |
| Board−specific skills | −0.002 (0.004) | −0.010 |
| Return on asset | 0.079 (0.091) | 0.186 |
| Constant | 8.739** (2.977) | 2.442 (2.015) |
| Industry and year FE | Yes | Yes |
| Observations | 753 | 783 |
| 0.325 | 0.390 | |
| Adjusted | 0.296 | 0.363 |
Notes:
Standard errors are in parentheses;
***p < 0.01, **p < 0.05 and *p < 0.1