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Table 6 Sectorial Analysis

From: ESG in the boardroom: evidence from the Malaysian market

Dependent variable

Sector

% of Independent Directors

% of Women on board

# of board meetings

ROA

Log Firm Size

Debt to Equity

Constant

ESG_score

1

0.3389**

0.3476**

-0.6355**

-0.0562

1.6443

0.0

-3.1468

2

0.3440**

0.3835**

-0.0935

0.0762

5.3596**

0.0239*

-45.3354**

3

0.2464**

0.3934**

-0.0584

0.0552

2.9216**

-0.0092

-18.3524**

Environ_

1

0.3888**

0.3481**

-0.5731**

0.0526

0.9291

0.0003

-9.4190

2

0.3226**

0.3240**

0.1826

0.1071

3.1227**

0.0140

-34.3968**

3

0.1914**

0.3630**

-0.1088

0.1374

1.3611*

-0.0086

-11.6150

Govern

1

0.1150**

0.1086**

-0.1514

-0.1313**

0.5114

0.0

43.3470**

2

0.1772**

0.1702**

0.0328

0.0447

1.3176**

0.0087

29.5037**

3

0.1148**

0.1680**

-0.0768

0.0908*

0.8229**

0.0027

38.3027**

Social

1

0.3799**

0.4986**

-0.3630

0.0925

-1.8567

-0.0002

26.6937*

2

0.3699**

0.2961**

-0.0089

0.0606

4.0077**

0.0071

-27.8935**

3

0.3115**

0.4994**

0.070

-0.0360

0.8348

-0.0049

0.1687

  1. Sector 1: Energy, Materials, and Utilities, Sector 2: Industrials and Consumers, and Sector 3: Others–Service Sectors. ****p < 0.000; ***p < 0.01; **p < 0.05, *p < 0.10