Table 5.
Robustness tests: Poisson regression
| Dependent variables | Developed country | Developing country | Full sample (ZIP) |
|---|---|---|---|
| Poisson regression | Zero-inflated Poisson regression | ||
| Number of species | nSpecies | ||
| (1) | (2) | (3) | |
| Buying assurance | 0.427 | 2.314*** | 0.100* |
| (0.541) | (0.560) | (0.059) | |
| Presence of partnership | 4.029*** | 2.765*** | 0.070** |
| (0.466) | (0.431) | (0.030) | |
| Environment score | − 0.486 | 2914.660*** | − 0.109** |
| (2.572) | (630.495) | (0.046) | |
| Environment award | − 2.110*** | 1.854*** | 0.139** |
| (0.685) | (0.469) | (0.062) | |
| Big 4 | − 1.867*** | − 1.951** | − 0.066 |
| (0.549) | (0.821) | (0.102) | |
| Green industry | n.a. | n.a. | 0.054 |
| (0.039) | |||
| Firm size | 0.156** | − 0.743*** | − 0.004 |
| (0.075) | (0.169) | (0.013) | |
| Log (revenue) | − 0.871* | 1.481*** | − 0.029 |
| (0.489) | (0.246) | (0.049) | |
| Leverage | − 0.000*** | − 0.057*** | − 0.001 |
| (0.000) | (0.015) | (0.001) | |
| Governance | − 6.800 | 9.205*** | 0.001 |
| (6.130) | (2.300) | (0.246) | |
| CO2 emission | − 0.588 | 2.534* | n.a. |
| (0.671) | (1.317) | ||
| Log (forest area) | 0.399 | − 266.271*** | 0.027 |
| (0.463) | (58.215) | (0.030) | |
| GDP growth | − 0.193 | − 1.078*** | − 0.037** |
| (0.541) | (0.334) | (0.018) | |
| Inflation | 1.268** | − 1.196*** | − 0.019 |
| (0.565) | (0.310) | (0.043) | |
| Constant | 9.234 | 3191.847*** | 0.005 |
| (11.970) | (696.727) | (0.420) | |
| Observations | 282 | 112 | 587 |
| Pseudo R2 | 0.807 | 0.924 | n.a. |
| Country fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
The table reports the effects of assurance, environment award, presence of partnership and green Industry on the number of reported species in firm’s annual report in each year. The data consists 599 firm-year observations of top 200 firms listed in Global 500 firms for the year 2012, 2014 and 2016. nSpecies-coded from 0 to 4–0 if the number of species is 0, and 1–4 if the number of species is in the range of 1–99, 100–199, 200–299, 300 and more respectively. Green industry is a dummy equal to 1 if the industry belongs to green industry and 1 if it is in red or amber industry. Natural logarithm of total assets as a proxy for firm size is used. Column 3 reports Zero-inflated Poisson (ZIP) regression. Robust standard errors are reported in parenthesis
***Denotes 1%, **denotes 5% and *denotes 10% significance level