Table A2. Coefficients and significance...

Table A2.

Coefficients and significance of independent indicators

Variable	Basic FE model		Model by stepwise procedure		Model with one-year lagged sustainability data		Model with two-year lagged sustainability data
Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value	Estimate	p-value
NDSE	−2.9251e-03	0.021745*	−2.7559e-03	0.0220335*	−2.2564e-03	0.170712	−2.0924e-03	0.1293371
ROE	7.8481e-03	0.293415	–	–	1.6377e-02	0.066549	1.7184e-02	0.0482203*
EBIT	−2.7850e-06	0.888389	−1.3928e-06	0.9424841	−8.6164e-06	0.664522	−7.6417e-06	0.6891794
OperMargin	9.4853e-02	1.034e-07***	9.4833e-02	7.249e-08***	9.3231e-02	4.62e-07***	9.1576e-02	1.178e-06***
ProfitMargin	−1.2052e-02	0.518261	2.2586e-03	0.8691845	−2.2741e-02	0.280437	−1.6539e-02	0.4417937
NDCF	−7.9749e-04	0.929563	–	–	−1.4129e-02	0.627162	−8.5498e-05	0.9919641
ESGD	3.9327e-02	0.00016***	3.7550e-02	0.0002070***	3.6223e-02	0.001043**	2.6270e-02	0.0152191*
AuditMeetings	−4.6046e-02	0.139007	–	–	−3.3198e-02	0.319538	−3.8619e-02	0.2444553
Women	9.9169e-04	0.878875	3.6935e-04	0.9532523	−1.8724e-03	0.782847	−2.9406e-03	0.6625843
BoardMeetings	−4.2280e-02	0.01447*	−4.7300e-02	0.0039247**	−3.6985e-02	0.045621*	−2.7711e-02	0.1003272
Asset	−4.6608e-06	0.00345**	−4.6605e-06	0.0027752**	−4.3108e-06	0.009950**	−3.0771e-06	0.0720360
FinLev	−8.2658e-02	0.00642**	−8.4481e-02	0.0045597**	−6.5709e-02	0.040429*	−5.3382e-02	0.0941734
IntCov	7.9230e-04	0.00199**	8.4990e-04	0.0007547***	6.9483e-04	0.007556**	4.3325e-04	0.0923048
GRIE	−6.2242e-03	0.906232	5.8048e-03	0.9094333	6.8871e-02	0.232558	2.3052e-01	0.0007767***
GRIS	−6.9192e-03	0.914141	−1.0652e-02	0.8540460	−6.8043e-02	0.332279	−1.7079e-01	0.0264827
GRIG	8.1169e-03	0.902922	–	–	2.1688e-03	0.978858	4.4852e-02	0.6641988
PostLess	−4.9371e-02	0.411306	–	–	−2.7688e-02	0.655870	4.3607e-02	0.5176805
PostMore	1.9252e-02	0.797550	–	–	5.3280e-02	0.494759	1.6599e-01	0.0318757*
PostMixed	−2.7852e-02	0.497384	−2.3191e-02	0.5653941	−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*
SASB	2.0125e-02	0.464763	–	–	3.1915e-03	0.922609	−3.9985e-02	0.7240758
TCFD	1.2647e-02	0.489712	–	–	3.4028e-02	0.247116	−5.3417e-02	0.1793669

Variable	Basic FE model		Model by stepwise procedure		Model with one-year lagged sustainability data		Model with two-year lagged sustainability data
Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value	Estimate	p-value
NDSE	−2.9251e-03	0.021745*	−2.7559e-03	0.0220335*	−2.2564e-03	0.170712	−2.0924e-03	0.1293371
ROE	7.8481e-03	0.293415	–	–	1.6377e-02	0.066549	1.7184e-02	0.0482203*
EBIT	−2.7850e-06	0.888389	−1.3928e-06	0.9424841	−8.6164e-06	0.664522	−7.6417e-06	0.6891794
OperMargin	9.4853e-02	1.034e-07***	9.4833e-02	7.249e-08***	9.3231e-02	4.62e-07***	9.1576e-02	1.178e-06***
ProfitMargin	−1.2052e-02	0.518261	2.2586e-03	0.8691845	−2.2741e-02	0.280437	−1.6539e-02	0.4417937
NDCF	−7.9749e-04	0.929563	–	–	−1.4129e-02	0.627162	−8.5498e-05	0.9919641
ESGD	3.9327e-02	0.00016***	3.7550e-02	0.0002070***	3.6223e-02	0.001043**	2.6270e-02	0.0152191*
AuditMeetings	−4.6046e-02	0.139007	–	–	−3.3198e-02	0.319538	−3.8619e-02	0.2444553
Women	9.9169e-04	0.878875	3.6935e-04	0.9532523	−1.8724e-03	0.782847	−2.9406e-03	0.6625843
BoardMeetings	−4.2280e-02	0.01447*	−4.7300e-02	0.0039247**	−3.6985e-02	0.045621*	−2.7711e-02	0.1003272
Asset	−4.6608e-06	0.00345**	−4.6605e-06	0.0027752**	−4.3108e-06	0.009950**	−3.0771e-06	0.0720360
FinLev	−8.2658e-02	0.00642**	−8.4481e-02	0.0045597**	−6.5709e-02	0.040429*	−5.3382e-02	0.0941734
IntCov	7.9230e-04	0.00199**	8.4990e-04	0.0007547***	6.9483e-04	0.007556**	4.3325e-04	0.0923048
GRIE	−6.2242e-03	0.906232	5.8048e-03	0.9094333	6.8871e-02	0.232558	2.3052e-01	0.0007767***
GRIS	−6.9192e-03	0.914141	−1.0652e-02	0.8540460	−6.8043e-02	0.332279	−1.7079e-01	0.0264827
GRIG	8.1169e-03	0.902922	–	–	2.1688e-03	0.978858	4.4852e-02	0.6641988
PostLess	−4.9371e-02	0.411306	–	–	−2.7688e-02	0.655870	4.3607e-02	0.5176805
PostMore	1.9252e-02	0.797550	–	–	5.3280e-02	0.494759	1.6599e-01	0.0318757*
PostMixed	−2.7852e-02	0.497384	−2.3191e-02	0.5653941	−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*
SASB	2.0125e-02	0.464763	–	–	3.1915e-03	0.922609	−3.9985e-02	0.7240758
TCFD	1.2647e-02	0.489712	–	–	3.4028e-02	0.247116	−5.3417e-02	0.1793669

Note(s):

***p < 0.001; **p < 0.01; *p < 0.05; p < 0.1

Source(s): Created by authors

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