Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business
Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business
Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business
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Table IV<br />
Relation between CEO Compensation <strong>and</strong> ESG Scores<br />
This table shows the relation between a firm’s CEO compensation <strong>and</strong> its ESG scores.. The<br />
dependent variables are respectively salary in Panel A <strong>and</strong> total direct compensation in Panel B. The<br />
independent variables are Change in shareholder wealth at time t <strong>and</strong> at time t-1; book-to-market, ln<br />
(market equity), ROA (Ebit/Assets) at time t-1. All regressions are pooled cross-sectional time series<br />
with industry fixed effects.<br />
Panel A: Salary<br />
1 2<br />
Change in shareholder wealth at t -0.000254 -0.000252<br />
Change in shareholder wealth at t-1 -0.000542 -0.000478<br />
Book-to-market 126.01*** 113.92***<br />
Ln (market equity) 136.07*** 123.31***<br />
ROA -139.73*** -90.37***<br />
Environmental net score -41.84***<br />
Social net score -7.45***<br />
Governance net score -52.4***<br />
Environmental concerns score 49.03***<br />
Social concerns score 28.61***<br />
Governance concerns score 44.8***<br />
#obs 9336 9336<br />
31
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