Primary Outcomes (explanation)
The outcome variable indicates whether the board has established a committee that deals with environmental, social responsibility, climate change, environmental sustainability or other issues that fall within the scope of environmental, social and governance (ESG) principles (committees that focus primarily on governance aspects do not fulfil the criteria). It is a binary variable and indicates whether companies establish individual responsibility for ESG matters at the board level by naming one or several individuals in their official reporting to their investors. Recognizing the essential role of examining the board's oversight of sustainability responsibility issues in corporate governance principles, and representing shareholders' interests, they are key targets for investor engagement, especially considering the measurable yet non-restrictive nature of the outcome variable.
To assess the impact of the intervention on the establishment of ESG committees, two complementary statistical methods will be used. First, a chi-square test will assess the independence between the treatment group (companies that received the threat) and the outcome variable (establishment of ESG committees). Second, a probit regression with controls will be performed by modelling the establishment of ESG committees as the dependent variable, with the treatment group indicator as the main independent variable. The aim is to provide comprehensive evidence on the effectiveness of the intervention in promoting the establishment of ESG committees in companies.