Table III Regression result of the model...

Table III

Regression result of the model random effect (dependent = CER)

Variables	Coef.	SE	z
BS	0.0115358	0.137154	0.84
BI	0.3530959	0.1510829	2.34**
BM	0.035602	0.0203326	1.75**
RC	0.0002878	0.0785901	0.00
ROA	0.0010162	0.0014494	0.70
TA	0.0712573	0.036754	1.94**
D	−0.0528609	0.0731596	−0.72
_cons	−0.4864737	0.2726068	−1.78

Variables	Coef.	SE	z
BS	0.0115358	0.137154	0.84
BI	0.3530959	0.1510829	2.34**
BM	0.035602	0.0203326	1.75**
RC	0.0002878	0.0785901	0.00
ROA	0.0010162	0.0014494	0.70
TA	0.0712573	0.036754	1.94**
D	−0.0528609	0.0731596	−0.72
_cons	−0.4864737	0.2726068	−1.78

Notes: CERS, environmental reporting index; BS, total number of the board members; BI, the proportion of independent non-executive directors on board; BM, frequency of board meeting held in the company financial year; RC, the proportion of the independent non-executive directors on the risk management committee; ROA, net income divided by total asset to for every entities; TA (log), log of total Asset for the period; D, industrial dummy variable coded 1 for oil & gas companies and 0 for others. Number of obs = 120; number of group = 24; R² within = 0.5117; Wald χ² = 21.96; Prob > χ² = 0.0026. **0.05 level of sig.

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