Table 8

Sustainable innovation across the three proxies

Dependent variable: average CAGR from 2015 to 2019
Regression type variablesIV regression (1)IV regression (2)FE-IV regression (3)
Sustainability0.04***0.04***0.03***
(0.02)**(0.01)**(0.02)**
Firm size0.03***0.03***0.02***
(0.01)**(0.01)**(0.00)**
Constant0.17***0.17***0.13***
(0.06)**(0.07)**(0.06)**
Instrumented withFormalized sustainability + sustainability communication + process innovationFormalized sustainability + sustainability communication + process innovationFormalized sustainability + sustainability communication + process innovation
S.E.Clustered at sector levelRobust
FENONOYES
Observations142142142
Number of sectors  5
Wald-Chi2OKOKOK
Endogeneity testOKFailed (by a small margin)/
Significance of first stageOKOK/
Overidentification testOK//

Note(s): Standard errors in parentheses and *p < 0.1; **p < 0.05; ***p < 0.01

Source(s): Authors' work
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