Table 6 Panel regressions with fixed... | Emerald Publishing

Table 6

Panel regressions with fixed effects to test H2

Variables	Model 5	Model 6	Model 7	Model 8
Variables	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL
ESG	−0.002	−0.003	−0.003	−0.000
ROA	1.779***	1.951***	1.643***	1.359***
LEVERAGE	−0.240**	−0.280*	−0.144	−0.377***
SIZE	0.545***	0.556***	0.529***	0.607***
SECTOR	0.017	0.040	−0.018	−0.046
ECOFREE	0.040***	0.036***	0.047**	0.008
STAKENG	−0.228**	−0.246*	−0.277	−0.123
STA × ESG	0.006**	0.003**	0.006*	0.004*
Observations	558	339	219	455
R² within	0.4599	0.4679	0.4536	0.4213
F test	58.01***	36.05***	21.69***	40.22***
VIF	1.21	1.22	1.17	1.13

Variables	Model 5	Model 6	Model 7	Model 8
Variables	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL	D.V. MKTVL
ESG	−0.002	−0.003	−0.003	−0.000
ROA	1.779***	1.951***	1.643***	1.359***
LEVERAGE	−0.240**	−0.280*	−0.144	−0.377***
SIZE	0.545***	0.556***	0.529***	0.607***
SECTOR	0.017	0.040	−0.018	−0.046
ECOFREE	0.040***	0.036***	0.047**	0.008
STAKENG	−0.228**	−0.246*	−0.277	−0.123
STA × ESG	0.006**	0.003**	0.006*	0.004*
Observations	558	339	219	455
R² within	0.4599	0.4679	0.4536	0.4213
F test	58.01***	36.05***	21.69***	40.22***
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