Table 1.

Summary Statistic

Variable Obs Mean Std. dev. Min Max

boardsize 180 7.278 1.648 5.000 12.000
femalenumber 180 1.606 1.555 0.000 5.000
boardindependant 180 2.106 0.689 1.000 3.000
boardduality 180 1.222 0.894 0.000 4.000
strategicivestor 180 0.268 0.319 0.000 0.976
groupownership 180 0.380 0.254 0.000 0.976
esg 180 61.628 10.258 33.000 105.000
roe 180 0.160 0.114 -0.143 0.662
roa 180 0.057 0.066 -0.055 0.352
gri 180 31.256 15.606 0.000 63.000
gri200 180 4.972 2.725 0.000 13.000
gri300 180 16.772 11.221 0.000 30.000
gri400 180 9.511 5.844 0.000 28.000
logprofit 176 28.025 1.485 23.758 31.030
logrevenue 180 30.255 1.270 27.013 33.349
logasset 180 31.434 1.649 28.137 35.134
Table 2. Correlation Matrix
Variables (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
(1) boardsize 1.000
(2) femalenumber 0.509*** 1.000
(3) boardindependant 0.845*** 0.440*** 1.000
(4) boardduality -0.016 -0.073 -0.147** 1.000
(5) strategicinvestor -0.061 -0.264*** -0.143* 0.051 1.000
(6) groupownership -0.212*** -0.165** -0.238*** 0.034 0.430*** 1.000
(7) esg 0.000 -0.049 0.003 0.102 0.144* 0.052 1.000
(8) roe 0.182** -0.022 0.160** 0.046 -0.143* -0.130* 0.001 1.000
(9) roa 0.059 0.051 0.091 0.122* -0.012 -0.116 0.001 0.744*** 1.000
(10) gri 0.281*** 0.253*** 0.158** -0.038 -0.016 0.072 0.282*** 0.126* 0.002 1.000
(11) gri200 0.076 0.119 0.064 0.113 0.109 0.031 0.401*** 0.043 0.111 0.617*** 1.000
(12) gri300 0.248*** 0.162** 0.103 -0.106 -0.055 0.108 0.116 0.117 -0.162** 0.875*** 0.264*** 1.000
(13) gri400 0.238*** 0.308*** 0.195*** 0.049 0.012 -0.031 0.343*** 0.092 0.265*** 0.703*** 0.675*** 0.293*** 1.000
(14) logprofit 0.389*** 0.042 0.339*** -0.046 0.111 0.003 0.133* 0.613*** 0.202*** 0.311*** 0.068 0.386*** 0.057 1.000
(15) logrevenue 0.366*** -0.070 0.371*** 0.050 0.212*** -0.116 0.145* 0.319*** 0.126* 0.062 0.171** -0.044 0.169** 0.614*** 1.000
(16) logasset 0.401*** 0.099 0.296*** -0.114 0.165** 0.068 0.085 0.119 -0.359*** 0.343*** 0.012 0.515*** -0.080 0.738*** 0.502** 1.000
*
*** p<0.01, ** p<0.05, * p<0.1
Table 3. CDF test and CIPS test

Variables CD-test p-value CIPS Test

boardsize -0.339 0.734 -0.414
femalenumber -0.609 0.543 1.448
boardindependant -0.407 0.684 0.398
boardduality 1.397 0.162 0.886
strategicivestor 0.593 0.553 0.878
groupownership 1.737* 0.082 -1.533
esg 15.241*** 0.000 -2.630***
roe -0.364 0.716 -1.900
roa -0.75 0.453 -1.506
gri 7.543*** 0.000 -2.292**
gri200 2.239** 0.025 -1.181
gri300 1.854* 0.064 -0.751
gri400 3.418*** 0.001 -2.229**
logprofit 8.859*** 0.000 n/a
logrevenue 22.632*** 0.000 -2.595***
logasset 28.528*** 0.000 -2.653***
Notes: Under the null hypothesis of cross-section independence, CD ~ N(0,1). P-values close to zero
indicate data are correlated across panel groups; *** p<0.01, ** p<0.05, * p<0.1
N = 30, T = 6 ~> PCSE
Table 4. Determinants of ESG

