Table 4 Endogeneity test.
From: Behind the green veil: board characteristics, greenwashing, and the fraud triangle
1 | 2 | 3 | 4 | |
|---|---|---|---|---|
Symbol | GMM | 2SLS-first stage | 2SLS-second stage | PSM |
L.GW | 0.545*** | |||
(15.85) | ||||
Female_mean | -0.595*** | |||
(-10.72) | ||||
Female | −0.556** | -1.377** | −0.234* | |
(−2.19) | (-2.13) | ( − 1.87) | ||
Indep | −5.327** | 0.002 | -1.088*** | −1.335*** |
(−2.49) | (0.05) | (-3.77) | ( − 4.20) | |
Tenure | −0.007*** | 0.000 | -0.007*** | −0.007*** |
(−2.78) | (0.20) | (-8.59) | ( − 7.87) | |
Meeting | 0.035*** | 0.000 | 0.009*** | 0.007* |
(3.47) | (1.03) | (2.64) | (1.94) | |
Bsize | –0.032 | -0.001 | -0.001 | 0.001 |
(–0.87) | (-0.99) | (-0.06) | (0.05) | |
Dual | 2.895*** | 0.012** | 0.093** | 0.115*** |
(3.59) | (2.02) | (2.31) | (2.68) | |
Control | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | |
Constant | –4.444 | 0.349*** | 0.491 | |
(–1.27) | (5.50) | (0.98) | ||
Observations | 10,488 | 12,290 | 12,290 | 9284 |
Kleibergen–Paap rk LM statistic | 64.006 | 68.150 | ||
p-value | 0 | |||
Kleibergen–Paap rk Wald F statistic (IV F-stat) | 114.925 | |||
p-value | 0 | |||
Stock–Yogo test at 10% | 16.38 | |||
Anderson-Rubin test p-value | 0.030 | |||
Wu–Hausman test p-value | 0.074 | |||
AR (1) p-value | 0 | |||
AR (2) p-value | 0.541 | |||
Hansen test p-value | 0.285 | 0 |
