Table 4 Regression results C A R i , t =...

Table 4

Regression results

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
Variable/Country	Indonesia		Malaysia		Thailand		Singapore		Philippines
Variable/Country	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value
Constant	−5.87	0.00***	−9.31	0.00***	−6.69	0.00***	−5.16	0.07*	−0.02	0.61
ESG	−0.43	0.41	0.457	0.19	−0.28	0.56	−0.70	0.39	−0.00	0.63
Size	−0.05	0.18	−0.21	0.03**	−0.27	0.02**	0.02	0.82	0.00	0.28
PM	−0.15	0.40	0.13	0.58	−0.29	0.23	−0.23	0.10	−0.05	0.56
DE	0.03	0.71	0.08	0.33	−0.14	0.02**	−0.06	0.57	−0.01	0.22
ROE	0.81	0.06*	0.33	0.04**	0.39	0.16	0.75	0.03**	0.17	0.11
Div	−0.38	0.06*	−0.3	0.02**	−0.07	0.53	−0.17	0.55	−0.22	0.16

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
Variable/Country	Indonesia		Malaysia		Thailand		Singapore		Philippines
Variable/Country	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value	Coeff	p-value
Constant	−5.87	0.00***	−9.31	0.00***	−6.69	0.00***	−5.16	0.07*	−0.02	0.61
ESG	−0.43	0.41	0.457	0.19	−0.28	0.56	−0.70	0.39	−0.00	0.63
Size	−0.05	0.18	−0.21	0.03**	−0.27	0.02**	0.02	0.82	0.00	0.28
PM	−0.15	0.40	0.13	0.58	−0.29	0.23	−0.23	0.10	−0.05	0.56
DE	0.03	0.71	0.08	0.33	−0.14	0.02**	−0.06	0.57	−0.01	0.22
ROE	0.81	0.06*	0.33	0.04**	0.39	0.16	0.75	0.03**	0.17	0.11
Div	−0.38	0.06*	−0.3	0.02**	−0.07	0.53	−0.17	0.55	−0.22	0.16

Note(s): *** denotes statistically significant at 1%; ** denotes statistically significant at 5%; * denotes statistically significant at 10%. The regression applied HC1 (white's standard errors) for heteroskedasticity-robust standard errors

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