Table 7 Composite-ESG regressions ( Eq 1...

Table 7

Composite-ESG regressions (Eq 1–Eq 3)

Explanatory variable	Eq (1) Baseline FE Coef (std. err.)	Sig	Eq (2) Moderation FE Coef (std. err.)	Sig	Eq (3) System-GMM Coef (std. err.)	Sig
Board Size	−0.113 (0.081)	0.164	−0.182 (0.088)	0.038*	−0.020 (0.026)	0.447
Board Independence	0.091 (0.016)	<0.001***	0.070 (0.018)	<0.001***	0.002 (0.007)	0.737
Gender Diversity	0.023 (0.029)	0.439	0.069 (0.032)	0.031**	0.018 (0.008)	0.019**
CEO Duality	−0.963 (0.497)	0.053*	−0.579 (0.619)	0.351	−0.138 (0.159)	0.386
Board Transparency	3.392 (0.387)	<0.001***	3.027 (0.409)	<0.001***	0.800 (0.183)	<0.001***
Board Skills Disclosure	4.195 (0.758)	<0.001***	4.267 (0.918)	<0.001***	0.027 (0.379)	0.943
State-Ownership Dummy	–	–	3.901 (4.356)	0.371	−0.048 (1.076)	0.964
SOE × Board Interactions	–	–	Wald F(6) = 5.73	<0.001***	–	–
Size	4.850 (0.633)	<0.001***	4.786 (0.915)	<0.001***	0.320 (0.101)	0.001***
Age	1.410 (0.067)	<0.001***	1.356 (0.149)	<0.001***	0.002 (0.009)	0.856
Leverage	−0.001 (0.002)	0.685	0.000 (0.003)	0.853	−0.002 (0.001)	0.002***
Within R²/Pseudo R²-¹	0.478	–	0.445	–	0.964	–
Model F /Wald χ²	80.94	<0.001***	44.23	<0.001***	7.64 × 10⁵	<0.001***
Diagnostics	–	–	–	–	AR(2) p = 0.050; Hansen p = 0.007	–
Observations (firms)	10,653 (845)	–	7,719 (837)	–	7,659 (836)	–

Explanatory variable	Eq (1) Baseline FECoef (std. err.)	Sig	Eq (2) Moderation FECoef (std. err.)	Sig	Eq (3) System-GMMCoef (std. err.)	Sig
Board Size	−0.113 (0.081)	0.164	−0.182 (0.088)	0.038*	−0.020 (0.026)	0.447
Board Independence	0.091 (0.016)	<0.001***	0.070 (0.018)	<0.001***	0.002 (0.007)	0.737
Gender Diversity	0.023 (0.029)	0.439	0.069 (0.032)	0.031**	0.018 (0.008)	0.019**
CEO Duality	−0.963 (0.497)	0.053*	−0.579 (0.619)	0.351	−0.138 (0.159)	0.386
Board Transparency	3.392 (0.387)	<0.001***	3.027 (0.409)	<0.001***	0.800 (0.183)	<0.001***
Board Skills Disclosure	4.195 (0.758)	<0.001***	4.267 (0.918)	<0.001***	0.027 (0.379)	0.943
State-Ownership Dummy	–	–	3.901 (4.356)	0.371	−0.048 (1.076)	0.964
SOE × Board Interactions	–	–	Wald F(6) = 5.73	<0.001***	–	–
Size	4.850 (0.633)	<0.001***	4.786 (0.915)	<0.001***	0.320 (0.101)	0.001***
Age	1.410 (0.067)	<0.001***	1.356 (0.149)	<0.001***	0.002 (0.009)	0.856
Leverage	−0.001 (0.002)	0.685	0.000 (0.003)	0.853	−0.002 (0.001)	0.002***
Within R²/Pseudo R²-¹	0.478	–	0.445	–	0.964	–
Model F /Wald χ²	80.94	<0.001***	44.23	<0.001***	7.64 × 10⁵	<0.001***
Diagnostics	–	–	–	–	AR(2) p = 0.050; Hansen p = 0.007	–
Observations (firms)	10,653 (845)	–	7,719 (837)	–	7,659 (836)	–

Note(s): ¹ Pseudo-R² for system GMM from Anderson–Hsiao

Robust standard errors (clustered by firm) in parentheses for FE models; two-step Windmeijer-corrected errors for GMM. Year dummies and constants suppressed. Significance (“Sig.”) column gives exact p-value and stars (***p < 0.01; **p < 0.05; *p < 0.10)

Source(s): Calculated by authors

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