The moderate effect of ENV
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| High environmental score | Low environmental score | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.004*** | −0.079*** | −0.008*** | 0.000 | −0.004 | 0.001 |
| (−4.503) | (−6.951) | (−5.317) | (0.295) | (−0.505) | (1.018) | |
| Size | −0.002*** | −0.025*** | −0.003*** | −0.003*** | −0.040*** | −0.005*** |
| (−3.895) | (−5.024) | (−4.759) | (−10.978) | (−13.973) | (−10.572) | |
| Leverage | −0.000*** | 0.003** | −0.000** | −0.001*** | 0.000 | −0.001*** |
| (−3.132) | (2.471) | (−2.556) | (−7.245) | (0.386) | (−6.557) | |
| Diversified | 0.018*** | 0.236*** | 0.033*** | 0.007*** | 0.074*** | 0.011*** |
| (10.521) | (11.341) | (11.145) | (4.185) | (5.062) | (3.982) | |
| GrowthRevenue | 0.003*** | 0.048*** | 0.007*** | 0.002*** | 0.012** | 0.002** |
| (4.040) | (4.932) | (5.392) | (3.086) | (2.210) | (2.428) | |
| Efficiency | −0.002*** | −0.031*** | −0.006*** | −0.004*** | −0.014** | −0.004*** |
| (−2.751) | (−3.087) | (−3.863) | (−5.746) | (−2.550) | (−3.920) | |
| GDPGrowth | −0.012* | −0.113 | −0.030** | −0.022*** | −0.220*** | −0.049*** |
| (−1.677) | (−1.347) | (−2.522) | (−4.109) | (−4.714) | (−5.706) | |
| HHI | −0.016 | 0.034 | −0.014 | −0.173*** | −1.160*** | −0.231*** |
| (−1.547) | (0.278) | (−0.801) | (−9.202) | (−6.960) | (−7.567) | |
| Constant | 0.023*** | 0.237*** | 0.044*** | 0.051*** | 0.415*** | 0.075*** |
| (5.337) | (4.454) | (5.953) | (16.858) | (15.532) | (15.252) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 1,096 | 1,096 | 1,096 | 1,438 | 1,438 | 1,438 |
| Adj R2 | 0.207 | 0.275 | 0.252 | 0.284 | 0.269 | 0.250 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| High environmental score | Low environmental score | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.004*** | −0.079*** | −0.008*** | 0.000 | −0.004 | 0.001 |
| (−4.503) | (−6.951) | (−5.317) | (0.295) | (−0.505) | (1.018) | |
| Size | −0.002*** | −0.025*** | −0.003*** | −0.003*** | −0.040*** | −0.005*** |
| (−3.895) | (−5.024) | (−4.759) | (−10.978) | (−13.973) | (−10.572) | |
| Leverage | −0.000*** | 0.003** | −0.000** | −0.001*** | 0.000 | −0.001*** |
| (−3.132) | (2.471) | (−2.556) | (−7.245) | (0.386) | (−6.557) | |
| Diversified | 0.018*** | 0.236*** | 0.033*** | 0.007*** | 0.074*** | 0.011*** |
| (10.521) | (11.341) | (11.145) | (4.185) | (5.062) | (3.982) | |
| GrowthRevenue | 0.003*** | 0.048*** | 0.007*** | 0.002*** | 0.012** | 0.002** |
| (4.040) | (4.932) | (5.392) | (3.086) | (2.210) | (2.428) | |
| Efficiency | −0.002*** | −0.031*** | −0.006*** | −0.004*** | −0.014** | −0.004*** |
| (−2.751) | (−3.087) | (−3.863) | (−5.746) | (−2.550) | (−3.920) | |
| GDPGrowth | −0.012* | −0.113 | −0.030** | −0.022*** | −0.220*** | −0.049*** |
| (−1.677) | (−1.347) | (−2.522) | (−4.109) | (−4.714) | (−5.706) | |
| HHI | −0.016 | 0.034 | −0.014 | −0.173*** | −1.160*** | −0.231*** |
| (−1.547) | (0.278) | (−0.801) | (−9.202) | (−6.960) | (−7.567) | |
| Constant | 0.023*** | 0.237*** | 0.044*** | 0.051*** | 0.415*** | 0.075*** |
| (5.337) | (4.454) | (5.953) | (16.858) | (15.532) | (15.252) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 1,096 | 1,096 | 1,096 | 1,438 | 1,438 | 1,438 |
| Adj | 0.207 | 0.275 | 0.252 | 0.284 | 0.269 | 0.250 |
Note(s): t-statistics are shown in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively