Table 5 Robust estimation – least... | Emerald Publishing

Table 5

Robust estimation – least absolute deviation

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
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	−7.03	0.02**	−8.64	0.00***	−7.82	0.00***	−8.37	0.09*	−0.06	0.35
ESG	−0.07	0.92	0.16	0.69	0.04	0.95	0.04	0.97	−0.00	0.95
Size	−0.05	0.50	−0.14	0.21	−0.20	0.18	−0.00	0.99	0.00	0.67
PM	−0.19	0.43	−0.16	0.41	−0.23	0.50	−0.35	0.28	−0.07	0.69
DE	−0.06	0.65	0.10	0.32	−0.09	0.37	−0.17	0.48	−0.02	0.58
ROE	0.40	0.49	0.16	0.49	0.38	0.31	0.67	0.34	0.34	0.63
Div	−0.11	0.66	−0.25	0.31	−0.11	0.66	−0.22	0.68	−0.28	0.58

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
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	−7.03	0.02**	−8.64	0.00***	−7.82	0.00***	−8.37	0.09*	−0.06	0.35
ESG	−0.07	0.92	0.16	0.69	0.04	0.95	0.04	0.97	−0.00	0.95
Size	−0.05	0.50	−0.14	0.21	−0.20	0.18	−0.00	0.99	0.00	0.67
PM	−0.19	0.43	−0.16	0.41	−0.23	0.50	−0.35	0.28	−0.07	0.69
DE	−0.06	0.65	0.10	0.32	−0.09	0.37	−0.17	0.48	−0.02	0.58
ROE	0.40	0.49	0.16	0.49	0.38	0.31	0.67	0.34	0.34	0.63
Div	−0.11	0.66	−0.25	0.31	−0.11	0.66	−0.22	0.68	−0.28	0.58

Note(s): *** denotes statistically significant at 1%; ** denotes statistically significant at 5%; * denotes statistically significant at 10%