VARIABLES esg esg esg esg

boardsize -1.533** -0.271 -1.212 -0.648

[0.732] [0.637] [0.860] [0.594]
femalenumber -0.395 -0.509 -0.081 -0.798***
[0.324] [0.322] [0.350] [0.293]
boardindependant 3.159** 1.020 2.824 1.447
[1.504] [1.480] [1.768] [1.394]
boardduality 1.505** 0.652 1.568** 0.933
[0.702] [0.881] [0.726] [0.793]
strategicinvestors 5.408** 2.786 5.734* 3.640*
[2.550] [2.201] [2.938] [2.203]
groupownership -2.454 -0.187 -1.869 -0.245
[2.891] [2.473] [3.246] [2.473]
gri 0.227***
[0.076]
gri200 1.481***
[0.381]
gri300 0.161*
[0.083]
gri400 0.668***
[0.171]
Constant 57.336*** 53.436*** 59.195*** 56.206***
[1.694] [2.492] [1.931] [1.801]
Observations 180 180 180 180
R-squared 0.135 0.180 0.059 0.161
Number of firms 30 30 30 30
Note: *** p<0.01, ** p<0.05, * p<0.1
Table 5. Impact of GRI and ESG to Firms Performance

VARIABLES logprofit roa roe

debtequity -0.041** -0.000 0.007***

[0.021] [0.001] [0.002]
logasset 0.599*** -0.025*** -0.030***
[0.069] [0.004] [0.009]
logrevenue 0.330*** 0.023*** 0.046***
[0.060] [0.003] [0.010]
gri 0.010*** 0.001*** 0.001***
[0.002] [0.000] [0.000]
esg 0.001 -0.0001* -0.001
[0.005] [0.0001] [0.001]
Constant -0.979 0.152*** -0.318*
[1.000] [0.058] [0.172]
Observations 176 180 180
R-squared 0.637 0.292 0.151
Number of firms 30 30 30
Note: *** p<0.01, ** p<0.05, * p<0.1
Table 6. Firm Performance

VARIABLES logprofit roa roe

boardsize 0.401*** -0.007 0.019**

[0.085] [0.005] [0.008]
femalenumber -0.174*** 0.002 -0.015***
[0.046] [0.002] [0.004]
boardindependant 0.125 0.020 -0.002
[0.222] [0.014] [0.017]
boardduality -0.082 0.011*** 0.006
[0.061] [0.003] [0.006]
strategicinvestors 0.366* 0.014 -0.060***
[0.195] [0.013] [0.023]
groupownership 0.295 -0.033** -0.016
[0.310] [0.015] [0.025]
Constant 25.018*** 0.054*** 0.063*
[0.336] [0.012] [0.033]
Observations 176 180 180
R-squared 0.197 0.045 0.084
Number of eticker 30 30 30
Note: *** p<0.01, ** p<0.05, * p<0.1
Table 7. All Determinants

VARIABLES logprofit roa roe

boardsize 0.029 0.002 0.010

[0.045] [0.003] [0.007]
femalenumber -0.041* 0.003 -0.009**
[0.022] [0.002] [0.004]
boardindependant 0.093 0.003 -0.010
[0.086] [0.010] [0.016]
boardduality 0.029 0.004 0.001
[0.029] [0.003] [0.004]
strategicinvestors -0.424*** 0.012 -0.079***
[0.129] [0.015] [0.030]
groupownership 0.356* -0.007 0.001
[0.198] [0.014] [0.015]
gri 0.009*** 0.001*** 0.001***
[0.002] [0.000] [0.000]
esg 0.002 -0.0001 -0.001
[0.005] [0.0001] [0.001]
logrevenue 0.318*** 0.020*** 0.044***
[0.081] [0.004] [0.011]
logasset 0.614*** -0.025*** -0.024***
[0.072] [0.004] [0.008]
debtequity -0.048** -0.001 0.006***
[0.021] [0.001] [0.002]
Constant -1.511 0.196** -0.431*
[1.091] [0.085] [0.242]
Observations 176 180 180
R-squared 0.646 0.310 0.196
Number of firms 30 30 30
Note: *** p<0.01, ** p<0.05, * p<0.1