System GMM regression results
| Variables | M1 | M2 | M3 |
|---|---|---|---|
| SRI | ENV | SOC | |
| Dependent variables | |||
| L.SRI | 0.3685*** (2.8541) | ||
| L.ENV | 0.4006*** (4.2479) | ||
| L.SOC | 0.3871** (2.3022) | ||
| Independent variables | |||
| BODSZ | 0.1206 (0.6153) | 0.2292 (1.4286) | 0.7592 (1.1241) |
| BODIND | 4.4263 (0.8169) | 2.8498 (0.7494) | 5.8883 (0.5333) |
| BOGD | −2.5622 (−0.6716) | −0.1668 (−0.0901) | −13.2576 (−1.1208) |
| BODM | 0.0826 (0.7090) | 0.0151 (0.2156) | 0.5755 (1.6079) |
| Control variables | |||
| ROA | 0.9325*** (3.5219) | 0.4439* (1.9116) | 2.6370 (0.6640) |
| LEV | 1.4806 (0.9241) | 0.0776 (0.2088) | 2.8903 (0.8838) |
| SOESIZE | 2.4710** (2.2967) | 1.1192** (2.3876) | 9.7386** (2.0304) |
| AGE | −0.0186 (−0.5813) | −0.0066 (−0.2582) | −0.4213 (−1.4692) |
| _cons | −1.7668 (−0.2212) | −2.5302 (−0.4790) | −26.3407 (−1.1031) |
| N | 613 | 613 | 613 |
| Year effects | YES | YES | YES |
| Arellano–Bond (AR1) | −2.70 (p = 0.007) | −2.95 (p = 0.003) | −2.69 (p = 0.007) |
| Arellano–Bond (AR2) | −0.90 (p = 0.368) | −1.64 (p = 0.101) | −1.40 (p = 0.162) |
| Sargan | 117.54 (p = 0.000) | 164.59 (p = 0.000) | 99.83 (p = 0.000) |
| Hansen | 59.94 (p = 0.239) | 57. 50 (p = 0.312) | 50.09 (p = 0.430) |
| Variables | M1 | M2 | M3 |
|---|---|---|---|
| L.SRI | |||
| L.ENV | |||
| L.SOC | |||
| 0.1206 (0.6153) | 0.2292 (1.4286) | 0.7592 (1.1241) | |
| 4.4263 (0.8169) | 2.8498 (0.7494) | 5.8883 (0.5333) | |
| −2.5622 (−0.6716) | −0.1668 (−0.0901) | −13.2576 (−1.1208) | |
| 0.0826 (0.7090) | 0.0151 (0.2156) | 0.5755 (1.6079) | |
| 1.4806 (0.9241) | 0.0776 (0.2088) | 2.8903 (0.8838) | |
| SOESIZE | |||
| _cons | −1.7668 (−0.2212) | −2.5302 (−0.4790) | −26.3407 (−1.1031) |
| 613 | 613 | 613 | |
| Year effects | |||
| Arellano–Bond (AR1) | −2.70 ( | −2.95 ( | −2.69 ( |
| Arellano–Bond (AR2) | −0.90 ( | −1.64 ( | −1.40 ( |
| Sargan | 117.54 ( | 164.59 ( | 99.83 ( |
| Hansen | 59.94 ( | 57. 50 ( | 50.09 ( |
***p < 0.01; **p < 0.05 and *p < 0.1. L. SRI, L. ENV and L. SOC represent the lagged values of the dependent variables. t-statistics in parentheses
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