Table 4. Baseline results Variables (1)...

Table 4.

Baseline results

Variables	(1)	(2)	(3)	(4)
Variables	ESG	E	S	G
Retire	$- 0.170$ *** (⁠ $- 3.818$ ⁠)	$- 0.225$ (⁠ $- 0.834$ ⁠)	$- 0.032$ (⁠ $- 0.278$ ⁠)	$- 0.087$ ** (⁠ $- 3.018$ ⁠)
Tobin’s Q	0.060** (2.530)	0.186 (1.499)	0.117** (2.632)	0.029* (2.037)
ROA	$- 0.082$ (⁠ $- 0.419$ ⁠)	0.948 (0.967)	0.221 (0.350)	$- 0.115$ (⁠ $- 0.923$ ⁠)
Tangi	$- 0.159$ (⁠ $- 1.093$ ⁠)	$- 0.494$ (⁠ $- 1.121$ ⁠)	$- 0.112$ (⁠ $- 0.491$ ⁠)	$- 0.142$ (⁠ $- 1.170$ ⁠)
Grow	$- 0.054$ (⁠ $- 1.051$ ⁠)	$- 0.159$ (⁠ $- 0.498$ ⁠)	$- 0.108$ (⁠ $- 0.818$ ⁠)	$- 0.032$ (⁠ $- 1.082$ ⁠)
Lev	$- 0.584$ *** (⁠ $- 4.388$ ⁠)	$- 2.563$ ** (⁠ $- 2.673$ ⁠)	$- 1.211$ *** (⁠ $- 4.005$ ⁠)	$- 0.290$ ** (⁠ $- 2.417$ ⁠)
Size	0.166*** (6.954)	0.653*** (5.683)	0.297*** (4.058)	0.046** (2.542)
Age	$- 0.022$ (⁠ $- 0.677$ ⁠)	0.125 (1.319)	0.016 (0.207)	$- 0.010$ (⁠ $- 0.345$ ⁠)
Board	0.043 (0.943)	0.276 (0.793)	0.148 (1.079)	0.022 (0.449)
Female	0.232** (2.815)	1.282** (3.069)	0.381 (0.863)	0.088 (1.231)
Indep	0.191 (1.486)	0.967** (3.080)	$- 0.087$ (⁠ $- 0.272$ ⁠)	0.164 (1.269)
InsInvestor	$- 0.190$ *** (⁠ $- 4.093$ ⁠)	$- 0.453$ (⁠ $- 1.532$ ⁠)	$- 0.096$ (⁠ $- 0.936$ ⁠)	$- 0.175$ *** (⁠ $- 3.904$ ⁠)
Ar	$- 0.049$ ** (⁠ $- 3.124$ ⁠)	$- 0.128$ (⁠ $- 1.512$ ⁠)	$- 0.014$ (⁠ $- 0.227$ ⁠)	$- 0.037$ ** (⁠ $- 2.523$ ⁠)
Constant	2.404*** (10.270)	$- 3.985$ *** (⁠ $- 3.964$ ⁠)	0.117 (0.155)	4.096*** (18.035)
Industry FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	514	514	514	514
Adjusted R-squared	0.559	0.592	0.462	0.264

Variables	(1)	(2)	(3)	(4)
Variables	ESG	E	S	G
Retire	$- 0.170$ *** ( $- 3.818$ )	$- 0.225$ ( $- 0.834$ )	$- 0.032$ ( $- 0.278$ )	$- 0.087$ ** ( $- 3.018$ )
Tobin’s Q	0.060** (2.530)	0.186 (1.499)	0.117** (2.632)	0.029* (2.037)
ROA	$- 0.082$ ( $- 0.419$ )	0.948 (0.967)	0.221 (0.350)	$- 0.115$ ( $- 0.923$ )
Tangi	$- 0.159$ ( $- 1.093$ )	$- 0.494$ ( $- 1.121$ )	$- 0.112$ ( $- 0.491$ )	$- 0.142$ ( $- 1.170$ )
Grow	$- 0.054$ ( $- 1.051$ )	$- 0.159$ ( $- 0.498$ )	$- 0.108$ ( $- 0.818$ )	$- 0.032$ ( $- 1.082$ )
Lev	$- 0.584$ *** ( $- 4.388$ )	$- 2.563$ ** ( $- 2.673$ )	$- 1.211$ *** ( $- 4.005$ )	$- 0.290$ ** ( $- 2.417$ )
Size	0.166*** (6.954)	0.653*** (5.683)	0.297*** (4.058)	0.046** (2.542)
Age	$- 0.022$ ( $- 0.677$ )	0.125 (1.319)	0.016 (0.207)	$- 0.010$ ( $- 0.345$ )
Board	0.043 (0.943)	0.276 (0.793)	0.148 (1.079)	0.022 (0.449)
Female	0.232** (2.815)	1.282** (3.069)	0.381 (0.863)	0.088 (1.231)
Indep	0.191 (1.486)	0.967** (3.080)	$- 0.087$ ( $- 0.272$ )	0.164 (1.269)
InsInvestor	$- 0.190$ *** ( $- 4.093$ )	$- 0.453$ ( $- 1.532$ )	$- 0.096$ ( $- 0.936$ )	$- 0.175$ *** ( $- 3.904$ )
Ar	$- 0.049$ ** ( $- 3.124$ )	$- 0.128$ ( $- 1.512$ )	$- 0.014$ ( $- 0.227$ )	$- 0.037$ ** ( $- 2.523$ )
Constant	2.404*** (10.270)	$- 3.985$ *** ( $- 3.964$ )	0.117 (0.155)	4.096*** (18.035)
Industry FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	514	514	514	514
Adjusted R-squared	0.559	0.592	0.462	0.264

Note(s):

This table reports the results examining whether retirement village firms have different ESG disclose behaviour compared to firms in other industries. ESG, E, S and G are the natural logarithm of one plus actual ESG, Environmental, Social and Governance scores as downloaded from Bloomberg. Other variables are defined as in Appendix 1. We estimate the regression with industry and year fixed effects. The standard errors in parentheses are clustered at industry level. Continuous variables are winsorised at the 1st and 99th percentiles. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively

Source(s): Authors’ own work

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