Table 6 Robust estimation – quantile...

Table 6

Robust estimation – quantile regression (0.25, 0.50, 0.75)

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
Variables/Country	Indonesia		Malaysia		Thailand		Singapore		Philippines
Variables/Country	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio
Constant
0.25	−6.98679	−3.67882	−6.76818	−6.44508	−10.7635	−4.79832	−5.18437	−1.10803	−11.9586	−1.41031
0.50	−4.88958	−0.611004	−8.81077	−9.72193	−7.73658	−1.56832	4.14932	0.468633	−2.17e-009	−3.219e-010
0.75	1.45243	0.350896	−9.48601	−2.41156	−3.73786	−0.267916	1.21120e-009	5.58874***	5.162e-012	0.000290552
ESG
0.25	−0.185689	−0.376284	−0.712273	−1.50573*	0.314020	0.618010	−0.629297	−0.484574	3.48242	1.41031
0.50	−0.642308	−0.281134	0.237255	0.950937	0.383074	0.304168	−2.77095	−1.08501	6.895e-010	3.3419e-010
0.75	−0.984899	−0.862974	0.512721	0.371914	1.93771	0.471931	−1.07666e-010	−2.19619**	−1.21e-012	−0.0002252
Size
0.25	−0.0555770	−0.982796	−0.0980426	−0.826788	−0.0469232	−0.265006	−0.00120674	−0.00720086	0.0701763	0.175995
0.50	0.0195287	0.115534	−0.0936355	−0.839857	−0.324624	−0.755710	−0.246029	−0.483051	1.15528e-010	3.69216e-010
0.75	0.519327	2.48319***	0.0934994	0.187773	0.0419358	0.0474855	−2.15195e-010	−22.1203***	1.36467e-012	0.000573886
PM
0.25	−0.0756484	−0.382018	0.00453277	0.0210146	0.0993698	0.408198	−0.0197232	−0.0392146	2.53618	1.53173
0.50	0.155151	0.181499	−0.331378	−1.89912**	−0.225905	−0.460699	0.137850	0.161255	3.88909e-010	2.84915e-010
0.75	0.855863	1.70769**	−0.550516	−0.650668	−0.264255	−0.176638	−3.59105e-11	−1.10280	−2.59277e-013	−5.23813e-005
DE
0.25	−0.0818767	−0.716218	0.0137086	0.136589	−0.178472	−1.29214*	−0.0914278	−0.286129	−0.295243	−0.487755
0.50	−0.100875	−0.259640	0.0352927	0.421375	0.0340536	0.233115	−0.470096	−0.946971	1.24287e-010	2.60157e-010
0.75	−0.159217	−0.877977	0.00289793	0.0112189	0.778130	1.02297	1.13315e-011	0.814322	−2.19372e-012	−0.000729172
ROE
0.25	0.0859115	0.329275	−0.222014	−1.13783	−0.246718	−0.666549	−0.0489635	−0.0716119	−2.05454	−1.47481
0.50	−0.261017	−0.246650	0.0610565	0.360528	0.182993	0.194745	−1.18113	−1.23878	−1.43342e-010	−1.27987e-010
0.75	−0.995717	−1.75451**	−0.0414980	−0.0455510	−0.258171	−0.156537	−1.82290e-010	−5.31269***	4.19759e-012	0.000499308
Div
0.25	−0.0449256	−0.448892	−0.139142	−1.13880	−0.233635	−0.695665	0.265345	0.635648	0.235883	1.41031
0.50	0.0241402	0.0625487	−0.0543738	−0.447399	0.0442832	0.223699	0.656048	0.880054	8.94764e-011	2.41319e-010
0.75	0.296603	1.14981	0.127780	0.273285	1.44256	1.13177	3.75116e-010	8.24358***	7.25366e-014	5.98781e-005

${C A R}_{i, t} = β_{0} + β_{1} x {E S G}_{i, t} + \sum β_{j} x {C o n t r o l s}_{i, t} + ε_{i, t}$
Variables/Country	Indonesia		Malaysia		Thailand		Singapore		Philippines
Variables/Country	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio	Coefficient	t-ratio
Constant
0.25	−6.98679	−3.67882	−6.76818	−6.44508	−10.7635	−4.79832	−5.18437	−1.10803	−11.9586	−1.41031
0.50	−4.88958	−0.611004	−8.81077	−9.72193	−7.73658	−1.56832	4.14932	0.468633	−2.17e-009	−3.219e-010
0.75	1.45243	0.350896	−9.48601	−2.41156	−3.73786	−0.267916	1.21120e-009	5.58874***	5.162e-012	0.000290552
ESG
0.25	−0.185689	−0.376284	−0.712273	−1.50573*	0.314020	0.618010	−0.629297	−0.484574	3.48242	1.41031
0.50	−0.642308	−0.281134	0.237255	0.950937	0.383074	0.304168	−2.77095	−1.08501	6.895e-010	3.3419e-010
0.75	−0.984899	−0.862974	0.512721	0.371914	1.93771	0.471931	−1.07666e-010	−2.19619**	−1.21e-012	−0.0002252
Size
0.25	−0.0555770	−0.982796	−0.0980426	−0.826788	−0.0469232	−0.265006	−0.00120674	−0.00720086	0.0701763	0.175995
0.50	0.0195287	0.115534	−0.0936355	−0.839857	−0.324624	−0.755710	−0.246029	−0.483051	1.15528e-010	3.69216e-010
0.75	0.519327	2.48319***	0.0934994	0.187773	0.0419358	0.0474855	−2.15195e-010	−22.1203***	1.36467e-012	0.000573886
PM
0.25	−0.0756484	−0.382018	0.00453277	0.0210146	0.0993698	0.408198	−0.0197232	−0.0392146	2.53618	1.53173
0.50	0.155151	0.181499	−0.331378	−1.89912**	−0.225905	−0.460699	0.137850	0.161255	3.88909e-010	2.84915e-010
0.75	0.855863	1.70769**	−0.550516	−0.650668	−0.264255	−0.176638	−3.59105e-11	−1.10280	−2.59277e-013	−5.23813e-005
DE
0.25	−0.0818767	−0.716218	0.0137086	0.136589	−0.178472	−1.29214*	−0.0914278	−0.286129	−0.295243	−0.487755
0.50	−0.100875	−0.259640	0.0352927	0.421375	0.0340536	0.233115	−0.470096	−0.946971	1.24287e-010	2.60157e-010
0.75	−0.159217	−0.877977	0.00289793	0.0112189	0.778130	1.02297	1.13315e-011	0.814322	−2.19372e-012	−0.000729172
ROE
0.25	0.0859115	0.329275	−0.222014	−1.13783	−0.246718	−0.666549	−0.0489635	−0.0716119	−2.05454	−1.47481
0.50	−0.261017	−0.246650	0.0610565	0.360528	0.182993	0.194745	−1.18113	−1.23878	−1.43342e-010	−1.27987e-010
0.75	−0.995717	−1.75451**	−0.0414980	−0.0455510	−0.258171	−0.156537	−1.82290e-010	−5.31269***	4.19759e-012	0.000499308
Div
0.25	−0.0449256	−0.448892	−0.139142	−1.13880	−0.233635	−0.695665	0.265345	0.635648	0.235883	1.41031
0.50	0.0241402	0.0625487	−0.0543738	−0.447399	0.0442832	0.223699	0.656048	0.880054	8.94764e-011	2.41319e-010
0.75	0.296603	1.14981	0.127780	0.273285	1.44256	1.13177	3.75116e-010	8.24358***	7.25366e-014	5.98781e-005

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

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