Results when the independent variable is return on assets (ROA)
| Indicator/Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Const | 102.997 | 106.529 | 102.336 | 107.345 | 109.790 |
| ESG | −0.023 | ||||
| Envir | 0.038 | ||||
| Social | −0.022 | ||||
| Governance | −0.069 | ||||
| env_bin | −7.836 * | ||||
| lev | −0.021 | −0.022 | −0.021 | −0.021 | −0.021 |
| tac | 0.077 *** | 0.078 *** | 0.076 *** | 0.078 *** | 0.079 *** |
| EPS | 0.000 *** | 0.000 *** | 0.000 *** | 0.000 *** | 0.000 *** |
| cash_ratio | 5.432 | 5.098 | 5.559 | 6.230 | 6.463 |
| size | −4.058 | −4.249 | −4.051 | −4.174 | −4.206 |
| bs | 0.220 | 0.198 | 0.211 | 0.232 | 0.202 |
| ESG_×_fam | 0.019 | ||||
| Envir_×_fam | −0.017 | ||||
| Social_×_fam | 0.037 | ||||
| Governance_×_fam | 0.038 | ||||
| Env_bin_×_fam | 5.943 | ||||
| rsquared | 0.660 | 0.661 | 0.661 | 0.663 | 0.672 |
| rsquared_overall | 0.161 | 0.140 | 0.174 | 0.108 | 0.063 |
| rsquared_betwee | −0.751 | −0.820 | −0.725 | −0.849 | −0.946 |
| rsquared_within | 0.636 | 0.642 | 0.639 | 0.635 | 0.647 |
| Number of obs | 464 | 464 | 464 | 464 | 464 |
| Years periods | 9 | 9 | 9 | 9 | 9 |
| Indicator/Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Const | 102.997 | 106.529 | 102.336 | 107.345 | 109.790 |
| −0.023 | |||||
| Envir | 0.038 | ||||
| Social | −0.022 | ||||
| Governance | −0.069 | ||||
| env_bin | −7.836 | ||||
| lev | −0.021 | −0.022 | −0.021 | −0.021 | −0.021 |
| tac | 0.077 | 0.078 | 0.076 | 0.078 | 0.079 |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| cash_ratio | 5.432 | 5.098 | 5.559 | 6.230 | 6.463 |
| size | −4.058 | −4.249 | −4.051 | −4.174 | −4.206 |
| bs | 0.220 | 0.198 | 0.211 | 0.232 | 0.202 |
| ESG_×_fam | 0.019 | ||||
| Envir_×_fam | −0.017 | ||||
| Social_×_fam | 0.037 | ||||
| Governance_×_fam | 0.038 | ||||
| Env_bin_×_fam | 5.943 | ||||
| rsquared | 0.660 | 0.661 | 0.661 | 0.663 | 0.672 |
| rsquared_overall | 0.161 | 0.140 | 0.174 | 0.108 | 0.063 |
| rsquared_betwee | −0.751 | −0.820 | −0.725 | −0.849 | −0.946 |
| rsquared_within | 0.636 | 0.642 | 0.639 | 0.635 | 0.647 |
| Number of obs | 464 | 464 | 464 | 464 | 464 |
| Years periods | 9 | 9 | 9 | 9 | 9 |
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 absorbs time-invariant characteristics. The *** and * indicate parameter significance at 1 and 10%, respectively