Moderating role of CEO power
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs | 0.000044*** (5.754) | |||
| CEOpow | 0.00018 (0.333) | 0.00067* (1.895) | 0.0012** (2.474) | −0.00031 (−0.574) |
| ESGs*CEOpow | 0.000028** (2.473) | |||
| ENPs | 0.000048*** (8.964) | |||
| ENPs*CEOpow | 0.000020** (2.567) | |||
| SOPs | 0.000041*** (6.307) | |||
| SOPs*CEOpow | 0.00000095 (0.098) | |||
| GOPs | 0.0000080 (1.209) | |||
| GOPs*CEOpow | 0.000033*** (3.272) | |||
| Bsize | −0.00021*** (−5.624) | −0.00024*** (−6.454) | −0.00021*** (−5.560) | −0.00018*** (−4.857) |
| Bgdiversity | −0.00014*** (−14.538) | −0.00014*** (−14.810) | −0.00014*** (−14.306) | −0.00013*** (−13.288) |
| Bindependence | 0.000083*** (14.989) | 0.000091*** (16.413) | 0.000081*** (14.430) | 0.000085*** (15.290) |
| Fsize | −0.0042*** (−51.183) | −0.0042*** (−53.120) | −0.0041*** (−51.579) | −0.0040*** (−50.900) |
| ROA | −0.024*** (−21.254) | −0.024*** (−21.497) | −0.024*** (−21.060) | −0.023*** (−20.763) |
| Leverage | −0.0031*** (−4.953) | −0.0034*** (−5.371) | −0.0032*** (−5.122) | −0.0030*** (−4.881) |
| Currentr | 0.0017*** (24.584) | 0.0017*** (24.591) | 0.0017*** (24.446) | 0.0017*** (24.427) |
| RDintensity | 0.0017*** (3.232) | 0.0018*** (3.425) | 0.0016*** (3.116) | 0.0019*** (3.658) |
| FFP | −0.0000067 (−1.445) | −0.0000035 (−0.756) | −0.0000055 (−1.184) | −0.0000060 (−1.278) |
| Constant | 0.11*** (62.386) | 0.11*** (64.030) | 0.11*** (62.190) | 0.11*** (62.588) |
| N | 49,305 | 49,305 | 49,305 | 49,305 |
| R2 | 0.137 | 0.139 | 0.137 | 0.136 |
| F-stat. | 651.708*** | 660.717*** | 649.704*** | 646.616*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs | 0.000044 | |||
| CEOpow | 0.00018 (0.333) | 0.00067 | 0.0012 | −0.00031 (−0.574) |
| ESGs*CEOpow | 0.000028 | |||
| ENPs | 0.000048 | |||
| ENPs*CEOpow | 0.000020 | |||
| SOPs | 0.000041 | |||
| SOPs*CEOpow | 0.00000095 (0.098) | |||
| GOPs | 0.0000080 (1.209) | |||
| GOPs*CEOpow | 0.000033 | |||
| Bsize | −0.00021 | −0.00024 | −0.00021 | −0.00018 |
| Bgdiversity | −0.00014 | −0.00014 | −0.00014 | −0.00013 |
| Bindependence | 0.000083 | 0.000091 | 0.000081 | 0.000085 |
| Fsize | −0.0042 | −0.0042 | −0.0041 | −0.0040 |
| ROA | −0.024 | −0.024 | −0.024 | −0.023 |
| Leverage | −0.0031 | −0.0034 | −0.0032 | −0.0030 |
| Currentr | 0.0017 | 0.0017 | 0.0017 | 0.0017 |
| RDintensity | 0.0017 | 0.0018 | 0.0016 | 0.0019 |
| FFP | −0.0000067 (−1.445) | −0.0000035 (−0.756) | −0.0000055 (−1.184) | −0.0000060 (−1.278) |
| Constant | 0.11 | 0.11 | 0.11 | 0.11 |
| 49,305 | 49,305 | 49,305 | 49,305 | |
| 0.137 | 0.139 | 0.137 | 0.136 | |
| F-stat. | 651.708 | 660.717 | 649.704 | 646.616 |
Note(s): t-Statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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