Table 6 The results of endogeneity test... | Emerald Publishing

Table 6

The results of endogeneity test

Variables	(1)		(2)
Variables	GI	p-value	GI	p-value
L2.ESG	0.087^***	0.011
L3.ESG			0.066^***	0.012
Age	−0.058^*	0.025	−0.035	0.029
Size	0.548^***	0.012	0.562^***	0.013
Lev	0.158^*	0.076	0.118	0.082
Growth_w	0.064^*	0.028	0.057	0.031
RD	0.022^***	0.003	0.022^***	0.004
Indep	0.250	0.207	0.232	0.225
TobinQ	0.028^***	0.006	0.023^***	0.007
Duality	−0.006	0.028	−0.014	0.030
_cons	−10.687^***	0.284	−11.200^***	0.309
Ind	Yes		Yes
Year	Yes		Yes
r2	0.416		0.423
r2_a	0.410		0.416
F	70.103		61.104

Variables	(1)		(2)
Variables	GI	p-value	GI	p-value
L2.ESG	0.087^***	0.011
L3.ESG			0.066^***	0.012
Age	−0.058^*	0.025	−0.035	0.029
Size	0.548^***	0.012	0.562^***	0.013
Lev	0.158^*	0.076	0.118	0.082
Growth_w	0.064^*	0.028	0.057	0.031
RD	0.022^***	0.003	0.022^***	0.004
Indep	0.250	0.207	0.232	0.225
TobinQ	0.028^***	0.006	0.023^***	0.007
Duality	−0.006	0.028	−0.014	0.030
_cons	−10.687^***	0.284	−11.200^***	0.309
Ind	Yes		Yes
Year	Yes		Yes
r2	0.416		0.423
r2_a	0.410		0.416
F	70.103		61.104

Note(s): ***, ** and * indicate significant confidence levels at 1, 5 and 10%, respectively

Source(s): Developed by the authors