Table 4. Results when the independent...

Table 4.

Results when the independent variable is operating margin

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	−2201.9 **	−2192.7 **	−2201.8 **	−2177.8 **	−2091.7 **
ESG	−0.2432
Envir		−0.2316
Social			−0.1559
Governance				−0.1124
env_bin					−149.4391**
lev	−1.1192 ***	−1.1218 ***	−1.1201 ***	−1.1199 ***	−1.1232 ***
tac	−0.0351	−0.0306	−0.0325	−0.0211	0.0206
EPS	0.0007 ***	0.0007 ***	0.0007 ***	0.0007 ***	0.0007 ***
cash_ratio	50.7820	51.5755	51.8663	52.0602	73.2024
size	92.4196 **	91.9831 **	92.2550 **	91.7749 **	89.9048 **
bs	−3.3868	−3.4194	−3.4078	−3.1867	−4.0372 **
ESG_×_fam	0.4025
Envir_×_fam		0.4542*
Social_×_fam			0.3961
Governance_×_fam				−0.1063
Env_bin_×_fam					153.6731**
rsquared	0.4018	0.4025	0.4022	0.4018	0.4581
rsquared_overall	−3.7179	−3.6681	−3.7298	−3.4470	−4.9567
rsquared_betwee	−9.4521	−9.3284	−9.4627	−8.8366	−12.9660
rsquared_within	0.3195	0.3217	0.3139	0.3280	0.3940
Number of obs	464	464	464	464	464
Years periods	9	9	9	9	9

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	−2201.9 **	−2192.7 **	−2201.8 **	−2177.8 **	−2091.7 **
ESG	−0.2432
Envir		−0.2316
Social			−0.1559
Governance				−0.1124
env_bin					−149.4391**
lev	−1.1192 ***	−1.1218 ***	−1.1201 ***	−1.1199 ***	−1.1232 ***
tac	−0.0351	−0.0306	−0.0325	−0.0211	0.0206
EPS	0.0007 ***	0.0007 ***	0.0007 ***	0.0007 ***	0.0007 ***
cash_ratio	50.7820	51.5755	51.8663	52.0602	73.2024
size	92.4196 **	91.9831 **	92.2550 **	91.7749 **	89.9048 **
bs	−3.3868	−3.4194	−3.4078	−3.1867	−4.0372 **
ESG_×_fam	0.4025
Envir_×_fam		0.4542*
Social_×_fam			0.3961
Governance_×_fam				−0.1063
Env_bin_×_fam					153.6731**
rsquared	0.4018	0.4025	0.4022	0.4018	0.4581
rsquared_overall	−3.7179	−3.6681	−3.7298	−3.4470	−4.9567
rsquared_betwee	−9.4521	−9.3284	−9.4627	−8.8366	−12.9660
rsquared_within	0.3195	0.3217	0.3139	0.3280	0.3940
Number of obs	464	464	464	464	464
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 using robust standard errors. The variable sector and the binary variable family are not included in the results because the fixed-effect model already absorbs time-invariant characteristics. The ***, ** and *indicate parameter significance at 1, 5 and 10%, respectively

Source(s): Own elaboration

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