Table 11 Analysis of industry... | Emerald Publishing

Table 11

Analysis of industry heterogeneity

Variables	Heavy pollution industry		Nonheavy pollution industries
Variables	GI	p-value	GI	p-value
ESG	0.066^***	0.015	0.126^***	0.013
Age	−0.123^***	0.034	−0.014	0.028
Size	0.557^***	0.017	0.505^***	0.016
Lev	−0.130	0.109	0.499^***	0.093
Growth	0.078^*	0.039	0.066	0.034
RD	0.052^***	0.007	0.018^***	0.003
Indep	1.067^***	0.315	−0.296	0.242
TobinQ	0.074^***	0.014	0.018^**	0.006
Duality	0.062	0.041	−0.065^*	0.033
_cons	−12.922^***	0.453	−10.119^***	0.346
Ind	Yes		Yes
Year	Yes		Yes
r2_a	0.463		0.393
F	0.459		0.386

Variables	Heavy pollution industry		Nonheavy pollution industries
Variables	GI	p-value	GI	p-value
ESG	0.066^***	0.015	0.126^***	0.013
Age	−0.123^***	0.034	−0.014	0.028
Size	0.557^***	0.017	0.505^***	0.016
Lev	−0.130	0.109	0.499^***	0.093
Growth	0.078^*	0.039	0.066	0.034
RD	0.052^***	0.007	0.018^***	0.003
Indep	1.067^***	0.315	−0.296	0.242
TobinQ	0.074^***	0.014	0.018^**	0.006
Duality	0.062	0.041	−0.065^*	0.033
_cons	−12.922^***	0.453	−10.119^***	0.346
Ind	Yes		Yes
Year	Yes		Yes
r2_a	0.463		0.393
F	0.459		0.386

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

Source(s): Developed by the authors