Joint ESG effect in family firms (β1 + β3): ROA, ROE, and operating margin without EPS
| Dependent variables | ESG | Environmental | Social | Governance | Env_bin |
|---|---|---|---|---|---|
| ROA | −0.0096 (0.0336) p = 0.775 | 0.0418 (0.0273) p = 0.126 | 0.0005 (0.0290) p = 0.987 | −0.0416 (0.0340) p = 0.220 | −0.1414 (1.7163) p = 0.934 |
| ROE | −0.0116 (0.0867) p = 0.893 | 0.1265** (0.0639) p = 0.048 | 0.0548 (0.0609) p = 0.368 | −0.1303 (0.0893) p = 0.145 | −2.9001 (4.1850) p = 0.488 |
| Operating margin | 0.1422 (0.2956) p = 0.630 | 0.281* (0.1626) p = 0.084 | 0.2016 (0.2057) p = 0.327 | −0.2467 (0.3537) p = 0.486 | 8.8875 (9.7242) p = 0.361 |
| Dependent variables | Environmental | Social | Governance | Env_bin | |
|---|---|---|---|---|---|
| −0.0096 (0.0336) | 0.0418 (0.0273) | 0.0005 (0.0290) | −0.0416 (0.0340) | −0.1414 (1.7163) | |
| −0.0116 (0.0867) | 0.0548 (0.0609) | −0.1303 (0.0893) | −2.9001 (4.1850) | ||
| Operating margin | 0.1422 (0.2956) | 0.2016 (0.2057) | −0.2467 (0.3537) | 8.8875 (9.7242) |
Estimates are from tests of β1 + β3. Robust standard errors in parentheses. The *** and * indicate parameter significance at 1 and 10%, respectively. All regressions include firm and year fixed effects and the same control variables as in Tables 3–5