The effects of corporate governance on environmental sustainability reporting: empirical evidence from South Asian countries

Asian Journal of Sustainability and Social Responsibility

Table 5 Effect of Corporate Governance on the Environmental Reporting Score

Variable	Pred. Sign	Dependent Variable: ENVSCORE
Variable	Pred. Sign	Coefficient	t-stat.
Intercept	?	2.1153	4.36	***
FOROWN	+	0.5395	2.21	**
INSTOWN	+	0.8353	2.58	**
DIROWN	–	−22.6636	−2.08	**
FAMOWN	–	−0.0852	−0.81
BDIND	+	0.3529	4.10	***
BDFEM	+/−	−0.0105	− 0.16
BDSIZE	+	0.4017	2.96	***
SUSCOMM	+/−	0.0226	0.38
GRI_LEVEL	+/−	0.1282	2.66	***
FSIZE	+	0.0187	0.96
M/B	+	0.1028	3.61	***
ROA	+	0.5263	1.78	*
LEV	–	−0.1020	−2.12	**
∑Year Dummy	?	Not Included
∑Country Dummy	?	Included
Adj. R²		0.2981
F-value		10.20	***
No. of Obs.		326

Note: Refer to Table 3 for variable definitions
Results for dummy variables are not reported
***, **, and * indicate significance at the 1, 5 and 10% levels, respectively (two-tailed)