Table 11. Results of H2 testing Variable... | Emerald Publishing

Table 11.

Results of H2 testing

Variable	Basic FE model		Model with one-year laggedsustainability data		Model with two-year laggedsustainability data
Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value
ESGD	3.9327e-02	0.000160***	3.6223e-02	0.001043**	2.6270e-02	0.0152191*
BoardMeetings	−4.2280e-02	0.014476*	−3.6985e-02	0.045621*	−2.7711e-02	0.1003272
GRIE	−6.2242e-03	0.906232	6.8871e-02	0.232558	2.3052e-01	0.0007767***
GRIS	−6.9192e-03	0.914141	−6.8043e-02	0.332279	−1.7079e-01	0.0264827*
PostMore	1.9252e-02	0.797550	5.3280e-02	0.494759	1.6599e-01	0.0318757*
PostMixed	−2.7852e-02	0.497384	−4.7318e-02	0.266734	−7.8965e-02	0.0642997
GRI	−1.6716e-02	0.555554	2.6416e-02	0.447930	7.7073e-02	0.0494653 *

Variable	Basic FE model		Model with one-year laggedsustainability data		Model with two-year laggedsustainability data
Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value
ESGD	3.9327e-02	0.000160***	3.6223e-02	0.001043**	2.6270e-02	0.0152191*
BoardMeetings	−4.2280e-02	0.014476*	−3.6985e-02	0.045621*	−2.7711e-02	0.1003272
GRIE	−6.2242e-03	0.906232	6.8871e-02	0.232558	2.3052e-01	0.0007767***
GRIS	−6.9192e-03	0.914141	−6.8043e-02	0.332279	−1.7079e-01	0.0264827*
PostMore	1.9252e-02	0.797550	5.3280e-02	0.494759	1.6599e-01	0.0318757*
PostMixed	−2.7852e-02	0.497384	−4.7318e-02	0.266734	−7.8965e-02	0.0642997
GRI	−1.6716e-02	0.555554	2.6416e-02	0.447930	7.7073e-02	0.0494653 *

Note(s):

***p < 0.001;

**p < 0.01;

*p < 0.05; p < 0.1

Source(s): Created by authors