Robustness with lagged variable
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| Sales_growth | Profitability | Sales_growth | Profitability | Sales_growth | Sales_growth | Profitability | Profitability | |
| L_UNGC | 0.020 (0.202) | −0.002 (0.474) | −0.051 (0.741) | 0.003 (0.576) | −0.039 (0.165) | −0.006 (0.389) | ||
| L_OHSAS18001 | 0.033 (0.017) | 0.025 (0.000) | 0.018 (0.026) | 0.038 (0.000) | 0.007 (0.709) | 0.004 (0.369) | 0.028 (0.000) | 0.012 (0.000) |
| L_KYOTO | 0.017 (0.249) | 0.000 (0.796) | 0.008 (0.459) | 0.032 (0.095) | 0.053 (0.143) | −0.004 (0.597) | ||
| L_UNGC_ OHSAS18001 | 0.060 (0.049) | 0.015 (0.009) | 0.016 (0.548) | 0.007 (0.379) | ||||
| L_UNGC_ KYOTO | 0.016 (0.011) | −0.048 (0.122) | ||||||
| L_OHSAS18001_ KYOTO | 0.006 (0.116) | 0.034 (0.044) | 0.035 (0.086) | 0.004 (0.040) | ||||
| L_UNGC_ OHSAS18001_ KYOTO | 0.161 (0.132) | 0.018 (0.014) | 0.026 (0.444) | 0.012 (0.067) | ||||
| L_EQI_UNGC | −0.053 (0.207) | −0.003 (0.646) | ||||||
| L_EQI_KYOTO | 0.077 (0.063) | –0.007 (0.469) | ||||||
| L_EQI_OHSAS18001 | 0.005 (0.840) | 0.004 (0.585) | 0.004 (0.625) | 0.013 (0.155) | ||||
| L_EQI_UNGC_ OHSAS18001 | 0.003 (0.812) | −0.019 (0.282) | ||||||
| L_EQI_ OHSAS18001_ KYOTO | 0.046 (0.088) | −0.029 (0.214) | ||||||
| L_EQI_UNGC_ OHSAS18001_ KYOTO | 0.005 (0.739) | −0.005 (0.419) | ||||||
| Controls | Included | Included | Included | Included | Included | Included | Included | Included |
| Intercept | 0.084 (0.000) | −0.056 (0.008) | −0.082 (0.351) | 0.028 (0.547) | −0.069 (0.460) | 0.109 (0.194) | −0.050 (0.027) | −0.061 (0.007) |
| Year fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Industry fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Adj. R2 | 0.334 | 0.357 | 0.152 | 0.176 | 0.107 | 0.108 | 0.258 | 0.210 |
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| Sales_growth | Profitability | Sales_growth | Profitability | Sales_growth | Sales_growth | Profitability | Profitability | |
| L_UNGC | 0.020 (0.202) | −0.002 (0.474) | −0.051 (0.741) | 0.003 (0.576) | −0.039 (0.165) | −0.006 (0.389) | ||
| L_OHSAS18001 | 0.007 (0.709) | 0.004 (0.369) | ||||||
| L_KYOTO | 0.017 (0.249) | 0.000 (0.796) | 0.008 (0.459) | 0.053 (0.143) | −0.004 (0.597) | |||
| L_UNGC_ OHSAS18001 | 0.016 (0.548) | 0.007 (0.379) | ||||||
| L_UNGC_ KYOTO | −0.048 (0.122) | |||||||
| L_OHSAS18001_ KYOTO | 0.006 (0.116) | |||||||
| L_UNGC_ OHSAS18001_ KYOTO | 0.161 (0.132) | 0.026 (0.444) | ||||||
| L_EQI_UNGC | −0.053 (0.207) | −0.003 (0.646) | ||||||
| L_EQI_KYOTO | –0.007 (0.469) | |||||||
| L_EQI_OHSAS18001 | 0.005 (0.840) | 0.004 (0.585) | 0.004 (0.625) | 0.013 (0.155) | ||||
| L_EQI_UNGC_ OHSAS18001 | 0.003 (0.812) | −0.019 (0.282) | ||||||
| L_EQI_ OHSAS18001_ KYOTO | −0.029 (0.214) | |||||||
| L_EQI_UNGC_ OHSAS18001_ KYOTO | 0.005 (0.739) | −0.005 (0.419) | ||||||
| Controls | Included | Included | Included | Included | Included | Included | Included | Included |
| Intercept | 0.084 (0.000) | −0.056 (0.008) | −0.082 (0.351) | 0.028 (0.547) | −0.069 (0.460) | 0.109 (0.194) | −0.050 (0.027) | −0.061 (0.007) |
| Year fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Industry fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Adj. | 0.334 | 0.357 | 0.152 | 0.176 | 0.107 | 0.108 | 0.258 | 0.210 |
Note(s): p-Values are two-tailed and robust to heteroscedasticity; L_variable are lagged by one year
Source(s): Authors’ own work
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