Fixed and random effects’ regression results
| Variables | Fixed effect | Random effect | ||||
|---|---|---|---|---|---|---|
| M 1 SRI | M2 ENV | M 3 SOC | M 4 SRI | M 5 ENV | M 6 SOC | |
| BODSZ | 0.2008 (0.6892) | 0.3201 (0.9352) | 0.0816 (0.1696) | 0.2282 (0.9221) | 0.3699 (1.2197) | 0.0829 (0.1999) |
| BODIND | 13.2999 (1.2528) | 5.7593 (1.2778) | 20.8405 (1.2079) | 11.2634 (1.2131) | 5.6398 (1.3732) | 17.4755 (1.1360) |
| BOGD | −8.1050 (−0.8795) | −1.3220 (−0.3004) | −14.8881 (−1.0377) | −8.0508 (−1.0608) | −0.6199 (−0.1647) | −15.4546 (−1.2663) |
| BODM | 0.0570 (0.6211) | 0.1111* (1.7547) | 0.0029 (0.0184) | 0.0717 (0.8700) | 0.0971* (1.6742) | 0.0415 (0.2712) |
| Control | ||||||
| ROA | 1.0764*** (4.5935) | 0.4879*** (3.1062) | 1.6650*** (4.8796) | 0.9675*** (4.7426) | 0.3975** (2.4322) | 1.5537*** (5.5071) |
| LEV | 0.0911 (0.1340) | 0.0837 (0.1830) | 0.0985 (0.0850) | 0.2409 (0.4195) | 0.2059 (0.4634) | 0.2626 (0.2485) |
| SIZE | 2.9739** (2.0322) | 1.0833* (1.7140) | 4.8646** (2.0248) | 3.9108*** (3.6438) | 1.8114*** (2.9393) | 5.8751*** (3.3078) |
| AGE | −0.0622 (−1.0455) | 0.0734 (1.0240) | −0.1978*** (−3.6434) | −0.0076 (−0.1861) | 0.0152 (0.4542) | −0.0311 (−0.4705) |
| _cons | 4.0009 (0.3725) | −3.4230 (−0.4956) | 11.4249 (0.6735) | −3.4699 (−0.3937) | −5.9064 (−1.0208) | −0.6216 (−0.0436) |
| N | 698 | 698 | 698 | 698 | 698 | 698 |
| R-sq | 0.1868 | 0.0999 | 0.1857 | 0.1909 | 0.1249 | 0.1843 |
| F-test | 10.19*** | 4.12*** | 17.73*** | |||
| Wald chi2 | 207.61*** | 85.92*** | 282.92*** | |||
| Variables | Fixed effect | Random effect | ||||
|---|---|---|---|---|---|---|
| M 1 | M2 | M 3 | M 4 | M 5 | M 6 | |
| 0.2008 (0.6892) | 0.3201 (0.9352) | 0.0816 (0.1696) | 0.2282 (0.9221) | 0.3699 (1.2197) | 0.0829 (0.1999) | |
| 13.2999 (1.2528) | 5.7593 (1.2778) | 20.8405 (1.2079) | 11.2634 (1.2131) | 5.6398 (1.3732) | 17.4755 (1.1360) | |
| −8.1050 (−0.8795) | −1.3220 (−0.3004) | −14.8881 (−1.0377) | −8.0508 (−1.0608) | −0.6199 (−0.1647) | −15.4546 (−1.2663) | |
| 0.0570 (0.6211) | 0.1111 | 0.0029 (0.0184) | 0.0717 (0.8700) | 0.0971 | 0.0415 (0.2712) | |
| 1.0764 | 0.4879 | 1.6650 | 0.9675 | 0.3975 | 1.5537 | |
| 0.0911 (0.1340) | 0.0837 (0.1830) | 0.0985 (0.0850) | 0.2409 (0.4195) | 0.2059 (0.4634) | 0.2626 (0.2485) | |
| 2.9739 | 1.0833 | 4.8646 | 3.9108 | 1.8114 | 5.8751 | |
| −0.0622 (−1.0455) | 0.0734 (1.0240) | −0.1978 | −0.0076 (−0.1861) | 0.0152 (0.4542) | −0.0311 (−0.4705) | |
| _cons | 4.0009 (0.3725) | −3.4230 (−0.4956) | 11.4249 (0.6735) | −3.4699 (−0.3937) | −5.9064 (−1.0208) | −0.6216 (−0.0436) |
| 698 | 698 | 698 | 698 | 698 | 698 | |
| 0.1868 | 0.0999 | 0.1857 | 0.1909 | 0.1249 | 0.1843 | |
| 10.19 | 4.12 | 17.73 | ||||
| 207.61 | 85.92 | 282.92 | ||||
***p < 0.01; **p < 0.05 and *p < 0.1. Robust t/z-statistics in parentheses
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