Influence of board mechanisms on sustainability performance for listed firms in Sub-Saharan Africa

Future Business Journal

Table 5 Board mechanisms and combined sustainability and environmental, social and economic sustainability performance

VARIABLE	Mod.1 (CSPID)	Mod.2 (EVSPID)	Mod.3(SOSPID)	Mod.4 (ECSPID)
L1.CSPID	1.02920***
L1.EVSPID		0.83110***
L1.SOSPID			0.89896***
L1.ECSPID				0.72150***
BSIZ	− 0.00117**	0.05395**	0.01049***	0.00944
BID	0.00463*	− 0.00403	− 0.01119	− 0.00136
BGH	− 0.00309	− 0.01443	0.00638	0.00650
BEGS	0.00350*	0.01947	− 0.01072***	−0.00730**
TEN	0.00278	0.00314**	0.00308	0.01410*
FRD	− 0.00448	0.01500	0.00629	0.01357
BCMT	− 0.00256	0.02901	0.01802*	0.02464***
BLDU	0.04317***	0.05548***	0.02615	0.00966
FBM	0.01219***	0.01304**	0.01751*	0.00987
CEOP	− 0.00179	− 0.00053	− 0.00070	− 0.00044
TA	0.00278***	0.00129	0.00255***	0.00140
LEV	− 0.00287	− 0.01684**	− 0.00250	− 0.00531
LIQ	0.004030	0.00756**	0.00460	0.00710*
FAGE	0.00150	0.00440	− 0.00197	− 0.00825
GDPPCI	− 0.01774***	− 0.0135***	− 0.01987***	− 0.01355***
NO. of Obs	1160	1160	1160	1160
Wald Chi2	98,811.50	23,868.27	41,013.71	28,210.96
Prob > Chi2	0.000	0.000	0.000	0.000
Groups/Instruments	116/47	116/47	116/47	116/47
AR (2)	0.224	0.174	0.419	0.433
Hansen Statistics	0.251	0.232	0.726	0.728

***, **, * are statistical significance at the 1%, 5% and 10% levels respectively. Probability values for AR (2) and Hansen statistics are reported