Regression for ESG categories
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | 0.218*** (0.043) | 0.507*** (0.036) | −0.327*** (0.022) |
| ESG25it | −0.047 (0.030) | −0.039 (0.025) | −0.009 (0.015) |
| ESG50it | 0.038 (0.021) | 0.006 (0.018) | 0.026* (0.011) |
| ESG75it | 0.085*** (0.023) | −0.016 (0.020) | 0.099*** (0.012) |
| ESG100it | 0.032 (0.042) | −0.027 (0.036) | 0.054* (0.022) |
| COP21t | 0.043*** (0.012) | −0.008 (0.010) | 0.052*** (0.006) |
| Emergi | 0.174*** (0.021) | −0.004 (0.018) | 0.171*** (0.011) |
| ESG25it*COP21t | −0.005 (0.043) | −0.017 (0.036) | 0.005 (0.022) |
| ESG50it*COP21t | −0.046 (0.033) | −0.081** (0.028) | 0.030 (0.017) |
| ESG75it*COP21t | −0.128** (0.039) | −0.027 (0.033) | −0.106*** (0.020) |
| ESG100it*COP21t | −0.049 (0.073) | 0.060 (0.062) | −0.108** (0.038) |
| ESG25it*Emergi | 0.024 (0.069) | 0.074 (0.059) | −0.050 (0.036) |
| ESG50it*Emergi | −0.098 (0.064) | 0.002 (0.054) | −0.098** (0.033) |
| ESG75it*Emergi | −0.195** (0.071) | −0.025 (0.060) | −0.167*** (0.037) |
| ESG100it*Emergi | −0.168 (0.163) | 0.091 (0.138) | −0.253** (0.084) |
| COP21t*Emergi | −0.126*** (0.015) | −0.000 (0.012) | −0.125*** (0.008) |
| ESG25it*COP21t*Emergi | 0.033 (0.087) | −0.013 (0.074) | 0.047 (0.045) |
| ESG50it*COP21t*Emergi | 0.117 (0.083) | 0.064 (0.070) | 0.056 (0.043) |
| ESG75it*COP21t*Emergi | 0.260* (0.102) | 0.047 (0.086) | 0.216*** (0.053) |
| ESG100it*COP21t*Emergi | 0.205 (0.286) | −0.297 (0.242) | 0.498*** (0.148) |
| 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 | 0.019*** (0.002) | −0.006*** (0.001) | 0.027*** (0.001) |
| TANGit | 0.076*** (0.010) | −0.060*** (0.008) | 0.139*** (0.005) |
| CLit | −0.036*** (0.001) | −0.031*** (0.001) | −0.005*** (0.000) |
| ETRit | 0.051*** (0.013) | 0.088*** (0.011) | −0.024*** (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) | 0.002 (0.006) | −0.003 (0.003) |
| NBIG4(AUD_ESG)it | 0.001 (0.030) | 0.001 (0.026) | −0.006 (0.016) |
| EY(AUD_ESG)it | −0.005 (0.032) | −0.033 (0.027) | 0.033 (0.017) |
| KPMG(AUD_ESG)it | −0.057 (0.034) | −0.030 (0.029) | −0.014 (0.018) |
| DTT(AUD_ESG)it | −0.047 (0.036) | −0.008 (0.030) | −0.023 (0.018) |
| PWC(AUD_ESG)it | −0.022 (0.037) | −0.019 (0.031) | 0.005 (0.019) |
| Growth(LCS)it | −0.046*** (0.011) | −0.015 (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) | 0.023*** (0.007) | −0.039*** (0.004) |
| CoCit | −0.014 (0.012) | −0.027* (0.010) | 0.011 (0.006) |
| GDPGrit | −0.003 (0.002) | 0.003 (0.002) | −0.005*** (0.001) |
| RegQit | 0.133*** (0.017) | 0.011 (0.015) | 0.118*** (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 | 0.000*** (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 | −0.056** (0.018) | −0.003 (0.015) | −0.048*** (0.009) |
| Subprimet | −0.004 (0.024) | −0.122*** (0.020) | 0.114*** (0.012) |
| 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 | 0.405 | 0.369 |
| Adjusted R2 | 0.408 | 0.403 | 0.367 |
| p-value | 0.000 | 0.000 | 0.000 |
| Variable | DebtTit | DebtSTit | DebtLTit |
|---|---|---|---|
| Intercept | |||
| ESG25it | −0.047 (0.030) | −0.039 (0.025) | −0.009 (0.015) |
| ESG50it | 0.038 (0.021) | 0.006 (0.018) | |
| ESG75it | −0.016 (0.020) | ||
| ESG100it | 0.032 (0.042) | −0.027 (0.036) | |
| COP21t | −0.008 (0.010) | ||
| Emergi | −0.004 (0.018) | ||
| ESG25it*COP21t | −0.005 (0.043) | −0.017 (0.036) | 0.005 (0.022) |
| ESG50it*COP21t | −0.046 (0.033) | 0.030 (0.017) | |
| ESG75it*COP21t | −0.027 (0.033) | ||
| ESG100it*COP21t | −0.049 (0.073) | 0.060 (0.062) | |
| ESG25it*Emergi | 0.024 (0.069) | 0.074 (0.059) | −0.050 (0.036) |
| ESG50it*Emergi | −0.098 (0.064) | 0.002 (0.054) | |
| ESG75it*Emergi | −0.025 (0.060) | ||
| ESG100it*Emergi | −0.168 (0.163) | 0.091 (0.138) | |
| COP21t*Emergi | −0.000 (0.012) | ||
| ESG25it*COP21t*Emergi | 0.033 (0.087) | −0.013 (0.074) | 0.047 (0.045) |
| ESG50it*COP21t*Emergi | 0.117 (0.083) | 0.064 (0.070) | 0.056 (0.043) |
| ESG75it*COP21t*Emergi | 0.047 (0.086) | ||
| ESG100it*COP21t*Emergi | 0.205 (0.286) | −0.297 (0.242) | |
| 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) | 0.002 (0.006) | −0.003 (0.003) |
| NBIG4(AUD_ESG)it | 0.001 (0.030) | 0.001 (0.026) | −0.006 (0.016) |
| EY(AUD_ESG)it | −0.005 (0.032) | −0.033 (0.027) | 0.033 (0.017) |
| KPMG(AUD_ESG)it | −0.057 (0.034) | −0.030 (0.029) | −0.014 (0.018) |
| DTT(AUD_ESG)it | −0.047 (0.036) | −0.008 (0.030) | −0.023 (0.018) |
| PWC(AUD_ESG)it | −0.022 (0.037) | −0.019 (0.031) | 0.005 (0.019) |
| Growth(LCS)it | −0.015 (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 | −0.014 (0.012) | 0.011 (0.006) | |
| GDPGrit | −0.003 (0.002) | 0.003 (0.002) | |
| RegQit | 0.011 (0.015) | ||
| PCDBFit | −0.000 (0.000) | ||
| SPVolit | |||
| SMVTit | −0.000 (0.000) | ||
| SMCapit | 0.000 (0.000) | ||
| LCpPit | 0.000 (0.000) | ||
| BConcit | |||
| COVt | −0.003 (0.015) | ||
| Subprimet | −0.004 (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 | 0.405 | 0.369 | |
| Adjusted | 0.408 | 0.403 | 0.367 |
| 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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