Robustness check
| Dependent variable | Environmental pillar | Social pillar | Governance pillar |
|---|---|---|---|
| BCD | 0.388** (1.09) | 0.438* (1.96) | 0.907*** (3.01) |
| BGD | 0.681** (2.36) | 0.725*** (4.02) | 0.895*** (3.68) |
| Interaction | −0.001* (−0.20) | −0.008* (−1.30) | −0.018** (−2.13) |
| BoardSize | 0.957 (1.17) | 1.280** (2.50) | −0.026 (−0.04) |
| ROE | −0.348 (−1.05) | 0.007 (0.04) | −0.138 (−0.49) |
| Leverage | −0.106 (−0.65) | −0.424*** (−4.15) | −0.374** (1.14) |
| LogTA | 9.321** (2.00) | 3.669 (1.26) | 4.486 (1.14) |
| LogSales | 7.731* (1.83) | 8.467*** (3.21) | 7.766** (2.19) |
| Price | −0.006 (−1.31) | −0.003 (−1.13) | −0.007* (−1.78) |
| _cons | −128.75 (−3.61) | −71.46 (−3.20) | −69.91 (−2.33) |
| Observations | 96 | 96 | 96 |
| Prob > F | 0.000 | 0.000 | 0.000 |
| Adj R2 | 0.454 | 0.590 | 0.407 |
| Dependent variable | Environmental pillar | Social pillar | Governance pillar |
|---|---|---|---|
| BCD | 0.388 | 0.438 | 0.907 |
| BGD | 0.681 | 0.725 | 0.895 |
| Interaction | −0.001 | −0.008 | −0.018 |
| BoardSize | 0.957 (1.17) | 1.280 | −0.026 (−0.04) |
| ROE | −0.348 (−1.05) | 0.007 (0.04) | −0.138 (−0.49) |
| Leverage | −0.106 (−0.65) | −0.424 | −0.374 |
| LogTA | 9.321 | 3.669 (1.26) | 4.486 (1.14) |
| LogSales | 7.731 | 8.467 | 7.766 |
| Price | −0.006 (−1.31) | −0.003 (−1.13) | −0.007 |
| _cons | −128.75 (−3.61) | −71.46 (−3.20) | −69.91 (−2.33) |
| Observations | 96 | 96 | 96 |
| Prob > | 0.000 | 0.000 | 0.000 |
| Adj | 0.454 | 0.590 | 0.407 |
*Significance at 10%; **significance at 5% and ***significance at 1%. The data are from the Refinitiv Eikon database. t-Stat is included in parentheses
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