Joint ESG effect in family firms (β1 + β3): ROA, ROE, and operating margin (outliers removed)
| Dependent variables | ESG | Environmental | Social | Governance | Env_bin |
|---|---|---|---|---|---|
| ROA | 0.0401* (0.0221) t = 1.817 p = 0.069 | 0.0381** (0.0175) t = 2.176 p = 0.030 | 0.0005 (0.0290) t = 0.016 p = 0.987 | 0.0338** (0.0168) t = 2.018 p = 0.044 | −0.1414 (1.7163) t=-0.082 p = 0.934 |
| ROE | 0.0439 (0.0792) t = 0.555 p = 0.579 | 0.0987 (0.0619) t = 1.594 p = 0.111 | 0.0486 (0.0597) t = 0.815 p = 0.415 | 0.0153 (0.0649) t = 0.236 p = 0.814 | 2.0425 (2.3988) t = 0.851 p = 0.395 |
| Operating margin | 0.0417 (0.0444) t = 0.940 p = 0.347 | 0.0257 (0.0359) t = 0.716 p = 0.474 | 0.0334 (0.0385) t = 0.868 p = 0.385 | 0.0694* (0.0406) t = 1.710 p = 0.087 | 1.1157 (2.8844) t = 0.387 p = 0.699 |
| Dependent variables | Environmental | Social | Governance | Env_bin | |
|---|---|---|---|---|---|
| 0.0005 (0.0290) t = 0.016 | −0.1414 (1.7163) t=-0.082 | ||||
| 0.0439 (0.0792) t = 0.555 | 0.0987 (0.0619) t = 1.594 | 0.0486 (0.0597) t = 0.815 | 0.0153 (0.0649) t = 0.236 | 2.0425 (2.3988) t = 0.851 | |
| Operating margin | 0.0417 (0.0444) t = 0.940 | 0.0257 (0.0359) t = 0.716 | 0.0334 (0.0385) t = 0.868 | 1.1157 (2.8844) t = 0.387 |
Estimates are from tests of β1 + β3. Robust standard errors in parentheses. The ***, **, and * indicate parameter significance at 1, 5 and 10%, respectively. All regressions include firm- and year-fixed effects and the same control variables as in Tables 3–5