Variables | Proxies for Sustainability Practices | |||||||
(1) Sustainability policies | (2) Clearly written operational procedures to control safety risks | (3) Investment in gas emission reduction technology | (4) Implementing waste & pollution control system | (5) Stakeholder engagement programs | (6) Stakeholder participation in sustainability reviews | (7) Clear information about environmental and health risks of operations | (8) Periodic publication of sustainability reports | |
Intercept | 2.372*** (6.65) | 4.002*** (17.76) | 2.378*** (7.107) | 3.375*** (12.882) | 1.872*** (5.613) | 1.532*** (4.614) | 4.057*** (14.833) | 1.893*** (4.815) |
Company size | 0.122*** (3.483) | 0.053** (2.398) | 0.129*** (3.91) | 0.079*** (3.065) | 0.155*** (4.704) | 0.034 (1.053) | 0.065** (2.429) | 0.17*** (4.387) |
Withholding influence from regulators | −0.02 (−0.353) | 0.028 (0.758) | 0.043 (0.796) | 0.053 (1.257) | 0.06 (1.115) | −0.002 (−0.039) | −0.029 (−0.656) | −0.107* (−1.68) |
Withholding influence from environmental groups | 0.057 (1.141) | 0.026 (0.824) | −0.008 (−0.173) | −0.037 (−1.005) | 0.008 (0.179) | −0.021 (−0.45) | 0.071* (1.861) | 0.025 (0.446) |
Collective withholding influence | 0.311*** (4.027) | 0.072 (1.477) | 0.311*** (4.294) | 0.213*** (3.751) | 0.37*** (5.122) | 0.504*** (7.014) | 0.053 (0.897) | 0.453*** (5.326) |
N | 353 | 353 | 353 | 353 | 353 | 353 | 353 | 353 |
R2 | 0.172 | 0.057 | 0.160 | 0.103 | 0.225 | 0.196 | 0.068 | 0.234 |