Table 2

CEO succession and ESG score

(1)(2)(3)(4)
VariablesESG scoreESG scoreESG scoreESG score
Succession0.012*0.009−0.020−0.023
(0.072)(0.167)(0.294)(0.242)
Female CEO −0.026* −0.027
 (0.095) (0.117)
Succession*Female CEO 0.061* 0.060*
 (0.060) (0.081)
CEO career horizon  −0.001−0.001
  (0.134)(0.210)
Succession*CEO career horizon  0.002**0.002**
  (0.042)(0.050)
Firm size0.0160.0150.0140.014
(0.168)(0.181)(0.210)(0.218)
Debt−0.113**−0.118**−0.120**−0.124**
(0.041)(0.032)(0.034)(0.029)
Cash holdings−0.197*−0.200*−0.209*−0.209*
(0.061)(0.056)(0.054)(0.054)
Capex−0.157**−0.168**−0.162**−0.171**
(0.026)(0.017)(0.024)(0.017)
R&D0.718***0.726***0.725***0.730***
(0.000)(0.000)(0.000)(0.000)
ROE0.0310.0320.0320.033
(0.117)(0.108)(0.104)(0.103)
Firm age−0.065−0.065*−0.069*−0.069*
(0.101)(0.100)(0.085)(0.082)
Board size0.006***0.005***0.006***0.006***
(0.007)(0.008)(0.005)(0.005)
CEO education level−0.012−0.011−0.015−0.014
(0.210)(0.239)(0.127)(0.151)
CEO tenure0.009*0.010*0.010*0.010*
(0.074)(0.069)(0.064)(0.063)
Board age0.655**0.670**0.696**0.703**
(0.025)(0.021)(0.020)(0.019)
Endogeneity correction−0.216*−0.222*−0.234**−0.235**
(0.061)(0.054)(0.048)(0.048)
Constant−1.607*−1.653*−1.694*−1.716*
(0.089)(0.079)(0.078)(0.073)
Fixed effectsYesYesYesYes
Year dummiesYesYesYesYes
R-squared0.5020.5040.5050.506
Number of Id227227227227
Observations1,7041,7041,7041,704

Note(s): Robust pval in parentheses ***p < 0.01, **p < 0.05 and *p < 0.1

Source(s): Created by the authors

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