Table 5 reports the results of OLS regression analysis testing the relationship between
the extent of environmental disclosure and company characteristics. According to the Table 5,
F-statistic is 4.549 (p=0.001) and this result supports that the estimated model is statistically
significant and the adjusted R-squared of 0.225 indicates that the independent variables
explain the %22.5 of the variability of the extent of environmental disclosure, the dependent
variable.