Table 7 The impact of ESG and BGD on FP... | Emerald Publishing

Table 7

The impact of ESG and BGD on FP in cases of Entire period, Voluntary and Mandatory ESG reporting

	Entire period				Voluntary				Mandatory
	(A)		(B)		(A)		(B)		(A)		(B)
	Coef	p-value	Coef	p-value	Coef	p-value	Coef	p-value	Coef.	p-value	Coef.	p-value
BGD	0.042	0.155	−0.002	0.814	0.033*	0.08	−0.005	0.724	0.018	0.331	0.002	0.834
ESG	0.013*	0.052			0.012	0.157	0.005		0.043	0.120
ENV			0.019	0.140				0.693			0.038**	0.003
SOC			0.016	0.341			0.006	0.582			0.035	0.089
GOV			0.001	0.754			0.002	0.620			0.005**	0.009
AGE	0.014	0.561	0.023	0.145	−0.015	0.706	0.009	0.613	0.076	0.260	0.040*	0.074
TLTA	0.134	0.672	−0.040	0.911	1.254	0.224	0.058	0.840	−0.259	0.506	0.838	0.279
LTA	−0.483	0.171	−0.519	0.189	−0.454	0.213	−0.421	0.348	−0.535	0.539	−0.183	0.646
Prob > chi²	0.000		0.000		0.024		0.000		0.000		0.000

	Entire period				Voluntary				Mandatory
	(A)		(B)		(A)		(B)		(A)		(B)
	Coef	p-value	Coef	p-value	Coef	p-value	Coef	p-value	Coef.	p-value	Coef.	p-value
BGD	0.042	0.155	−0.002	0.814	0.033*	0.08	−0.005	0.724	0.018	0.331	0.002	0.834
ESG	0.013*	0.052			0.012	0.157	0.005		0.043	0.120
ENV			0.019	0.140				0.693			0.038**	0.003
SOC			0.016	0.341			0.006	0.582			0.035	0.089
GOV			0.001	0.754			0.002	0.620			0.005**	0.009
AGE	0.014	0.561	0.023	0.145	−0.015	0.706	0.009	0.613	0.076	0.260	0.040*	0.074
TLTA	0.134	0.672	−0.040	0.911	1.254	0.224	0.058	0.840	−0.259	0.506	0.838	0.279
LTA	−0.483	0.171	−0.519	0.189	−0.454	0.213	−0.421	0.348	−0.535	0.539	−0.183	0.646
Prob > chi²	0.000		0.000		0.024		0.000		0.000		0.000

Note(s): **Significant at the 5% level; *Significant at the 10% level;

N (firm-years) = 560

Source(s): The table is developed by the authors