Table 13. Robustness check:... | Emerald Publishing

Table 13.

Robustness check: ESG–performance models without EPS

	(1)	(2)	(3)	(4)
Indicator/Variables	Operating marging	Operating marging	ROA	ROE
const	−2039.295**	−1947.640**	164.006	9.194
ESG
Envir	−0.208
Social
Governance
env_bin		−154.037**	−9.566**	−3.905*
lev	−1.334***	−1.325***	−0.097	−0.330*
tac	0.093	0.140	0.124**	0.172**
cash_ratio	37.426	60.267	1.596	61.064***
size	86.947**	85.216**	−5.971	0.464
bs	−5.285*	−5.844**	−0.478	−0.216
Envir_×_fam	0.489*
env_bin_×_fam		162.925**	9.424*	1.005
rsquared	0.364	0.423	0.330	0.118
rsquared_overall	−3.180	−4.605	−0.900	0.098
rsquared_betwee	−8.196	−12.219	−2.583	0.105
rsquared_within	0.288	0.365	0.301	0.116
Number of obs	464	464	464	451
Years periods	9	9	9	9

	(1)	(2)	(3)	(4)
Indicator/Variables	Operating marging	Operating marging	ROA	ROE
const	−2039.295**	−1947.640**	164.006	9.194
ESG
Envir	−0.208
Social
Governance
env_bin		−154.037**	−9.566**	−3.905*
lev	−1.334***	−1.325***	−0.097	−0.330*
tac	0.093	0.140	0.124**	0.172**
cash_ratio	37.426	60.267	1.596	61.064***
size	86.947**	85.216**	−5.971	0.464
bs	−5.285*	−5.844**	−0.478	−0.216
Envir_×_fam	0.489*
env_bin_×_fam		162.925**	9.424*	1.005
rsquared	0.364	0.423	0.330	0.118
rsquared_overall	−3.180	−4.605	−0.900	0.098
rsquared_betwee	−8.196	−12.219	−2.583	0.105
rsquared_within	0.288	0.365	0.301	0.116
Number of obs	464	464	464	451
Years periods	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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