This table shows the results of the impact of change in leadership from male to male on the average of the environmental and social combined (ES) scores and the individual environmental (Env), social (Soc) and governance (Gov) scores. MtoM_EXE is a dummy that equals one if the new appointee into the CEO position is a man and replacing another man in firm i at time t or zeros otherwise, MtoM_Chair is a dummy that equals one if the new appointee into the board chairperson position is a man and replacing another man in firm i at time t or zeros otherwise, Tenure is the natural logarithm of the number of years since the official’s appointment to the current year of observation, Board_Size is the natural logarithm of the number of board members in firm i at time t, Gender_Diversity is the percentage of women firm i board at time t. Firm_Size (Natural log of total firm sales), Leverage is the natural logarithm of total debt over total equity of firm i at time t, MB is the ratio of firm i market value of equity to its the book value of equity at time t, Slack i.e. current liabilities of firm i at time t divided by its current asset in the same period, ROA is firm i earnings before interest and taxes over its total assets at time t. The last rows include the country control, year and firm fixed-effects, the number of observations in the models estimated and adjusted R². Firm-level standard error clustering is applied, and t-statistics are reported in parentheses. *** (**, *) denotes significance at the 1% (5%, 10%) level (two-sided test)