Regressions for environmental, social and governance scores
| DebtTit | DebtSTit | DebtLTit | DebtTit | DebtSTit | DebtLTit | DebtTit | DebtSTit | DebtLTit | |
|---|---|---|---|---|---|---|---|---|---|
| Interceptit | −0.438*** (0.098) | 0.510*** (0.072) | −1.023*** (0.084) | −0.413*** (0.098) | 0.493*** (0.071) | −0.984*** (0.084) | −0.400*** (0.097) | 0.483*** (0.071) | −0.964*** (0.082) |
| COP21t | 0.001 (0.020) | −0.015 (0.015) | 0.016 (0.017) | 0.034 (0.025) | 0.004 (0.018) | 0.027 (0.021) | −0.027 (0.028) | −0.029 (0.020) | 0.011 (0.024) |
| Emergi | 0.133* (0.052) | 0.021 (0.038) | 0.117** (0.044) | 0.144** (0.056) | 0.042 (0.041) | 0.104* (0.047) | 0.025 (0.062) | −0.097* (0.045) | 0.134* (0.053) |
| COP21t*Emergi | −0.026 (0.045) | −0.084* (0.033) | 0.058 (0.038) | −0.045 (0.051) | −0.106** (0.037) | 0.064 (0.043) | 0.082 (0.061) | 0.031 (0.044) | 0.040 (0.052) |
| Escoreit | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | ||||||
| Escoreit*COP21t | −0.001** (0.000) | −0.000 (0.000) | −0.001* (0.000) | ||||||
| Escoreit*Emergi | −0.002* (0.001) | −0.002*** (0.001) | 0.000 (0.001) | ||||||
| Escoreit*COP21t*Emergi | 0.003** (0.001) | 0.002*** (0.001) | 0.000 (0.001) | ||||||
| Sscoreit | 0.001* (0.000) | 0.000 (0.000) | 0.000 (0.000) | ||||||
| Sscoreit*COP21t | −0.002*** (0.000) | −0.001* (0.000) | −0.001 (0.000) | ||||||
| Sscoreit*Emergi | −0.002* (0.001) | −0.002*** (0.001) | 0.001 (0.001) | ||||||
| Sscoreit*COP21t*Emergi | 0.003* (0.001) | 0.003*** (0.001) | 0.000 (0.001) | ||||||
| Gscoreit | −0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | ||||||
| Gscoreit*COP21t | −0.000 (0.001) | −0.000 (0.000) | −0.000 (0.000) | ||||||
| Gscoreit*Emergi | 0.001 (0.001) | 0.001 (0.001) | −0.000 (0.001) | ||||||
| Gscoreit*COP21t*Emergi | −0.000 (0.001) | −0.001 (0.001) | 0.001 (0.001) | ||||||
| Companies | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 |
| N | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 |
| Panel | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| R2 | 0.391 | 0.332 | 0.377 | 0.390 | 0.332 | 0.375 | 0.387 | 0.329 | 0.374 |
| Adjusted R2 | 0.383 | 0.324 | 0.370 | 0.382 | 0.324 | 0.367 | 0.380 | 0.321 | 0.366 |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| DebtTit | DebtSTit | DebtLTit | DebtTit | DebtSTit | DebtLTit | DebtTit | DebtSTit | DebtLTit | |
|---|---|---|---|---|---|---|---|---|---|
| Interceptit | |||||||||
| COP21t | 0.001 (0.020) | −0.015 (0.015) | 0.016 (0.017) | 0.034 (0.025) | 0.004 (0.018) | 0.027 (0.021) | −0.027 (0.028) | −0.029 (0.020) | 0.011 (0.024) |
| Emergi | 0.021 (0.038) | 0.042 (0.041) | 0.025 (0.062) | ||||||
| COP21t*Emergi | −0.026 (0.045) | 0.058 (0.038) | −0.045 (0.051) | 0.064 (0.043) | 0.082 (0.061) | 0.031 (0.044) | 0.040 (0.052) | ||
| Escoreit | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | ||||||
| Escoreit*COP21t | −0.000 (0.000) | ||||||||
| Escoreit*Emergi | 0.000 (0.001) | ||||||||
| Escoreit*COP21t*Emergi | 0.000 (0.001) | ||||||||
| Sscoreit | 0.000 (0.000) | 0.000 (0.000) | |||||||
| Sscoreit*COP21t | −0.001 (0.000) | ||||||||
| Sscoreit*Emergi | 0.001 (0.001) | ||||||||
| Sscoreit*COP21t*Emergi | 0.000 (0.001) | ||||||||
| Gscoreit | −0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | ||||||
| Gscoreit*COP21t | −0.000 (0.001) | −0.000 (0.000) | −0.000 (0.000) | ||||||
| Gscoreit*Emergi | 0.001 (0.001) | 0.001 (0.001) | −0.000 (0.001) | ||||||
| Gscoreit*COP21t*Emergi | −0.000 (0.001) | −0.001 (0.001) | 0.001 (0.001) | ||||||
| Companies | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 | 3,081 |
| 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | 17,636 | |
| Panel | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| 0.391 | 0.332 | 0.377 | 0.390 | 0.332 | 0.375 | 0.387 | 0.329 | 0.374 | |
| Adjusted | 0.383 | 0.324 | 0.370 | 0.382 | 0.324 | 0.367 | 0.380 | 0.321 | 0.366 |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 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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