Table 11 ROA and prior-year ESG scores... | Emerald Publishing

Table 11

ROA and prior-year ESG scores

Variables	Estimate	Std. Error	t-value	p-value	Sig
ESG_t−1	0.000259	0.000122	2.116	0.035	**
Size (log total assets)	−0.001304	0.000265	−4.923	<0.001	***
Year 2022	0.023206	0.007731	3.002	0.003	***
Year 2023	0.040190	0.006858	5.861	<0.001	***
Year 2024	0.041048	0.006997	5.951	<0.001	***
Constant	0.056846	0.012141	4.682	<0.001	***
Firm FE	No
Year FE	Yes
N. Observations	1,180
R-squared	0.065
Wald test	15.776***

Variables	Estimate	Std. Error	t-value	p-value	Sig
ESG_t−1	0.000259	0.000122	2.116	0.035	**
Size (log total assets)	−0.001304	0.000265	−4.923	<0.001	***
Year 2022	0.023206	0.007731	3.002	0.003	***
Year 2023	0.040190	0.006858	5.861	<0.001	***
Year 2024	0.041048	0.006997	5.951	<0.001	***
Constant	0.056846	0.012141	4.682	<0.001	***
Firm FE	No
Year FE	Yes
N. Observations	1,180
R-squared	0.065
Wald test	15.776***

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

Source(s): Author’s own work