Regression results by ESG subcomponent
| Variable | Model 1: Tobin's Q | Model 2: ROA | Model 3: Δ institutional ownership |
|---|---|---|---|
| E Score | 0.021*** | 0.0033* | 0.0084** |
| S Score | 0.009 | 0.0011 | 0.0026 |
| G Score | 0.005 | 0.0009 | 0.0014 |
| Controls | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes |
| Observations | 900 | 900 | 900 |
| R-squared | 0.386 | 0.309 | 0.252 |
| Variable | Model 1: Tobin's Q | Model 2: ROA | Model 3: Δ institutional ownership |
|---|---|---|---|
| E Score | 0.021*** | 0.0033* | 0.0084** |
| S Score | 0.009 | 0.0011 | 0.0026 |
| G Score | 0.005 | 0.0009 | 0.0014 |
| Controls | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes |
| Observations | 900 | 900 | 900 |
| 0.386 | 0.309 | 0.252 |
Note(s): *Standard errors clustered at the firm level. *p < 0.10, **p < 0.05, ***p < 0.01
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