Table 5 Results of the regression model...

Table 5

Results of the regression model with interaction effects

	Brand value
	1	2	3	4
Bank size	0.725*	0.674*	0.274	0.919**
	(2.15)	(2.30)	(0.65)	(2.73)
Bank age	0.0967	0.0687	0.0900	0.0410
	(0.45)	(0.34)	(0.43)	(0.20)
Business Model	1.686***	1.721***	1.790***	1.769***
	(4.12)	(4.37)	(4.07)	(3.98)
Intangible assets	−0.150	−0.117	−0.194	−0.167
	(−1.23)	(−0.94)	(−1.52)	(−1.24)
Asset growth	−0.00257	−0.00230	−0.00282	−0.00227
	(−1.30)	(−1.16)	(−1.46)	(−1.22)
Profitability	0.0244	0.0292	0.0192	0.0300
	(0.55)	(0.63)	(0.41)	(0.61)
Credi trisk	−0.0362	−0.0369	−0.0332	−0.0335
	(−1.41)	(−1.40)	(−1.24)	(−1.32)
RWA/TA	−0.0396	−0.114	−0.227†	−0.0303
	(−0.40)	(−1.38)	(−1.75)	(−0.29)
GDP	−0.006	−0.009†	−0.007	−0.007
	(−1.20)	(−1.71)	(−1.51)	(−1.47)
ESG score	0.741
	(0.83)
Environmental score		−0.135
		(−0.21)
Social score			−1.567
			(−1.15)
Governance score				1.474†
				(1.81)
Bank size × RWA/TA	0.00172	0.00516	0.011†	0.0012
	(0.35)	(1.24)	(1.77)	(0.24)
Bank size × ESG score	−0.0390
	(−0.88)
RWA/TA × Esg score	−0.0269
	(−1.66)
Bank size × RWA/TA × ESG score	0.0014*^a
	(1.70)
Bank size × Environmental score		0.00160
		(0.05)
RWA/TA × Environmental score		−0.00119
		(−0.10)
Bank size × RWA/TA × Environmental score		0.0002
		(0.29)
Bank size × Social score			0.0770
			(1.13)
RWA/TA × Social score			0.0173
			(0.71)
Bank size × RWA/TA × Social score			−0.0009
			(−0.72)
Bank size × Governance score				−0.075†
				(−1.85)
RWA/TA × Governance score				−0.028†
				(−1.77)
Bank size × RWA/TA × Governance score				0.0014*^a
				(1.85)
Constant	−0.240	1.602	9.156	−3.583
	(−0.03)	(0.26)	(1.07)	(−0.52)
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	797	797	797	797
F	49.13***	42.46***	49.28***	38.67***
R²	0.688	0.693	0.683	0.688

	Brand value
	1	2	3	4
Bank size	0.725*	0.674*	0.274	0.919**
	(2.15)	(2.30)	(0.65)	(2.73)
Bank age	0.0967	0.0687	0.0900	0.0410
	(0.45)	(0.34)	(0.43)	(0.20)
Business Model	1.686***	1.721***	1.790***	1.769***
	(4.12)	(4.37)	(4.07)	(3.98)
Intangible assets	−0.150	−0.117	−0.194	−0.167
	(−1.23)	(−0.94)	(−1.52)	(−1.24)
Asset growth	−0.00257	−0.00230	−0.00282	−0.00227
	(−1.30)	(−1.16)	(−1.46)	(−1.22)
Profitability	0.0244	0.0292	0.0192	0.0300
	(0.55)	(0.63)	(0.41)	(0.61)
Credi trisk	−0.0362	−0.0369	−0.0332	−0.0335
	(−1.41)	(−1.40)	(−1.24)	(−1.32)
RWA/TA	−0.0396	−0.114	−0.227†	−0.0303
	(−0.40)	(−1.38)	(−1.75)	(−0.29)
GDP	−0.006	−0.009†	−0.007	−0.007
	(−1.20)	(−1.71)	(−1.51)	(−1.47)
ESG score	0.741
	(0.83)
Environmental score		−0.135
		(−0.21)
Social score			−1.567
			(−1.15)
Governance score				1.474†
				(1.81)
Bank size × RWA/TA	0.00172	0.00516	0.011†	0.0012
	(0.35)	(1.24)	(1.77)	(0.24)
Bank size × ESG score	−0.0390
	(−0.88)
RWA/TA × Esg score	−0.0269
	(−1.66)
Bank size × RWA/TA × ESG score	0.0014*^a
	(1.70)
Bank size × Environmental score		0.00160
		(0.05)
RWA/TA × Environmental score		−0.00119
		(−0.10)
Bank size × RWA/TA × Environmental score		0.0002
		(0.29)
Bank size × Social score			0.0770
			(1.13)
RWA/TA × Social score			0.0173
			(0.71)
Bank size × RWA/TA × Social score			−0.0009
			(−0.72)
Bank size × Governance score				−0.075†
				(−1.85)
RWA/TA × Governance score				−0.028†
				(−1.77)
Bank size × RWA/TA × Governance score				0.0014*^a
				(1.85)
Constant	−0.240	1.602	9.156	−3.583
	(−0.03)	(0.26)	(1.07)	(−0.52)
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	797	797	797	797
F	49.13***	42.46***	49.28***	38.67***
R²	0.688	0.693	0.683	0.688

Note(s): ***, **, * and † denote significance at 0.1%, 1%, 5% and 10%, respectively, with t-statistics in parentheses

One tailed p-value

Source(s): Authors' own work

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