Table 11. Results removing outliers for...

Table 11.

Results removing outliers for ROE

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	302.41**	308.77545**	308.36**	292.96**	305.13
ESG	−0.003
Envir		0.0235692
Social			0.0342
Governance				−0.083
Env_bin					−2.216
lev	0.0074	−0.008007	0.0096	0.009	0.0006
tac	0.1568***	0.1618341***	0.1606***	0.1513***	0.1594***
EPS	1.3745***	1.375032***	1.3699***	1.3632***	1.3761***
cash_ratio	54.025**	56.81518***	53.661**	52.136**	53.909**
size	−12.297**	−12.57069**	−12.55**	−11.88**	−12.37**
bs	0.1705	0.1266528	0.1833	0.1854	0.1535
ESG_×_fam	0.0626
Envir_×_fam		0.0688032
Social_×_fam			0.0087
Governance_×_fam				0.1558**
Env_bin_×_fam					5.4574*
rsquared	0.303	0.3093421	0.303	0.3099	0.3035
rsquared_overall	−2.2328	−2.338825	−2.3555	−2.092	−2.331
rsquared_betwee	−3.9752	−4.115147	−4.2191	−3.686	−4.094
rsquared_within	0.288	0.2993222	0.2878	0.2907	0.2668
Number of obs	381	381	381	381	381
Years periods	9	9	9	9	9

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	302.41**	308.77545**	308.36**	292.96**	305.13
ESG	−0.003
Envir		0.0235692
Social			0.0342
Governance				−0.083
Env_bin					−2.216
lev	0.0074	−0.008007	0.0096	0.009	0.0006
tac	0.1568***	0.1618341***	0.1606***	0.1513***	0.1594***
EPS	1.3745***	1.375032***	1.3699***	1.3632***	1.3761***
cash_ratio	54.025**	56.81518***	53.661**	52.136**	53.909**
size	−12.297**	−12.57069**	−12.55**	−11.88**	−12.37**
bs	0.1705	0.1266528	0.1833	0.1854	0.1535
ESG_×_fam	0.0626
Envir_×_fam		0.0688032
Social_×_fam			0.0087
Governance_×_fam				0.1558**
Env_bin_×_fam					5.4574*
rsquared	0.303	0.3093421	0.303	0.3099	0.3035
rsquared_overall	−2.2328	−2.338825	−2.3555	−2.092	−2.331
rsquared_betwee	−3.9752	−4.115147	−4.2191	−3.686	−4.094
rsquared_within	0.288	0.2993222	0.2878	0.2907	0.2668
Number of obs	381	381	381	381	381
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 against the null of homoscedasticity in column 2, 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, 5 and 10%, respectively

Source(s): Own elaboration

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