Table 8 Pillar-specific SUR estimates (...

Table 8

Pillar-specific SUR estimates (Eq 4) and cross-equation Wald tests

Variable	Eq (4-E) environmental ScoreCoef (std. err.)	Sig	Eq (4-S) social ScoreCoef (std. err.)	Sig	Eq (4-G) governance ScoreCoef (std. err.)	Sig	χ²(2)	p
Board Size	0.508 (0.084)	<0.001***	0.597 (0.082)	<0.001***	−0.487 (0.076)	<0.001***	147.1	<0.001
Board Independence	0.129 (0.014)	<0.001***	0.310 (0.014)	<0.001***	0.296 (0.013)	<0.001***	253.4	<0.001
Gender Diversity	0.084 (0.023)	<0.001***	0.125 (0.022)	<0.001***	0.275 (0.021)	<0.001***	54.96	<0.001
CEO Duality	4.191 (0.564)	<0.001***	3.259 (0.549)	<0.001***	−1.024 (0.510)	0.045**	69.37	<0.001
Board Transparency	−2.935 (0.584)	<0.001***	−0.683 (0.568)	0.23	2.204 (0.528)	<0.001***	62.31	<0.001
Board Skills Disclosure	0.363 (1.212)	0.765	−2.911 (1.179)	0.014**	5.173 (1.095)	<0.001***	38.16	<0.001
SOE × Board Size	−0.458 (0.246)	0.063*	−0.666 (0.240)	<0.001***	−0.753 (0.223)	<0.001***	1.48	0.478
SOE × Independence	0.087 (0.061)	0.156	0.053 (0.059)	0.368	0.103 (0.055)	0.060*	0.72	0.698
SOE × Gender Diversity	−0.241 (0.095)	0.011**	−0.014 (0.093)	0.881	−0.175 (0.086)	0.042**	8.1	0.018
SOE × Duality	−4.043 (1.964)	0.039**	−0.241 (1.910)	0.899	−12.137 (1.773)	<0.001***	30.63	<0.001
SOE × Transparency	−1.585 (1.816)	0.383	−2.881 (1.766)	0.103	5.131 (1.640)	0.002***	16.56	<0.001
SOE × Skills	−2.331 (2.611)	0.372	−4.915 (2.540)	0.053*	2.901 (2.358)	0.219	7.5	0.024
Size	6.267 (0.154)	<0.001***	3.712 (0.150)	<0.001***	4.252 (0.139)	<0.001***	–	–
Age	0.390 (0.022)	<0.001***	0.224 (0.021)	<0.001***	0.076 (0.020)	<0.001***	–	–
Leverage	−0.012 (0.002)	<0.001***	−0.021 (0.002)	<0.001***	−0.013 (0.002)	<0.001***	–	–
Pseudo R²	0.398	–	0.304	–	0.278	–	–	–
Obs. /χ²(model)	7,719 /5,109***	–	7,719 /3,378***	–	7,719 /2,969***	–	–	–
SUR RMSE	20.67	–	20.11	–	18.67	–	–	–

Variable	Eq (4-E) environmental ScoreCoef (std. err.)	Sig	Eq (4-S) social ScoreCoef (std. err.)	Sig	Eq (4-G) governance ScoreCoef (std. err.)	Sig	χ²(2)	p
Board Size	0.508 (0.084)	<0.001***	0.597 (0.082)	<0.001***	−0.487 (0.076)	<0.001***	147.1	<0.001
Board Independence	0.129 (0.014)	<0.001***	0.310 (0.014)	<0.001***	0.296 (0.013)	<0.001***	253.4	<0.001
Gender Diversity	0.084 (0.023)	<0.001***	0.125 (0.022)	<0.001***	0.275 (0.021)	<0.001***	54.96	<0.001
CEO Duality	4.191 (0.564)	<0.001***	3.259 (0.549)	<0.001***	−1.024 (0.510)	0.045**	69.37	<0.001
Board Transparency	−2.935 (0.584)	<0.001***	−0.683 (0.568)	0.23	2.204 (0.528)	<0.001***	62.31	<0.001
Board Skills Disclosure	0.363 (1.212)	0.765	−2.911 (1.179)	0.014**	5.173 (1.095)	<0.001***	38.16	<0.001
SOE × Board Size	−0.458 (0.246)	0.063*	−0.666 (0.240)	<0.001***	−0.753 (0.223)	<0.001***	1.48	0.478
SOE × Independence	0.087 (0.061)	0.156	0.053 (0.059)	0.368	0.103 (0.055)	0.060*	0.72	0.698
SOE × Gender Diversity	−0.241 (0.095)	0.011**	−0.014 (0.093)	0.881	−0.175 (0.086)	0.042**	8.1	0.018
SOE × Duality	−4.043 (1.964)	0.039**	−0.241 (1.910)	0.899	−12.137 (1.773)	<0.001***	30.63	<0.001
SOE × Transparency	−1.585 (1.816)	0.383	−2.881 (1.766)	0.103	5.131 (1.640)	0.002***	16.56	<0.001
SOE × Skills	−2.331 (2.611)	0.372	−4.915 (2.540)	0.053*	2.901 (2.358)	0.219	7.5	0.024
Size	6.267 (0.154)	<0.001***	3.712 (0.150)	<0.001***	4.252 (0.139)	<0.001***	–	–
Age	0.390 (0.022)	<0.001***	0.224 (0.021)	<0.001***	0.076 (0.020)	<0.001***	–	–
Leverage	−0.012 (0.002)	<0.001***	−0.021 (0.002)	<0.001***	−0.013 (0.002)	<0.001***	–	–
Pseudo R²	0.398	–	0.304	–	0.278	–	–	–
Obs. /χ²(model)	7,719 /5,109***	–	7,719 /3,378***	–	7,719 /2,969***	–	–	–
SUR RMSE	20.67	–	20.11	–	18.67	–	–	–

Note(s): Robust SUREG standard errors in parentheses. “Sig.” column reports exact p-value and stars (***p < 0.01; **p < 0.05; *p < 0.10). Wald χ²(2) tests coefficient equality across pillars. Year dummies and constants suppressed; full suppressed coefficients available upon request

Source(s): Calculated by authors

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