Regression for ESG scores
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | −0.432*** (0.098) | 0.498*** (0.071) | −1.008*** (0.083) |
| ESGscoreit | 0.001 (0.000) | 0.001 (0.000) | −0.000 (0.000) |
| COP21t | 0.031 (0.028) | −0.004 (0.020) | 0.036 (0.024) |
| Emergi | 0.134* (0.061) | 0.024 (0.044) | 0.115* (0.052) |
| ESGscoreit*COP21t | −0.002** (0.001) | −0.001 (0.000) | −0.001* (0.000) |
| ESGscoreit*Emergi | −0.002 (0.001) | −0.002** (0.001) | 0.000 (0.001) |
| COP21t*Emergi | −0.042 (0.058) | −0.089* (0.042) | 0.046 (0.049) |
| ESGscoreit*COP21t*Emergi | 0.003* (0.001) | 0.002* (0.001) | 0.001 (0.001) |
| BTMit | 0.001 (0.001) | 0.003*** (0.001) | −0.000 (0.001) |
| ROAit | −0.154*** (0.046) | −0.111*** (0.034) | −0.084* (0.039) |
| SIZEit | 0.042*** (0.003) | −0.004 (0.002) | 0.048*** (0.003) |
| TANGit | 0.004 (0.015) | −0.059*** (0.011) | 0.073*** (0.013) |
| CLit | −0.050*** (0.002) | −0.033*** (0.001) | −0.016*** (0.001) |
| ETRit | 0.053* (0.023) | 0.100*** (0.017) | −0.041* (0.019) |
| EY(AUD)it | 0.006 (0.015) | −0.010 (0.011) | 0.009 (0.013) |
| KPMG(AUD)it | −0.013 (0.012) | −0.001 (0.009) | −0.006 (0.010) |
| DTT(AUD)it | 0.020* (0.010) | −0.004 (0.007) | 0.018* (0.008) |
| PWC(AUD)it | −0.014 (0.009) | 0.002 (0.006) | −0.015* (0.007) |
| NBIG4(AUD_ESG)it | −0.023 (0.022) | −0.008 (0.016) | −0.025 (0.018) |
| EY(AUD_ESG)it | 0.013 (0.022) | −0.016 (0.016) | 0.032 (0.019) |
| KPMG(AUD_ESG)it | −0.073** (0.024) | −0.036* (0.017) | −0.026 (0.020) |
| DTT(AUD_ESG)it | −0.074** (0.024) | −0.032 (0.018) | −0.029 (0.021) |
| PWC(AUD_ESG)it | 0.011 (0.025) | −0.012 (0.018) | 0.031 (0.021) |
| Growth(LCS)it | −0.064** (0.022) | 0.041* (0.016) | −0.102*** (0.019) |
| Developed(LCS)it | 0.097*** (0.019) | 0.111*** (0.014) | −0.017 (0.017) |
| Shake-out(LCS)it | −0.016 (0.016) | −0.002 (0.011) | −0.014 (0.013) |
| Decline(LCS)it | 0.001 (0.011) | 0.036*** (0.008) | −0.038*** (0.009) |
| CoCit | −0.072*** (0.021) | 0.035* (0.015) | −0.109*** (0.018) |
| GDPGrit | 0.004 (0.004) | 0.003 (0.003) | −0.000 (0.003) |
| RegQit | 0.219*** (0.031) | −0.110*** (0.022) | 0.332*** (0.026) |
| PCDBFit | −0.000 (0.000) | 0.001*** (0.000) | −0.001*** (0.000) |
| SPVolit | 0.004* (0.002) | −0.001 (0.001) | 0.006*** (0.002) |
| SMVTit | −0.000 (0.000) | −0.000*** (0.000) | 0.000 (0.000) |
| SMCapit | 0.000 (0.000) | −0.000* (0.000) | 0.001*** (0.000) |
| LCpPit | −0.002*** (0.000) | −0.000* (0.000) | −0.002*** (0.000) |
| BConcit | −0.000 (0.000) | 0.001** (0.000) | −0.001*** (0.000) |
| COVt | 0.021 (0.025) | 0.046* (0.018) | −0.025 (0.021) |
| Subprimet | −0.185** (0.062) | −0.041 (0.045) | −0.148** (0.052) |
| Companies | 3,081 | 3,081 | 3,081 |
| N | 17,636 | 17,636 | 17,636 |
| Panel | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| R2 | 0.389 | 0.331 | 0.376 |
| Adjusted R2 | 0.382 | 0.322 | 0.368 |
| p-value | 0.000 | 0.000 | 0.000 |
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | |||
| ESGscoreit | 0.001 (0.000) | 0.001 (0.000) | −0.000 (0.000) |
| COP21t | 0.031 (0.028) | −0.004 (0.020) | 0.036 (0.024) |
| Emergi | 0.024 (0.044) | ||
| ESGscoreit*COP21t | −0.001 (0.000) | ||
| ESGscoreit*Emergi | −0.002 (0.001) | 0.000 (0.001) | |
| COP21t*Emergi | −0.042 (0.058) | 0.046 (0.049) | |
| ESGscoreit*COP21t*Emergi | 0.001 (0.001) | ||
| BTMit | 0.001 (0.001) | −0.000 (0.001) | |
| ROAit | |||
| SIZEit | −0.004 (0.002) | ||
| TANGit | 0.004 (0.015) | ||
| CLit | |||
| ETRit | |||
| EY(AUD)it | 0.006 (0.015) | −0.010 (0.011) | 0.009 (0.013) |
| KPMG(AUD)it | −0.013 (0.012) | −0.001 (0.009) | −0.006 (0.010) |
| DTT(AUD)it | −0.004 (0.007) | ||
| PWC(AUD)it | −0.014 (0.009) | 0.002 (0.006) | |
| NBIG4(AUD_ESG)it | −0.023 (0.022) | −0.008 (0.016) | −0.025 (0.018) |
| EY(AUD_ESG)it | 0.013 (0.022) | −0.016 (0.016) | 0.032 (0.019) |
| KPMG(AUD_ESG)it | −0.026 (0.020) | ||
| DTT(AUD_ESG)it | −0.032 (0.018) | −0.029 (0.021) | |
| PWC(AUD_ESG)it | 0.011 (0.025) | −0.012 (0.018) | 0.031 (0.021) |
| Growth(LCS)it | |||
| Developed(LCS)it | −0.017 (0.017) | ||
| Shake-out(LCS)it | −0.016 (0.016) | −0.002 (0.011) | −0.014 (0.013) |
| Decline(LCS)it | 0.001 (0.011) | ||
| CoCit | |||
| GDPGrit | 0.004 (0.004) | 0.003 (0.003) | −0.000 (0.003) |
| RegQit | |||
| 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 | |||
| BConcit | −0.000 (0.000) | ||
| COVt | 0.021 (0.025) | −0.025 (0.021) | |
| Subprimet | −0.041 (0.045) | ||
| Companies | 3,081 | 3,081 | 3,081 |
| 17,636 | 17,636 | 17,636 | |
| Panel | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| 0.389 | 0.331 | 0.376 | |
| Adjusted | 0.382 | 0.322 | 0.368 |
| 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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