Regression for DESGit
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | 0.222*** (0.042) | 0.506*** (0.036) | −0.322*** (0.022) |
| DESGit | 0.036* (0.014) | −0.010 (0.012) | 0.043*** (0.007) |
| COP21t | 0.045*** (0.012) | −0.007 (0.010) | 0.052*** (0.006) |
| Emergi | 0.175*** (0.021) | −0.004 (0.018) | 0.171*** (0.011) |
| DESGit*COP21t | −0.077*** (0.022) | −0.048* (0.019) | −0.034** (0.011) |
| DESGit*Emergi | −0.113** (0.035) | −0.004 (0.030) | −0.105*** (0.018) |
| COP21t*Emergi | −0.126*** (0.015) | −0.001 (0.012) | −0.125*** (0.008) |
| DESGit*COP21t*Emergi | 0.162** (0.051) | 0.053 (0.043) | 0.109*** (0.026) |
| BTMit | 0.001 (0.001) | 0.002*** (0.000) | −0.000 (0.000) |
| ROAit | −0.834*** (0.013) | −0.819*** (0.011) | −0.071*** (0.007) |
| SIZEit | 0.020*** (0.002) | −0.006*** (0.001) | 0.027*** (0.001) |
| TANGit | 0.075*** (0.010) | −0.060*** (0.008) | 0.138*** (0.005) |
| CLit | −0.036*** (0.001) | −0.031*** (0.001) | −0.005*** (0.000) |
| ETRit | 0.050*** (0.013) | 0.088*** (0.011) | −0.025*** (0.007) |
| EY(AUD)it | 0.027* (0.011) | −0.004 (0.009) | 0.025*** (0.006) |
| KPMG(AUD)it | −0.007 (0.008) | −0.003 (0.007) | 0.001 (0.004) |
| DTT(AUD)it | 0.023*** (0.007) | 0.001 (0.006) | 0.020*** (0.003) |
| PWC(AUD)it | −0.002 (0.007) | 0.003 (0.006) | −0.003 (0.003) |
| NBIG4(AUD_ESG)it | 0.007 (0.029) | −0.001 (0.025) | 0.003 (0.015) |
| EY(AUD_ESG)it | −0.016 (0.032) | −0.034 (0.027) | 0.022 (0.016) |
| KPMG(AUD_ESG)it | −0.055 (0.034) | −0.026 (0.029) | −0.015 (0.018) |
| DTT(AUD_ESG)it | −0.056 (0.035) | −0.015 (0.030) | −0.027 (0.018) |
| PWC(AUD_ESG)it | −0.025 (0.037) | −0.019 (0.031) | 0.003 (0.019) |
| Growth(LCS)it | −0.046*** (0.011) | −0.014 (0.009) | −0.029*** (0.006) |
| Developed(LCS)it | 0.057*** (0.010) | 0.013 (0.008) | 0.029*** (0.005) |
| Shake-out(LCS)it | 0.012 (0.010) | −0.016* (0.008) | 0.029*** (0.005) |
| Decline(LCS)it | −0.014 (0.008) | 0.024*** (0.007) | −0.040*** (0.004) |
| CoCit | −0.016 (0.012) | −0.025* (0.010) | 0.007 (0.006) |
| GDPGrit | −0.002 (0.002) | 0.003 (0.002) | −0.005*** (0.001) |
| RegQit | 0.138*** (0.017) | 0.011 (0.015) | 0.123*** (0.009) |
| PCDBFit | −0.001*** (0.000) | −0.000 (0.000) | −0.001*** (0.000) |
| SPVolit | 0.005*** (0.001) | 0.006*** (0.001) | −0.001 (0.001) |
| SMVTit | 0.000 (0.000) | −0.000 (0.000) | 0.000*** (0.000) |
| SMCapit | 0.001*** (0.000) | 0.000 (0.000) | 0.000*** (0.000) |
| LCpPit | −0.002*** (0.000) | 0.000 (0.000) | −0.002*** (0.000) |
| BConcit | −0.002*** (0.000) | −0.001*** (0.000) | −0.001*** (0.000) |
| COVt | −0.054** (0.018) | −0.001 (0.015) | −0.048*** (0.009) |
| Subprimet | −0.003 (0.024) | −0.122*** (0.020) | 0.115*** (0.013) |
| Companies | 16,097 | 16,097 | 16,097 |
| N | 121,553 | 121,553 | 121,553 |
| Panel | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| R2 | 0.410 | 0.404 | 0.366 |
| Adjusted R2 | 0.408 | 0.403 | 0.365 |
| p-value | 0.000 | 0.000 | 0.000 |
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | |||
| DESGit | −0.010 (0.012) | ||
| COP21t | −0.007 (0.010) | ||
| Emergi | −0.004 (0.018) | ||
| DESGit*COP21t | |||
| DESGit*Emergi | −0.004 (0.030) | ||
| COP21t*Emergi | −0.001 (0.012) | ||
| DESGit*COP21t*Emergi | 0.053 (0.043) | ||
| BTMit | 0.001 (0.001) | −0.000 (0.000) | |
| ROAit | |||
| SIZEit | |||
| TANGit | |||
| CLit | |||
| ETRit | |||
| EY(AUD)it | −0.004 (0.009) | ||
| KPMG(AUD)it | −0.007 (0.008) | −0.003 (0.007) | 0.001 (0.004) |
| DTT(AUD)it | 0.001 (0.006) | ||
| PWC(AUD)it | −0.002 (0.007) | 0.003 (0.006) | −0.003 (0.003) |
| NBIG4(AUD_ESG)it | 0.007 (0.029) | −0.001 (0.025) | 0.003 (0.015) |
| EY(AUD_ESG)it | −0.016 (0.032) | −0.034 (0.027) | 0.022 (0.016) |
| KPMG(AUD_ESG)it | −0.055 (0.034) | −0.026 (0.029) | −0.015 (0.018) |
| DTT(AUD_ESG)it | −0.056 (0.035) | −0.015 (0.030) | −0.027 (0.018) |
| PWC(AUD_ESG)it | −0.025 (0.037) | −0.019 (0.031) | 0.003 (0.019) |
| Growth(LCS)it | −0.014 (0.009) | ||
| Developed(LCS)it | 0.013 (0.008) | ||
| Shake-out(LCS)it | 0.012 (0.010) | ||
| Decline(LCS)it | −0.014 (0.008) | ||
| CoCit | −0.016 (0.012) | 0.007 (0.006) | |
| GDPGrit | −0.002 (0.002) | 0.003 (0.002) | |
| RegQit | 0.011 (0.015) | ||
| PCDBFit | −0.000 (0.000) | ||
| SPVolit | −0.001 (0.001) | ||
| SMVTit | 0.000 (0.000) | −0.000 (0.000) | |
| SMCapit | 0.000 (0.000) | ||
| LCpPit | 0.000 (0.000) | ||
| BConcit | |||
| COVt | −0.001 (0.015) | ||
| Subprimet | −0.003 (0.024) | ||
| Companies | 16,097 | 16,097 | 16,097 |
| 121,553 | 121,553 | 121,553 | |
| Panel | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| 0.410 | 0.404 | 0.366 | |
| Adjusted | 0.408 | 0.403 | 0.365 |
| 0.000 | 0.000 | 0.000 |
Note(s): ***p < 0.001; **p < 0.01; *p < 0.05
Source(s): Created by authors
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