Sustainability reporting, gender diversity, firm value and corporate performance in ASEAN region

Figures & data

Table 1. Variable measurement

Variable Used	Notation	Measurement
Sustainability Reporting
Energy used management	ENERGY	Total direct and indirect energy consumption in the million gigajoules
Water management	WATER	Total water withdrawal in the million cubic meters
Carbon emissions	CARBON	Total carbon dioxide (CO2) and CO2 equivalents emission in the million tons.
Waste management	WASTE	The amount of waste recycled total in the million tons.
Labor turnover	TURN	The percentage of employee turnover
Work safety	SAFETY	Total Injury Rate Total
Labor spending	LABOR	Training Costs Total in the million US dollar
Corporate Outcomes
Firm value	VALUE	Tobin’s Q
Firm performance	PROFIT	Return on asset (ROA) ratio
Gender Diversity
Gender diversity	GENDER	The proportion of female board committee
Corporate Characteristics
Firm size	SIZE	The natural logarithm of total asset
Firm risk	RISK	Total debt divided by total equity
Firm age	AGE	Firm age as year
Firm year	YEAR	Year fixed effect

Table 2. Descriptive analysis

Variables	Observation	Mean	Std. Dev.	Min	Max
PROFIT	776	10.087	10.929	0.1	73.112
VALUE	776	2.270	2.576	0.534	22.232
ENERGY	776	19.819	49.407	0.0	357.420
WATER	776	185.906	237.332	0.0	43747.000
CARBON	776	3.089	8.619	0.0	57.081
WASTE	776	4.580	4.048	0.0	46.767
TURN	776	7.497	9.448	0.0	84.000
SAFETY	776	1.354	5.381	0.0	88.980
LABOR	776	3.797	10.024	0.0	121.951
GENDER	776	12.911	11.984	0.0	62.500
SIZE	776	12.299	3.240	6.935	21.071
RISK	776	2.151	2.968	0.0	22.030
AGE	776	17.712	5.258	3.0	29.000

Table 3. Correlation matrix

Variables	PROFIT	VALUE	ENERGY	WATER	CARBON	WASTE	TURN	SAFETY	LABOR	GENDER	SIZE	RISK
PROFIT	1
VALUE	0.8486**	1
ENERGY	0.0236	−0.0917	1
WATER	0.1863**	0.0838*	0.1315**	1
CARBON	−0.0299	−0.0775*	0.5907**	−0.0155	1
WASTE	−0.0638	−0.0476	0.0195	−0.0079	0.0691	1
TURN	0.0645	0.1599**	−0.1112**	−0.0139	−0.0836*	−0.0696	1
SAFETY	0.0553	−0.0204	0.0105	−0.0106	−0.0210	−0.0224	−0.0254	1
LABOR	−0.1298**	−0.1136 **	0.1448**	−0.0079	0.2341**	−0.0253	0.0064	−0.0741*	1
GENDER	−0.0508	0.0386	−0.1125**	−0.0702	−0.0347	−0.0256	−0.0390	0.0858*	0.0119	1
SIZE	−0.1372**	−0.1387**	0.0873*	−0.0156	0.0203	−0.1345**	−0.0484	−0.0111	0.2838**	−0.3348**	1
RISK	−0.3192**	−0.1668**	−0.1946**	−0.0218	−0.1734**	−0.0765*	0.1145**	−0.1129**	0.2667**	0.1709**	0.2846**	1
AGE	−0.1259**	−0.0330	−0.0151	0.0124	0.0632	0.0658	0.0859*	0.0074	0.0686	0.0632	0.2094**	0.1448**

Note: ** is significant at 0.01 level, and * is significant at 0.05 level.

Table 4. Multiple regression of sustainability reporting, female board, and corporate performance

