Table 3. Results when the independent...

Table 3.

Results when the independent variable is ROE

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	124.1485	129.8364	127.1738	130.2119	122.5425
ESG	0.0034
Envir		0.0231
Social			0.0600
Governance				−0.0659
env_bin					−3.0800 *
lev	−0.0729	−0.0850	−0.0701	−0.0690	−0.0802
tac	0.0971	0.0996	0.0986	0.0984	0.0979
EPS	0.4834 ***	0.4804 ***	0.4821 ***	0.4806 ***	0.4874 ***
cash_ratio	61.1500 ***	62.1973 ***	61.0254 ***	61.7622 ***	60.9527 ***
size	−4.7470	−5.0317	−4.9154	−4.9082	−4.6717
bs	−0.0325	−0.0917	−0.0427	−0.0009	−0.0626
ESG_×_fam	0.0181
Envir_×_fam		0.0717
Social_×_fam			−0.0284
Governance_×_fam				0.0407
Env_bin_×_fam					6.0790**
rsquared	0.3348	0.3380	0.3360	0.3356	0.3360
rsquared_overall	0.0669	0.0671	0.0535	0.0538	0.0771
rsquared_betwee	0.0051	0.0090	−0.0057	0.0045	0.0181
rsquared_within	0.3241	0.3309	0.3281	0.3197	0.3231
Number of obs	451	451	451	451	451
Years periods	9	9	9	9	9

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	124.1485	129.8364	127.1738	130.2119	122.5425
ESG	0.0034
Envir		0.0231
Social			0.0600
Governance				−0.0659
env_bin					−3.0800 *
lev	−0.0729	−0.0850	−0.0701	−0.0690	−0.0802
tac	0.0971	0.0996	0.0986	0.0984	0.0979
EPS	0.4834 ***	0.4804 ***	0.4821 ***	0.4806 ***	0.4874 ***
cash_ratio	61.1500 ***	62.1973 ***	61.0254 ***	61.7622 ***	60.9527 ***
size	−4.7470	−5.0317	−4.9154	−4.9082	−4.6717
bs	−0.0325	−0.0917	−0.0427	−0.0009	−0.0626
ESG_×_fam	0.0181
Envir_×_fam		0.0717
Social_×_fam			−0.0284
Governance_×_fam				0.0407
Env_bin_×_fam					6.0790**
rsquared	0.3348	0.3380	0.3360	0.3356	0.3360
rsquared_overall	0.0669	0.0671	0.0535	0.0538	0.0771
rsquared_betwee	0.0051	0.0090	−0.0057	0.0045	0.0181
rsquared_within	0.3241	0.3309	0.3281	0.3197	0.3231
Number of obs	451	451	451	451	451
Years periods	9	9	9	9	9

Note(s):

The results are the parameters of the fixed-effects model, which includes both individual and time effects. When applying the Breusch and Pagan (1979) test, we found evidence to reject the null hypothesis of homoscedasticity. We use robust standard errors. The variable sector and the binary variable family are not included in the results because the fixed-effect model absorbs time-invariant characteristics, which are not reflected in the results. The ***, ** and *indicate parameter significance at 1, 5 and 10%, respectively

Source(s): Own elaboration

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