Endogeneity test
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | TOBINQ | FF_ROA | TOBINQ | FF_ROA |
| H_RIGHTP | 0.408*** (0.221) | 0.340* (0.170) | 0.762** (0.251) | 0.732*** (0.044) |
| ESG_PERF | 0.281** (0.104) | 0.129* (0.041) | 0.238** (0.099) | 0.183*** (0.085) |
| ESG_PERF*H_RIGHTP | 0.302*** (0.153) | 0.374*** (0.160) | ||
| Controls | Yes | Yes | Yes | Yes |
| Constant | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| N | 1,187 | 1,187 | 1,187 | 1,187 |
| Adj. R2 | 0.640 | 0.590 | 0.750 | 0.680 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | FF_ROA | FF_ROA | ||
| H_RIGHTP | 0.408 | 0.340 | 0.762 | 0.732 |
| ESG_PERF | 0.281 | 0.129 | 0.238 | 0.183 |
| ESG_PERF | 0.302 | 0.374 | ||
| Controls | Yes | Yes | Yes | Yes |
| Constant | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| 1,187 | 1,187 | 1,187 | 1,187 | |
| Adj. | 0.640 | 0.590 | 0.750 | 0.680 |
Standard errors are in parentheses. WC-Robust. *, ** and ***, indicate statistical significance at the 10, 5 and 1% levels, respectively
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