CEO succession and ESG score – robustness checks
| Different Econometric model | Different Dependent variable | Different Succession measure | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | ESG score | ESG score | ESG score | ESG score | ESG score | ESG score |
| Succession | 0.012* | −0.024 | −0.004 | −0.050 | 0.013* | −0.023 |
| (0.087) | (0.226) | (0.768) | (0.142) | (0.077) | (0.242) | |
| Female CEO | −0.028 | −0.097* | −0.027 | |||
| (0.109) | (0.094) | (0.117) | ||||
| Succession*Female CEO | 0.060* | 0.129* | 0.060* | |||
| (0.077) | (0.080) | (0.081) | ||||
| CEO career horizon | −0.001 | −0.004** | −0.001 | |||
| (0.212) | (0.018) | (0.210) | ||||
| Succession*CEO career horizon | 0.002* | 0.004* | 0.002* | |||
| (0.056) | (0.055) | (0.057) | ||||
| Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
| Fixed effects | No | No | Yes | Yes | Yes | Yes |
| Random effects | Yes | Yes | No | No | No | No |
| Country dummies | Yes | Yes | No | No | No | No |
| Industry dummies | Yes | Yes | No | No | No | No |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.504 | 0.509 | 0.259 | 0.268 | 0.501 | 0.506 |
| Number of Id | 227 | 227 | 227 | 227 | 227 | 227 |
| Observations | 1,704 | 1,704 | 1,704 | 1,704 | 1,704 | 1,704 |
| Different | Different | Different | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | ESG score | ESG score | ESG score | ESG score | ESG score | ESG score |
| Succession | 0.012* | −0.024 | −0.004 | −0.050 | 0.013* | −0.023 |
| (0.087) | (0.226) | (0.768) | (0.142) | (0.077) | (0.242) | |
| Female CEO | −0.028 | −0.097* | −0.027 | |||
| (0.109) | (0.094) | (0.117) | ||||
| Succession*Female CEO | 0.060* | 0.129* | 0.060* | |||
| (0.077) | (0.080) | (0.081) | ||||
| CEO career horizon | −0.001 | −0.004** | −0.001 | |||
| (0.212) | (0.018) | (0.210) | ||||
| Succession*CEO career horizon | 0.002* | 0.004* | 0.002* | |||
| (0.056) | (0.055) | (0.057) | ||||
| Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
| Fixed effects | No | No | Yes | Yes | Yes | Yes |
| Random effects | Yes | Yes | No | No | No | No |
| Country dummies | Yes | Yes | No | No | No | No |
| Industry dummies | Yes | Yes | No | No | No | No |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| 0.504 | 0.509 | 0.259 | 0.268 | 0.501 | 0.506 | |
| Number of Id | 227 | 227 | 227 | 227 | 227 | 227 |
| Observations | 1,704 | 1,704 | 1,704 | 1,704 | 1,704 | 1,704 |
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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