Lagged ESG scores and market response
| Variable | Model 1: Tobin's Q (t) | Model 2: Δ ownership (t) |
|---|---|---|
| ESG Score (t–1) | 0.011*** | 0.0053** |
| R-squared | 0.367 | 0.233 |
| N | 820 | 820 |
| Variable | Model 1: Tobin's Q (t) | Model 2: Δ ownership (t) |
|---|---|---|
| ESG Score ( | 0.011*** | 0.0053** |
| 0.367 | 0.233 | |
| 820 | 820 |
Note(s): *Standard errors clustered at the firm level. Year and firm fixed effects included
This reinforces the claim that ESG precedes capital market response, consistent with signaling theory's time-ordered causal logic
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