GMM-based dynamic panel regression
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| StdROA(t − 1) | 0.70*** (84.062) | 0.70*** (84.678) | 0.70*** (83.694) | 0.70*** (86.648) |
| ESGs | −0.000045*** (−2.918) | |||
| ENPs | −0.000037*** (−3.416) | |||
| SOPs | −0.000034*** (−2.690) | |||
| GOPs | −0.0000066 (−0.647) | |||
| Bsize | 0.00011 (1.239) | 0.00012 (1.337) | 0.00012 (1.350) | 0.00012 (1.372) |
| Bgdiversity | −0.000092*** (−4.631) | −0.000095*** (−4.891) | −0.000096*** (−4.888) | −0.00011*** (−5.547) |
| Bindependence | 0.000023 (1.629) | 0.000021 (1.468) | 0.000021 (1.457) | 0.000022 (1.542) |
| CEOpow | −0.00039 (−0.773) | −0.00030 (−0.606) | −0.00030 (−0.593) | −0.00030 (−0.602) |
| Fsize | −0.00050 (−1.037) | −0.00044 (−0.917) | −0.00055 (−1.154) | −0.00079* (−1.673) |
| ROA | −0.035*** (−20.303) | −0.036*** (−20.341) | −0.035*** (−20.266) | −0.035*** (−20.131) |
| Leverage | 0.012*** (6.373) | 0.012*** (6.369) | 0.012*** (6.369) | 0.012*** (6.294) |
| Currentr | 0.00067*** (4.695) | 0.00067*** (4.685) | 0.00067*** (4.688) | 0.00067*** (4.667) |
| RDintensity | −0.0062*** (−5.172) | −0.0062*** (−5.184) | −0.0062*** (−5.163) | −0.0062*** (−5.176) |
| FFP | 0.000010 (0.556) | 0.0000097 (0.526) | 0.000010 (0.544) | 0.000010 (0.563) |
| Constant | 0.015 (1.430) | 0.014 (1.254) | 0.016 (1.510) | 0.020* (1.906) |
| N | 38,076 | 38,076 | 38,076 | 38,076 |
| χ2-stat. | 9,840.707*** | 9,843.754*** | 9,839.533*** | 9,776.131*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | StdROA | StdROA | StdROA | StdROA |
| StdROA( | 0.70 | 0.70 | 0.70 | 0.70 |
| ESGs | −0.000045 | |||
| ENPs | −0.000037 | |||
| SOPs | −0.000034 | |||
| GOPs | −0.0000066 (−0.647) | |||
| Bsize | 0.00011 (1.239) | 0.00012 (1.337) | 0.00012 (1.350) | 0.00012 (1.372) |
| Bgdiversity | −0.000092 | −0.000095 | −0.000096 | −0.00011 |
| Bindependence | 0.000023 (1.629) | 0.000021 (1.468) | 0.000021 (1.457) | 0.000022 (1.542) |
| CEOpow | −0.00039 (−0.773) | −0.00030 (−0.606) | −0.00030 (−0.593) | −0.00030 (−0.602) |
| Fsize | −0.00050 (−1.037) | −0.00044 (−0.917) | −0.00055 (−1.154) | −0.00079 |
| ROA | −0.035 | −0.036 | −0.035 | −0.035 |
| Leverage | 0.012 | 0.012 | 0.012 | 0.012 |
| Currentr | 0.00067 | 0.00067 | 0.00067 | 0.00067 |
| RDintensity | −0.0062 | −0.0062 | −0.0062 | −0.0062 |
| FFP | 0.000010 (0.556) | 0.0000097 (0.526) | 0.000010 (0.544) | 0.000010 (0.563) |
| Constant | 0.015 (1.430) | 0.014 (1.254) | 0.016 (1.510) | 0.020 |
| 38,076 | 38,076 | 38,076 | 38,076 | |
| χ2-stat. | 9,840.707 | 9,843.754 | 9,839.533 | 9,776.131 |
Note(s): t-Statistics in parentheses. * p < 0.10, ** p < 0.05, *** p < 0.01
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