Table 6. Panel regression results for...

Table 6.

Panel regression results for predictors with robust standard errors

Variable	Model 1 ESG_perf Coeff. (p-value) No lag	Model 2 ESG_perf Coeff. (p-value) One-year lag	Model 3 ESG_perf Coeff. (p-value) Two-years lag
B_size	0.0769 (0.0354)	0.0583** (0.0355)	0.0672** (0.0371)
B_gend	0.1765 (0.0872)	0.2880 (0.1402)	0.4466 (0.1832)
B_mgend	0.2198* (0.1675)	0.3159** (0.1626)	0.6945** (0.3638)
B_ind	0.0554* (0.0306)	0.0593** (0.0299)	0.0625** (0.0307)
CSR_com	0.0339* (0.0234)	0.0386* (0.0223)	0.0368* (0.0237)
CEO_dual	−0.0125(0.0166)*	−0.0137 (0.0154)	−0.0125 (0.0162)
Size	0.0173*** (0.0056)	0.0147*** (0.0066)	0.0167*** (0.0046)
Lev	−0.3905 (0.7493)	−0.4077* (0.7534)	−0.3342* (0.7426)
Roe	0.0146** (0.0067)	0.0148** (0.0059)	0.0157** (0.0053)
Gdp	0.0155 (0.1613)	0.0011 (0.1383)	0.0057 (0.1478)
RegressionF	18.73***	15.88***	17.31***
R² within	0.4317	0.2369	0.1266
R² between	0.5710	0.4986	0.0133
R² overall	0.4587	0.3705	0.0019
Wald χ²	79.23**
Hausman χ²	23.54	29.95*	37.71
Fixed/random effects	Fixed	Fixed	Fixed

Variable	Model 1 ESG_perf Coeff. (p-value) No lag	Model 2 ESG_perf Coeff. (p-value) One-year lag	Model 3 ESG_perf Coeff. (p-value) Two-years lag
B_size	0.0769 (0.0354)	0.0583** (0.0355)	0.0672** (0.0371)
B_gend	0.1765 (0.0872)	0.2880 (0.1402)	0.4466 (0.1832)
B_mgend	0.2198* (0.1675)	0.3159** (0.1626)	0.6945** (0.3638)
B_ind	0.0554* (0.0306)	0.0593** (0.0299)	0.0625** (0.0307)
CSR_com	0.0339* (0.0234)	0.0386* (0.0223)	0.0368* (0.0237)
CEO_dual	−0.0125(0.0166)*	−0.0137 (0.0154)	−0.0125 (0.0162)
Size	0.0173*** (0.0056)	0.0147*** (0.0066)	0.0167*** (0.0046)
Lev	−0.3905 (0.7493)	−0.4077* (0.7534)	−0.3342* (0.7426)
Roe	0.0146** (0.0067)	0.0148** (0.0059)	0.0157** (0.0053)
Gdp	0.0155 (0.1613)	0.0011 (0.1383)	0.0057 (0.1478)
RegressionF	18.73***	15.88***	17.31***
R² within	0.4317	0.2369	0.1266
R² between	0.5710	0.4986	0.0133
R² overall	0.4587	0.3705	0.0019
Wald χ²	79.23**
Hausman χ²	23.54	29.95*	37.71
Fixed/random effects	Fixed	Fixed	Fixed

Note(s):

n = 119 (number of utility firms). ∑_iT_i.n = 595 (number of utility firm-year observations). The robust standard errors of the estimated coefficients reported in parentheses are clustered at the firm level *, ** and ***denotes level of significance at the 0.10, 0.05 and 0.01 levels, respectively

Source(s): Authors’ own creation

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