Table 9 ROE fixed-effects estimates with... | Emerald Publishing

Table 9

ROE fixed-effects estimates with prior-year ESG scores

Variables	Estimate	Std. Error	t-value	p-value	Sig
ROA	1.653	0.946	1.747	0.082	*
Leverage	−0.003	0.015	−0.224	0.823
NI/EBIT	0.013	0.006	2.123	0.034	**
Double negative	−0.287	0.130	−2.204	0.028	**
ESG_t−1	−0.001	0.004	−0.200	0.842
Size (log total assets)	0.011	0.160	0.067	0.946
Firm FE	Yes
Year FE	Yes
N. Observations	1,280
R-squared	0.334
Wald test	8.586***

Variables	Estimate	Std. Error	t-value	p-value	Sig
ROA	1.653	0.946	1.747	0.082	*
Leverage	−0.003	0.015	−0.224	0.823
NI/EBIT	0.013	0.006	2.123	0.034	**
Double negative	−0.287	0.130	−2.204	0.028	**
ESG_t−1	−0.001	0.004	−0.200	0.842
Size (log total assets)	0.011	0.160	0.067	0.946
Firm FE	Yes
Year FE	Yes
N. Observations	1,280
R-squared	0.334
Wald test	8.586***

Note(s): *p < 0.1, **p < 0.05, ***p < 0.01

Source(s): Author’s own work