Moderation models: ESG × governance quality
| Variable | Model 1: Tobin's Q | Model 2: ROA | Model 3: Δ institutional ownership |
|---|---|---|---|
| ESG score | 0.006* | 0.0012 | 0.0028 |
| Governance quality | 0.041*** | 0.009** | 0.016** |
| ESG × governance quality | 0.011*** | 0.0021** | 0.0092** |
| Controls (as before) | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | Yes |
| Observations | 900 | 900 | 900 |
| R-squared | 0.397 | 0.312 | 0.267 |
| Variable | Model 1: Tobin's Q | Model 2: ROA | Model 3: Δ institutional ownership |
|---|---|---|---|
| ESG score | 0.006* | 0.0012 | 0.0028 |
| Governance quality | 0.041*** | 0.009** | 0.016** |
| ESG × governance quality | 0.011*** | 0.0021** | 0.0092** |
| Controls (as before) | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | Yes |
| Observations | 900 | 900 | 900 |
| 0.397 | 0.312 | 0.267 |
Note(s): *Standard errors clustered by firm. *p < 0.10, **p < 0.05, ***p < 0.01
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