Table 10.

Results of H1 testing

VariableModel with two-year lagged sustainability data
Estimatep-value
ESGD2.6270e-020.0152191*
GRIE2.3052e-010.0007767***
GRIS−1.7079e-010.0264827*
PostMore1.6599e-010.0318757*
PostMixed−7.8965e-020.0642997
GRI7.7073e-020.0494653*
Note(s):

***p < 0.001;

**p < 0.01;

*p < 0.05; p < 0.1

Source(s): Created by authors

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