Table 13 The effect of environmental information transparency.

From: Green investors and ESG ratings divergence

Variables

(1)

(2)

(3)

(4)

High environmental information transparency

Low environmental information transparency

High environmental information transparency

Low environmental information transparency

ESGdif

ESGdif

ESGdif

ESGdif

GI

0.004

− 0.030***

  

(0.23)

(− 2.61)

  

lnGI

  

− 0.024

− 0.038***

  

(− 1.64)

(− 3.87)

Size

− 0.049

− 0.103***

− 0.042

− 0.098***

(− 1.09)

(− 4.80)

(− 0.94)

(− 4.57)

Age

0.398***

0.288***

0.399***

0.286***

(4.73)

(7.77)

(4.74)

(7.73)

ROA

0.010

− 0.256**

0.040

− 0.246**

(0.05)

(− 2.22)

(0.19)

(− 2.13)

Lev

0.088

0.329***

0.087

0.325***

(0.50)

(2.78)

(0.50)

(2.75)

Growth

0.004

0.011

0.003

0.011

(0.28)

(1.30)

(0.26)

(1.33)

CashFlow

− 0.256*

0.349***

− 0.245

0.353***

(− 1.65)

(3.93)

(− 1.58)

(3.97)

BM

− 0.029

− 0.036**

− 0.034*

− 0.040***

(− 1.47)

(− 2.50)

(− 1.69)

(− 2.76)

Intan

− 0.597

0.228

− 0.592

0.223

(− 1.15)

(1.01)

(− 1.15)

(0.99)

SOE

0.072

0.052

0.069

0.048

(0.78)

(1.07)

(0.76)

(0.98)

Indep

0.001

− 0.001

0.001

− 0.001

(0.24)

(− 0.62)

(0.25)

(− 0.58)

Dual

− 0.031

− 0.001

− 0.033

− 0.001

(− 0.85)

(− 0.07)

(− 0.91)

(− 0.06)

Inst

− 0.002

− 0.001

− 0.001

− 0.000

(− 0.97)

(− 0.97)

(− 0.65)

(− 0.59)

Board

0.018

− 0.083

0.012

− 0.083

(0.14)

(− 0.95)

(0.09)

(− 0.94)

Top1

0.002

0.001

0.002

0.001

(1.11)

(1.17)

(1.07)

(1.08)

Salary

− 0.000

0.000

− 0.000

0.000

(− 1.26)

(0.52)

(− 1.27)

(0.50)

Constant

0.927

2.592***

0.776

2.477***

(0.87)

(5.13)

(0.72)

(4.91)

N

6,135

14,701

6,135

14,701

Firm fixed effect

YES

YES

YES

YES

Year fixed effect

YES

YES

YES

YES

Adjusted-R2

0.474

0.611

0.474

0.611

The p-value of difference in coefficient between groups

0.040**

0.095*

  1. Robust t-values clustered at the firm level are shown in parentheses, and *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. The p-value of difference in coefficient between groups is the result of Fisher’s Permutation test.
Back to article page