Table 5. Results when the independent...

Table 5.

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
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

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 absorbs time-invariant characteristics. The *** and * indicate parameter significance at 1 and 10%, respectively

Source(s): Own elaboration

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