The Influence of Academic Independent Directors and Confucianism on Carbon Information Disclosure: Evidence from China

Table 7

Regression results of Hypothesis 3.

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)
ACARATIO	1.041	(2.70)	1.016	(2.62)	1.045	(2.69)	1.094	(2.82)	1.083	(2.78)	1.117	(2.86)
CONF_RN	0.339	(4.90)	0.298	(4.68)	0.288	(4.71)	0.272	(4.58)	0.250	(4.36)	0.152	(2.80)
ACARATIO∗CONF_RN	2.012	(3.44)	1.656	(3.09)	1.293	(2.46)	1.417	(2.75)	1.237	(2.46)	1.066	(2.23)
SIZE	0.752	(7.97)	0.760	(8.03)	0.757	(7.99)	0.759	(8.01)	0.749	(7.91)	0.737	(7.76)
LEV	1.394	(4.79)	1.374	(4.71)	1.372	(4.70)	1.373	(4.70)	1.403	(4.80)	1.411	(4.82)
ROE	0.864	(1.90)	0.866	(1.90)	0.837	(1.83)	0.825	(1.81)	0.819	(1.79)	0.893	(1.95)
AGE	−0.042	(−5.49)	−0.043	(−5.58)	−0.042	(−5.45)	−0.041	(−5.40)	−0.041	(−5.38)	−0.040	(−5.22)
BOARDSIZE	0.045	(2.17)	0.047	(2.27)	0.046	(2.21)	0.046	(2.21)	0.045	(2.16)	0.040	(1.95)
HIGH_CARBON	−0.333	(−2.79)	−0.322	(−2.69)	−0.326	(−2.72)	−0.336	(−2.80)	−0.339	(−2.82)	−0.337	(−2.79)
VERIFICATION	2.337	(9.94)	2.324	(9.87)	2.334	(9.90)	2.323	(9.85)	2.342	(9.93)	2.348	(9.91)
CONCENTRATION	0.004	(1.40)	0.004	(1.35)	0.004	(1.48)	0.004	(1.44)	0.004	(1.49)	0.004	(1.53)
Constant	−2.920	(−4.85)	−2.901	(−4.82)	−2.871	(−4.77)	−2.867	(−4.76)	−2.815	(−4.67)	−2.711	(−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	0.204		0.203		0.201		0.201		0.200		0.195

Notes. t statistics in parentheses. , , .