Table 10. Result of industry... | Emerald Publishing

Table 10.

Result of industry heterogeneity

	Polluting enterprises（PEs）				Nonpolluting enterprises (NPEs)
Variables	ROE	NPM	TAT	EM	ROE	NPM	TAT	EM
ESG	−0.0002	0.0053*	−0.0073	−0.0172	0.0083***	0.0132***	−0.0080*	−0.0516***
	(−0.065)	(1.685)	(−1.041)	(−1.361)	(4.332)	(4.818)	(−1.812)	(−3.959)
Controls	YES	YES	YES	YES	YES	YES	YES	YES
Time effects	YES	YES	YES	YES	YES	YES	YES	YES
Fixed effects	YES	YES	YES	YES	YES	YES	YES	YES
Sample size	4,020	4,020	4,020	4,020	8,990	8,990	8,990	8,990
Adj. R²	0.305	0.448	0.790	0.772	0.345	0.429	0.843	0.821

	Polluting enterprises（PEs）				Nonpolluting enterprises (NPEs)
Variables	ROE	NPM	TAT	EM	ROE	NPM	TAT	EM
ESG	−0.0002	0.0053*	−0.0073	−0.0172	0.0083***	0.0132***	−0.0080*	−0.0516***
	(−0.065)	(1.685)	(−1.041)	(−1.361)	(4.332)	(4.818)	(−1.812)	(−3.959)
Controls	YES	YES	YES	YES	YES	YES	YES	YES
Time effects	YES	YES	YES	YES	YES	YES	YES	YES
Fixed effects	YES	YES	YES	YES	YES	YES	YES	YES
Sample size	4,020	4,020	4,020	4,020	8,990	8,990	8,990	8,990
Adj. R²	0.305	0.448	0.790	0.772	0.345	0.429	0.843	0.821

Notes: The values in parentheses are standard errors. *Significant at the level of 10%; **Significant at the level of 5%; ***Significant at the level of 1%

Source: Authors’ own work