Joint ESG effect in family firms (β1 + β3) including EPS: ROA, ROE and operating margin
| Dependent variables | ESG | Environmental | Social | Governance | Env_bin |
|---|---|---|---|---|---|
| ROA | −0.0035 (0.0324) p = 0.915 | 0.0208 (0.0216) p = 0.335 | 0.0143 (0.0252) p = 0.571 | −0.0316 (0.0331) p = 0.341 | −1.8924* (1.1179) p = 0.090 |
| ROE | 0.0215 (0.0702) p = 0.759 | 0.0948 (0.0662) p = 0.152 | 0.0316 (0.0543) p = 0.560 | −0.0252 (0.0573) p = 0.660 | 2.9991 (2.3566) p = 0.203 |
| Operating margin | 0.1594 (0.2985) p = 0.593 | 0.2226 (0.1479) p = 0.132 | 0.2401 (0.2052) p = 0.242 | −0.2186 (0.3692) p = 0.554 | 4.2340 (8.7306) p = 0.628 |
| Dependent variables | Environmental | Social | Governance | Env_bin | |
|---|---|---|---|---|---|
| −0.0035 (0.0324) | 0.0208 (0.0216) | 0.0143 (0.0252) | −0.0316 (0.0331) | ||
| 0.0215 (0.0702) | 0.0948 (0.0662) | 0.0316 (0.0543) | −0.0252 (0.0573) | 2.9991 (2.3566) | |
| Operating margin | 0.1594 (0.2985) | 0.2226 (0.1479) | 0.2401 (0.2052) | −0.2186 (0.3692) | 4.2340 (8.7306) |
Estimates are from tests of β1 + β3. Robust standard errors in parentheses. The *indicate parameter significance at 10%. All regressions include firm- and year-fixed effects and the same control variables as in Tables 3–5