Variables	Model A1		Model A2		Model A3		Model A4		Model A5
	Coef. (sig)	t	Coef. (sig)	t	Coef. (sig)	t	Coef. (sig)	t	Coef. (sig)	t
Constant	73.80***	(6.88)	64.57***	(6.18)	70.02***	(6.54)	61.70***	(5.91)	58.90***	(5.67)
ENERGY	-	-	0.00435	(0.65)	-	-	0.00567	(0.85)	0.0208*	(2.47)
WATER	-	-	0.000439***	(5.47)	-	-	0.000429***	(5.36)	0.000484***	(5.53)
CARBON	-	-	−0.219***	(−3.52)	-	-	−0.218***	(−3.52)	−0.312***	(−4.07)
WASTE	-	-	−0.468***	(−5.43)	-	-	−0.449***	(−5.22)	−0.377***	(−3.90)
TURN	-	-	−0.0350	(−1.32)	-	-	−0.0333	(−1.26)	−0.0330	(−1.27)
SAFETY	-	-	0.127***	(3.52)	-	-	0.123***	(3.42)	0.197***	(4.70)
LABOR	-	-	0.0519	(1.72)	-	-	0.0510	(1.70)	0.0982	(1.89)
GENDER	-	-	-	-	0.0961***	(3.34)	0.0768**	(2.81)	0.113***	(3.75)
ENERGY* GENDER	-	-	-	-	-	-	-	-	−0.00128*	(−1.99)
WATER* GENDER	-	-	-	-	-	-	-	-	−0.000348*	(−2.19)
CARBON* GENDER	-	-	-	-	-	-	-	-	0.00534	(1.64)
WASTE* GENDER	-	-	-	-	-	-	-	-	−0.00750	(−1.66)
TURN* GENDER	-	-	-	-	-	-	-	-	0.0000129	(0.94)
SAFETY* GENDER	-	-	-	-	-	-	-	-	−0.0197**	(−3.25)
LABOR* GENDER	-	-	-	-	-	-	-	-	−2.41e-09	(−1.15)
SIZE	−4.365***	(−4.46)	−3.724***	(−3.91)	−3.971***	(−4.06)	−3.415***	(−3.58)	−3.218***	(−3.40)
RISK	−0.613***	(−3.33)	−0.632***	(−3.63)	−0.703***	(−3.81)	−0.703***	(−4.02)	−0.736***	(−4.26)
AGE	−0.486***	(−3.71)	−0.384**	(−3.03)	−0.610***	(−4.51)	−0.490***	(−3.72)	−0.487***	(−3.74)
YEAR	Included		Included		Included		Included		Included
R^2	0.214		0.312		0.228		0.321		0.348
Prob > F	0.0000		0.0000		0.0000		0.0000		0.0000
Observations	776		776		776		776		776

Note: ***, **, * Coefficient is significant at the 0.001, 0.01, 0.05 level respectively

Table 5. Multiple regression of sustainability reporting, female board, and firm value

Variables	Model B1		Model B2		Model B3		Model B4		Model B5
	Coef. (sig)	t	Coef. (sig)	T	Coef. (sig)	t	Coef. (sig)	t	Coef. (sig)	t
Constant	13.82***	(7.27)	12.99***	(6.68)	13.83***	(7.23)	13.06***	(6.68)	12.80***	(6.48)
ENERGY	-	-	0.000262	(0.21)	-	-	0.000228	(0.18)	0.00102	(0.63)
WATER	-	-	0.0000498***	(3.33)	-	-	0.0000501***	(3.34)	0.0000530**	(3.18)
CARBON	-	-	−0.0164	(−1.41)	-	-	−0.0164	(−1.41)	−0.0229	(−1.57)
WASTE	-	-	−0.0353*	(−2.20)	-	-	−0.0358*	(−2.22)	−0.0314	(−1.71)
TURN	-	-	0.000493	(0.10)	-	-	0.000451	(0.09)	0.000307	(0.06)
SAFETY	-	-	0.0119	(1.77)	-	-	0.0120	(1.78)	0.0198*	(2.49)
LABOR	-	-	0.00214	(0.38)	-	-	0.00217	(0.39)	0.00185	(0.19)
GENDER	-	-	-	-	−0.000240	(−0.05)	−0.00198	(−0.39)	−0.000219	(−0.04)
ENERGY* GENDER	-	-	-	-	-	-	-	-	−0.0000669	(−0.55)
WATER* GENDER	-	-	-	-	-	-	-	-	−0.0000179	(−0.59)
CARBON* GENDER	-	-	-	-	-	-	-	-	0.000431	(0.70)
WASTE* GENDER	-	-	-	-	-	-	-	-	−0.000449	(−0.52)
TURN* GENDER	-	-	-	-	-	-	-	-	0.00000148	(0.57)
SAFETY* GENDER	-	-	-	-	-	-	-	-	−0.00212	(−1.85)
LABOR* GENDER	-	-	-	-	-	-	-	-	2.65e-12	(0.01)
SIZE	−0.938***	(−5.42)	−0.878***	(−4.95)	−0.939***	(−5.38)	−0.886***	(−4.96)	−0.867***	(−4.81)
RISK	−0.0926**	(−2.84)	−0.0922**	(−2.85)	−0.0923**	(−2.80)	−0.0904**	(−2.76)	−0.0917**	(−2.79)
AGE	0.00677	(0.29)	0.0126	(0.54)	0.00708	(0.29)	0.0154	(0.62)	0.0161	(0.65)
YEAR	Included		Included		Included		Included		Included
R^2	0.119		0.149		0.119		0.149		0.156
Prob > F	0.0000		0.0000		0.0000		0.0000		0.0000
Observations	776		776		776		776		776

Note: ***, **, * Coefficient is significant at the 0.001, 0.01, 0.05 level respectively