Table 3 Main regression results.
From: Behind the green veil: board characteristics, greenwashing, and the fraud triangle
1 | 2 | 3 | |
|---|---|---|---|
Symbol | Model 1 | Model 2 | Model 3 |
Female | −0.242** | −0.303** | −0.265** |
(−1.98) | ( − 2.48) | ( − 2.27) | |
Indep | −1.159*** | −1.105*** | −1.110*** |
(−4.08) | ( − 3.83) | ( − 3.92) | |
Tenure | −0.006*** | −0.007*** | −0.007*** |
(−8.18) | ( − 9.28) | ( − 8.89) | |
Meeting | 0.014*** | 0.011*** | 0.008** |
(4.09) | (3.25) | (2.41) | |
Bsize | 0.002 | 0.001 | 0.001 |
(0.24) | (0.06) | (0.07) | |
Dual | 0.101*** | 0.093** | 0.080** |
(2.69) | (2.34) | (2.05) | |
Mshare | −0.416** | −0.250 | |
( − 2.08) | ( − 1.32) | ||
Top1 | −0.001 | −0.000 | |
( − 0.77) | ( − 0.07) | ||
Size | 0.042*** | 0.004 | |
(2.58) | (0.23) | ||
Age | 0.175*** | 0.138** | |
(2.90) | (2.35) | ||
SOE | −0.194*** | −0.233*** | |
( − 4.70) | ( − 5.79) | ||
Lev | 0.748*** | ||
(7.18) | |||
ROA | −0.856*** | ||
( − 3.05) | |||
Cashflow | 0.593*** | ||
(3.28) | |||
GDP | −0.078*** | ||
(− 3.27) | |||
Year | Yes | Yes | Yes |
Industry | Yes | Yes | Yes |
Constant | 0.259 | −0.996** | 0.444 |
(1.49) | (− 2.47) | (0.95) | |
Observations | 12,395 | 12,395 | 12,395 |
Adj R-squared | 0.424 | 0.430 | 0.443 |
