Market capitalization and prior-year ESG scores
| Variables | Estimate | Std. Error | t-value | Sig |
|---|---|---|---|---|
| ESGt−1 | 0.005683 | 0.001596 | 3.561 | *** |
| Size (log total assets) | 0.770350 | 0.023619 | 32.615 | *** |
| Year 2022 | −0.175277 | 0.090226 | −1.942 | * |
| Year 2023 | −0.059822 | 0.087016 | −0.687 | |
| Year 2024 | −0.141349 | 0.092734 | −1.524 | |
| Constant | −4.101011 | 0.328340 | −12.490 | *** |
| Firm FE | No | |||
| Year FE | Yes | |||
| N. Observations | 1,141 | |||
| R-squared | 0.595 | |||
| Wald test | 340.764*** |
| Variables | Estimate | Std. Error | Sig | |
|---|---|---|---|---|
| ESG | 0.005683 | 0.001596 | 3.561 | *** |
| Size (log total assets) | 0.770350 | 0.023619 | 32.615 | *** |
| Year 2022 | −0.175277 | 0.090226 | −1.942 | * |
| Year 2023 | −0.059822 | 0.087016 | −0.687 | |
| Year 2024 | −0.141349 | 0.092734 | −1.524 | |
| Constant | −4.101011 | 0.328340 | −12.490 | *** |
| Firm FE | No | |||
| Year FE | Yes | |||
| N. Observations | 1,141 | |||
| 0.595 | ||||
| Wald test | 340.764*** |
Note(s): *p < 0.1, **p < 0.05, ***p < 0.01
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