Regression with bootstrapping
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| Sales_growth | Profitability | Sales_growth | Profitability | Sales_growth | Sales_growth | Profitability | Profitability | |
| UNGC | 0.105 (0.459) | −0.006 (0.231) | −0.004 (0.839) | 0.006 (0.571) | −0.035 (0.189) | −0.008 (0.227) | ||
| OHSAS18001 | 0.030 (0.014) | 0.025 (0.000) | 0.028 (0.037) | 0.033 (0.000) | −0.000 (0.982) | 0.021 (0.280) | 0.022 (0.000) | 0.031 (0.000) |
| KYOTO | 0.018 (0.210) | −0.000 (0.732) | 0.002 (0.886) | 0.027 (0.199) | 0.039 (0.267) | −0.006 (0.435) | ||
| UNGC_ OHSAS18001 | 0.029 (0.087) | 0.055 (0.000) | 0.023 (0.526) | 0.008 (0.359) | ||||
| UNGC_ KYOTO | 0.046 (0.613) | −0.067 (0.178) | ||||||
| OHSAS18001_ KYOTO | 0.005 (0.801) | 0.029 (0.002) | 0.069 (0.091) | 0.006 (0.062) | ||||
| UNGC_ OHSAS18001_ KYOTO | 0.035 (0.181) | 0.016 (0.086) | 0.026 (0.519) | 0.010 (0.058) | ||||
| EQI_UNGC | −0.053 (0.207) | −0.004 (0.591) | ||||||
| EQI_KYOTO | 0.052 (0.077) | 0.005 (0.149) | ||||||
| EQI_OHSAS18001 | −0.005 (0.839) | 0.020 (0.487) | 0.002 (0.621) | 0.014 (0.110) | ||||
| EQI_UNGC_ OHSAS18001 | 0.015 (0.743) | −0.017 (0.260) | ||||||
| EQI_ OHSAS18001_ KYOTO | 0.089 (0.081) | −0.022 (0.154) | ||||||
| EQI_UNGC_ OHSAS18001_ KYOTO | 0.012 (0.742) | −0.005 (0.518) | ||||||
| Controls | Included | Included | Included | Included | Included | Included | Included | Included |
| Intercept | 0.409 (0.000) | −0.056 (0.000) | 0.031 (0.676) | 0.038 (0.535) | 0.100 (0.393) | 0.046 (0.453) | −0.071 (0.000) | −0.085 (0.000) |
| Year fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Industry fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Adj. R2 | 0.344 | 0.422 | 0.129 | 0.164 | 0.107 | 0.112 | 0.199 | 0.213 |
| (1) | (2) | (3) | ||||||
|---|---|---|---|---|---|---|---|---|
| Sales_growth | Profitability | Sales_growth | Profitability | Sales_growth | Sales_growth | Profitability | Profitability | |
| UNGC | 0.105 (0.459) | −0.006 (0.231) | −0.004 (0.839) | 0.006 (0.571) | −0.035 (0.189) | −0.008 (0.227) | ||
| OHSAS18001 | −0.000 (0.982) | 0.021 (0.280) | ||||||
| KYOTO | 0.018 (0.210) | −0.000 (0.732) | 0.002 (0.886) | 0.027 (0.199) | 0.039 (0.267) | −0.006 (0.435) | ||
| UNGC_ OHSAS18001 | 0.023 (0.526) | 0.008 (0.359) | ||||||
| UNGC_ KYOTO | 0.046 (0.613) | −0.067 (0.178) | ||||||
| OHSAS18001_ KYOTO | 0.005 (0.801) | |||||||
| UNGC_ OHSAS18001_ KYOTO | 0.035 (0.181) | 0.026 (0.519) | ||||||
| EQI_UNGC | −0.053 (0.207) | −0.004 (0.591) | ||||||
| EQI_KYOTO | 0.005 (0.149) | |||||||
| EQI_OHSAS18001 | −0.005 (0.839) | 0.020 (0.487) | 0.002 (0.621) | 0.014 (0.110) | ||||
| EQI_UNGC_ OHSAS18001 | 0.015 (0.743) | −0.017 (0.260) | ||||||
| EQI_ OHSAS18001_ KYOTO | 0.089 (0.081) | −0.022 (0.154) | ||||||
| EQI_UNGC_ OHSAS18001_ KYOTO | 0.012 (0.742) | −0.005 (0.518) | ||||||
| Controls | Included | Included | Included | Included | Included | Included | Included | Included |
| Intercept | 0.409 (0.000) | −0.056 (0.000) | 0.031 (0.676) | 0.038 (0.535) | 0.100 (0.393) | 0.046 (0.453) | −0.071 (0.000) | −0.085 (0.000) |
| Year fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Industry fixed effects | Included | Included | Included | Included | included | included | included | Included |
| Adj. | 0.344 | 0.422 | 0.129 | 0.164 | 0.107 | 0.112 | 0.199 | 0.213 |
Note(s): p-values are two-tailed and robust to heteroscedasticity
Source(s): Authors’ own work
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