Table 2 Fixed-effects regression results... | Emerald Publishing

Table 2

Fixed-effects regression results for H1 and H2

Variable	Model 1: Tobin's Q	Model 2: ROA	Model 3: Δ institutional ownership
ESG Score	0.014***	0.0024*	0.0061**
Log(Firm Size)	−0.021	0.0003	0.0028
Leverage	−0.113***	−0.034***	−0.0045
ROE	0.305***	0.148***	0.0062*
GDP Growth	0.022**	0.005	0.0099
Inflation	−0.008	−0.0021	−0.0037
Governance Quality	0.063***	0.017**	0.015*
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
R-squared	0.374	0.298	0.241
Observations	900	900	900

Variable	Model 1: Tobin's Q	Model 2: ROA	Model 3: Δ institutional ownership
ESG Score	0.014***	0.0024*	0.0061**
Log(Firm Size)	−0.021	0.0003	0.0028
Leverage	−0.113***	−0.034***	−0.0045
ROE	0.305***	0.148***	0.0062*
GDP Growth	0.022**	0.005	0.0099
Inflation	−0.008	−0.0021	−0.0037
Governance Quality	0.063***	0.017**	0.015*
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
R-squared	0.374	0.298	0.241
Observations	900	900	900

Note(s): *Standard errors clustered at the firm level. *p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Table created by authors