Table 4. Additional tests: ESG...

Table 4.

Additional tests: ESG dimensions moderation of human rights and firm performance

	Environmental		Social		Governance
	(1)	(2)	(3)	(4)	(5)	(6)
Variables	TOBINQ	FF_ROA	TOBINQ	FF_ROA	TOBINQ	FF_ROA
H_RIGHTP	0.607*** −0.137	0.040** −0.016	0.561*** −0.119	0.040** −0.016	0.561*** −0.119	0.040** −0.016
ESG_ENV	0.229*** −0.092	0.152*** −0.075
ESG_SOC			0.116* −0.061	0.252*** −0.093
ESG_GOV					0.100** −0.009	0.152*** −0.017
ESG_ENVP*H_RIGHTP	0.415*** −0.141	0.025** −0.002
ESG_SOCP*H_RIGHTP			0.607*** −0.137	0.08−0.016
ESG_GOVP*H_RIGHTP					0.400***	0.025**
					−0.135	−0.009
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Constant	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	1,187	1,187	1,187	1,187	1,187	1,187
Adj. R²	0.639	0.550	0.714	0.682	0.735	0.662

	Environmental		Social		Governance
	(1)	(2)	(3)	(4)	(5)	(6)
Variables	TOBINQ	FF_ROA	TOBINQ	FF_ROA	TOBINQ	FF_ROA
H_RIGHTP	0.607*** −0.137	0.040** −0.016	0.561*** −0.119	0.040** −0.016	0.561*** −0.119	0.040** −0.016
ESG_ENV	0.229*** −0.092	0.152*** −0.075
ESG_SOC			0.116* −0.061	0.252*** −0.093
ESG_GOV					0.100** −0.009	0.152*** −0.017
ESG_ENVP*H_RIGHTP	0.415*** −0.141	0.025** −0.002
ESG_SOCP*H_RIGHTP			0.607*** −0.137	0.08−0.016
ESG_GOVP*H_RIGHTP					0.400***	0.025**
					−0.135	−0.009
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Constant	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	1,187	1,187	1,187	1,187	1,187	1,187
Adj. R²	0.639	0.550	0.714	0.682	0.735	0.662

Note(s):

This table report the results for each ESG dimension: Environmental, Social and Governance. Robust standard errors are in parentheses. *, ** and ***, indicate statistical significance at the 10, 5 and 1% levels, respectively

Source(s): Authors’ own work

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