Research Article
The Influence of Academic Independent Directors and Confucianism on Carbon Information Disclosure: Evidence from China
Table 6
Regression results of Hypothesis
2.
| | Variables | The dependent variable: CID | | (1) | (2) | (3) | (4) | (5) | (6) | | N = 200 | N = 220 | N = 240 | N = 260 | N = 280 | N = 300 | | Coefficient | (t value) | Coefficient | (t value) | Coefficient | (t value) | Coefficient | (t value) | Coefficient | (t value) | Coefficient | (t value) |
| | CONF_RN | 0.363 | (5.25) | 0.329 | (5.20) | 0.312 | (5.12) | 0.290 | (4.90) | 0.266 | (4.66) | 0.167 | (3.08) | | SIZE | 0.745 | (7.87) | 0.755 | (7.95) | 0.750 | (7.91) | 0.749 | (7.89) | 0.737 | (7.78) | 0.728 | (7.65) | | LEV | 1.452 | (4.97) | 1.442 | (4.94) | 1.432 | (4.90) | 1.444 | (4.94) | 1.476 | (5.05) | 1.475 | (5.03) | | ROE | 0.862 | (1.89) | 0.869 | (1.90) | 0.847 | (1.85) | 0.846 | (1.85) | 0.837 | (1.83) | 0.916 | (1.99) | | AGE | −0.042 | (−5.46) | −0.043 | (−5.57) | −0.041 | (−5.41) | −0.041 | (−5.35) | −0.041 | (−5.31) | −0.039 | (−5.14) | | BOARDSIZE | 0.038 | (1.83) | 0.040 | (1.94) | 0.039 | (1.89) | 0.039 | (1.88) | 0.038 | (1.84) | 0.035 | (1.68) | | HIGH_CARBON | −0.357 | (−2.98) | −0.352 | (−2.94) | −0.356 | (−2.97) | −0.370 | (−3.09) | −0.374 | (−3.12) | −0.372 | (−3.09) | | VERIFICATION | 2.392 | (10.15) | 2.381 | (10.10) | 2.384 | (10.11) | 2.374 | (10.06) | 2.391 | (10.13) | 2.403 | (10.15) | | CONCENTRATION | 0.005 | (1.73) | 0.005 | (1.63) | 0.005 | (1.73) | 0.005 | (1.72) | 0.005 | (1.73) | 0.005 | (1.76) | | Constant | −2.959 | (−4.88) | −2.972 | (−4.89) | −2.942 | (−4.85) | −2.924 | (−4.81) | −2.867 | (−4.73) | −2.732 | (−4.49) | | Year | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | | | Industry | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | | | Observations | 2,194 | | 2,194 | | 2,194 | | 2,194 | | 2,194 | | 2,194 | | | R-squared | 0.197 | | 0.197 | | 0.197 | | 0.196 | | 0.195 | | 0.191 | |
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Notes. t statistics in parentheses. , , . |
