Table 7.
Heterogeneous results of executive environmental awareness.
| High Executive Environmental Awareness | Low Executive Environmental Awareness | |||
|---|---|---|---|---|
| new_col | disclose2 | new_col | disclose2 | |
| (1) | (2) | (3) | (4) | |
| ESG | 0.00101 *** | 0.0128 *** | 0.000264 | 0.00124 |
| (0.000203) | (0.000985) | (0.000261) | (0.00117) | |
| size | 0.0171 *** | 0.0737 *** | 0.00202 | 0.0185 |
| (0.00102) | (0.00496) | (0.00324) | (0.0146) | |
| lev | −0.00870 | −0.00146 | 0.0165 | 0.0320 |
| (0.00681) | (0.0330) | (0.0122) | (0.0550) | |
| roa | −0.0241 | −0.0799 | 0.0340 | 0.00433 |
| (0.0183) | (0.0889) | (0.0209) | (0.0940) | |
| cash | 0.0386 ** | 0.247 *** | −0.00724 | 0.0266 |
| (0.0168) | (0.0814) | (0.0181) | (0.0817) | |
| growth | 0.00156 | −0.0417 *** | −0.00308 | −0.0246 ** |
| (0.00273) | (0.0132) | (0.00265) | (0.0119) | |
| board | −0.00496 | 0.0153 | −0.00223 | 0.0345 |
| (0.00650) | (0.0315) | (0.0122) | (0.0552) | |
| indep | 0.000360 | −0.00198 * | −0.000725 ** | 0.00206 |
| (0.000226) | (0.00109) | (0.000362) | (0.00163) | |
| dual | 0.00415 * | −0.00322 | 0.000822 | 0.00473 |
| (0.00213) | (0.0103) | (0.00330) | (0.0149) | |
| top1 | −3.97 × 10−5 | −0.000289 | 7.56 × 10−5 | −0.00146 |
| (6.98 × 10−5) | (0.000339) | (0.000203) | (0.000914) | |
| age | 0.00985 *** | 0.0263 | −0.0223 | 0.392 *** |
| (0.00360) | (0.0174) | (0.0291) | (0.131) | |
| Constant | −0.470 *** | −2.168 *** | 0.0301 | −1.239 ** |
| (0.0289) | (0.140) | (0.108) | (0.487) | |
| Time effects | Control | Control | Control | Control |
| Industry effects | Control | Control | Control | Control |
| N | 10,528 | 10,528 | 10,067 | 10,067 |
Note: *, **, *** indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are reported in parentheses, and the same convention applies throughout. The same below.