Alternative dependent variable using FE panel regression
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdTobinq | StdTobinq | StdTobinq | StdTobinq |
| ESGs | −0.0013*** (−8.645) | |||
| ENPs | −0.0011*** (−10.499) | |||
| SOPs | −0.00089*** (−7.177) | |||
| GOPs | −0.00032*** (−2.941) | |||
| Bsize | 0.0016* (1.759) | 0.0018** (1.995) | 0.0019** (2.091) | 0.0019** (2.063) |
| Bgdiversity | −0.0013*** (−6.451) | −0.0013*** (−7.033) | −0.0014*** (−7.337) | −0.0017*** (−9.002) |
| Bindependence | −0.00029* (−1.905) | −0.00037** (−2.416) | −0.00036** (−2.325) | −0.00029* (−1.872) |
| CEOpow | −0.00035 (−0.069) | 0.0016 (0.320) | 0.0022 (0.450) | 0.0018 (0.366) |
| Fsize | −0.086*** (−20.854) | −0.084*** (−20.572) | −0.088*** (−21.602) | −0.094*** (−23.428) |
| ROA | 0.39*** (18.776) | 0.39*** (18.695) | 0.39*** (18.897) | 0.40*** (19.210) |
| Leverage | 0.030* (1.667) | 0.030 (1.638) | 0.028 (1.547) | 0.028 (1.514) |
| Currentr | 0.0039** (2.509) | 0.0039** (2.520) | 0.0039** (2.546) | 0.0039** (2.508) |
| RDintensity | 0.096*** (7.572) | 0.095*** (7.533) | 0.096*** (7.562) | 0.096*** (7.599) |
| FFP | −0.00029 (−1.628) | −0.00033* (−1.873) | −0.00030* (−1.691) | −0.00028 (−1.604) |
| Constant | 2.28*** (25.179) | 2.24*** (24.648) | 2.32*** (25.733) | 2.42*** (27.199) |
| Firm-year effects | Yes | Yes | Yes | Yes |
| N | 49,305 | 49,305 | 49,305 | 49,305 |
| R2 | 0.031 | 0.032 | 0.031 | 0.030 |
| F-stat. | 124.955*** | 128.280*** | 122.778*** | 118.763*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdTobinq | StdTobinq | StdTobinq | StdTobinq |
| ESGs | −0.0013 | |||
| ENPs | −0.0011 | |||
| SOPs | −0.00089 | |||
| GOPs | −0.00032 | |||
| Bsize | 0.0016 | 0.0018 | 0.0019 | 0.0019 |
| Bgdiversity | −0.0013 | −0.0013 | −0.0014 | −0.0017 |
| Bindependence | −0.00029 | −0.00037 | −0.00036 | −0.00029 |
| CEOpow | −0.00035 (−0.069) | 0.0016 (0.320) | 0.0022 (0.450) | 0.0018 (0.366) |
| Fsize | −0.086 | −0.084 | −0.088 | −0.094 |
| ROA | 0.39 | 0.39 | 0.39 | 0.40 |
| Leverage | 0.030 | 0.030 (1.638) | 0.028 (1.547) | 0.028 (1.514) |
| Currentr | 0.0039 | 0.0039 | 0.0039 | 0.0039 |
| RDintensity | 0.096 | 0.095 | 0.096 | 0.096 |
| FFP | −0.00029 (−1.628) | −0.00033 | −0.00030 | −0.00028 (−1.604) |
| Constant | 2.28 | 2.24 | 2.32 | 2.42 |
| Firm-year effects | Yes | Yes | Yes | Yes |
| 49,305 | 49,305 | 49,305 | 49,305 | |
| 0.031 | 0.032 | 0.031 | 0.030 | |
| F-stat. | 124.955 | 128.280 | 122.778 | 118.763 |
Note(s): t-Statistics in parentheses. * p < 0.10, ** p < 0.05, ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.