Regression results: human rights association with firms performance
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | TOBINQ | FF_ROA | TOBINQ | FF_ROA |
| H_RIGHTP | 0.213** (0.077) | 0.316*** (0.017) | 0.385* (0.107) | 0.659*** (0.123) |
| ESG_PERF | 0.313*** (0.114) | 0.193* (0.059) | 0.175** (0.074) | 0.315*** (0.137) |
| ESG_PERF *H_RIGHTP | 0.719*** (0.023) | 0.052*** (0.008) | ||
| S_Growth | 0.035*** (0.011) | 0.017*** (0.005) | 0.036*** (−0.011) | 0.017*** (0.005) |
| F_LVERAG | 0.289(0.027) | −0.177** (−0.074) | 0.286(0.031) | −0.175** (−0.074) |
| F_SIZ | −0.650*** (−0.303) | −0.031(−0.036) | −0.655** (0.304) | −0.028(−0.037) |
| B_SIZ | 0.003(−0.012) | −0.003** (−0.002) | 0.003(0.012) | −0.016* (−0.006) |
| B_AGE | −0.163** (−0.074) | −0.015(0.010) | −0.165*** (0.074) | −0.014(−0.010) |
| ESG_AUDIT | 0.191* (0.085) | 0.004(0.007) | 0.190* (0.065) | 0.015(0.001) |
| MGMT_PERF | 0.203*** (−0.077) | −0.008(−0.001) | 0.298*** (−0.077) | 0.045** (−0.035) |
| ESG_STRAT | −0.117* (−0.061) | −0.052*** (−0.015) | −0.116* (−0.061) | −0.052*** (−0.015) |
| ESG_TEAM | −0.661*** (−0.021) | −0.026* (−0.011) | −0.659*** (−0.123) | −0.026(−0.007) |
| Constant | 6.314*** (1.261) | −2.360(−0.252) | −4.361*** (−2.015) | 1.335*** (0.262) |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| N | 1,187 | 1,187 | 1,187 | 1,187 |
| Adj. R2 | 0.761 | 0.730 | 0.681 | 0.703 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | FF_ROA | FF_ROA | ||
| H_RIGHTP | 0.213 | 0.316 | 0.385 | 0.659 |
| ESG_PERF | 0.313 | 0.193 | 0.175 | 0.315 |
| ESG_PERF | 0.719 | 0.052 | ||
| S_Growth | 0.035 | 0.017 | 0.036 | 0.017 |
| F_LVERAG | 0.289(0.027) | −0.177 | 0.286(0.031) | −0.175 |
| F_SIZ | −0.650 | −0.031(−0.036) | −0.655 | −0.028(−0.037) |
| B_SIZ | 0.003(−0.012) | −0.003 | 0.003(0.012) | −0.016 |
| B_AGE | −0.163 | −0.015(0.010) | −0.165 | −0.014(−0.010) |
| ESG_AUDIT | 0.191 | 0.004(0.007) | 0.190 | 0.015(0.001) |
| MGMT_PERF | 0.203 | −0.008(−0.001) | 0.298 | 0.045 |
| ESG_STRAT | −0.117 | −0.052 | −0.116 | −0.052 |
| ESG_TEAM | −0.661 | −0.026 | −0.659 | −0.026(−0.007) |
| Constant | 6.314 | −2.360(−0.252) | −4.361 | 1.335 |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| 1,187 | 1,187 | 1,187 | 1,187 | |
| Adj. | 0.761 | 0.730 | 0.681 | 0.703 |
This table presents the estimations of the impact of human rights on firms’ performance based on robust standard error clustered by firm. Robust standard errors are in parentheses. *, ** and ***, indicate statistical significance at the 10, 5 and 1% levels, respectively
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