Alternative independent variables using FE panel regression
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs-ind | −0.000049*** (−4.933) | |||
| ENPs-ind | −0.000034*** (−5.024) | |||
| SOPs-ind | −0.000037*** (−4.485) | |||
| GOPs-ind | −0.000011* (−1.740) | |||
| Bsize | 0.000073 (1.260) | 0.000081 (1.418) | 0.000084 (1.466) | 0.000082 (1.424) |
| Bgdiversity | −0.00014*** (−11.308) | −0.00014*** (−11.867) | −0.00014*** (−12.019) | −0.00015*** (−12.708) |
| Bindependence | −0.000015 (−1.497) | −0.000017* (−1.768) | −0.000017* (−1.753) | −0.000015 (−1.519) |
| CEOpow | 0.0013*** (4.022) | 0.0013*** (4.258) | 0.0014*** (4.366) | 0.0013*** (4.228) |
| Fsize | −0.0032*** (−12.417) | −0.0032*** (−12.507) | −0.0033*** (−12.796) | −0.0035*** (−13.678) |
| ROA | −0.033*** (−25.270) | −0.033*** (−25.225) | −0.033*** (−25.237) | −0.033*** (−25.122) |
| Leverage | 0.0075*** (6.481) | 0.0075*** (6.476) | 0.0074*** (6.380) | 0.0074*** (6.406) |
| Currentr | 0.00050*** (5.131) | 0.00050*** (5.114) | 0.00051*** (5.183) | 0.00051*** (5.161) |
| RDintensity | −0.0022*** (−2.762) | −0.0022*** (−2.797) | −0.0022*** (−2.754) | −0.0022*** (−2.731) |
| FFP | −0.0000012 (−0.110) | −0.0000025 (−0.224) | −0.0000017 (−0.152) | −0.0000013 (−0.117) |
| Constant | 0.094*** (16.293) | 0.095*** (16.496) | 0.096*** (16.752) | 0.10*** (17.618) |
| Firm-year effects | Yes | Yes | Yes | Yes |
| N | 49,305 | 49,305 | 49,305 | 49,305 |
| R2 | 0.028 | 0.028 | 0.028 | 0.028 |
| F-stat. | 112.457*** | 112.541*** | 112.062*** | 110.403*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| ESGs-ind | −0.000049 | |||
| ENPs-ind | −0.000034 | |||
| SOPs-ind | −0.000037 | |||
| GOPs-ind | −0.000011 | |||
| Bsize | 0.000073 (1.260) | 0.000081 (1.418) | 0.000084 (1.466) | 0.000082 (1.424) |
| Bgdiversity | −0.00014 | −0.00014 | −0.00014 | −0.00015 |
| Bindependence | −0.000015 (−1.497) | −0.000017 | −0.000017 | −0.000015 (−1.519) |
| CEOpow | 0.0013 | 0.0013 | 0.0014 | 0.0013 |
| Fsize | −0.0032 | −0.0032 | −0.0033 | −0.0035 |
| ROA | −0.033 | −0.033 | −0.033 | −0.033 |
| Leverage | 0.0075 | 0.0075 | 0.0074 | 0.0074 |
| Currentr | 0.00050 | 0.00050 | 0.00051 | 0.00051 |
| RDintensity | −0.0022 | −0.0022 | −0.0022 | −0.0022 |
| FFP | −0.0000012 (−0.110) | −0.0000025 (−0.224) | −0.0000017 (−0.152) | −0.0000013 (−0.117) |
| Constant | 0.094 | 0.095 | 0.096 | 0.10 |
| Firm-year effects | Yes | Yes | Yes | Yes |
| 49,305 | 49,305 | 49,305 | 49,305 | |
| 0.028 | 0.028 | 0.028 | 0.028 | |
| F-stat. | 112.457 | 112.541 | 112.062 | 110.403 |
Note(s): t-Statistics in parentheses. *p < 0.10, ***p < 0.01
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