Table 5 Panel regressions with fixed... | Emerald Publishing

Table 5

Panel regressions with fixed effects to test H1

Variables	Model 1	Model 2	Model 3	Model 4
Variables	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL
ESG	0.002***	0.002**	0.002*	0.003***
ROA	1.779***	1.911***	1.659***	1.335***
LEVERAGE	−0.233**	−0.273*	−0.155	−0.365***
SIZE	0.561***	0.581***	0.540***	0.615***
SECTOR	0.198	0.047	−0.019	−0.042
ECOFREE	0.040***	0.040***	0.043**	0.007
Observations	558	339	219	455
R² within	0.4533	0.4592	0.4483	0.4164
F test	75.59***	46.71***	28.58***	58.81***
VIF	1.21	1.22	1.17	1.13

Variables	Model 1	Model 2	Model 3	Model 4
Variables	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL
ESG	0.002***	0.002**	0.002*	0.003***
ROA	1.779***	1.911***	1.659***	1.335***
LEVERAGE	−0.233**	−0.273*	−0.155	−0.365***
SIZE	0.561***	0.581***	0.540***	0.615***
SECTOR	0.198	0.047	−0.019	−0.042
ECOFREE	0.040***	0.040***	0.043**	0.007
Observations	558	339	219	455
R² within	0.4533	0.4592	0.4483	0.4164
F test	75.59***	46.71***	28.58***	58.81***
VIF	1.21	1.22	1.17	1.13

Note(s): ***p < 0.01. **p < 0.05. *p < 0.10

Source(s): Authors’ own work