Table 9 Regression results using a...

Table 9

Regression results using a different independent variable

	Brand value
	1	2
Bank size	0.163	0.212
	(0.78)	(1.21)
RWA/TA	0.0476	0.0265
	(0.64)	(0.54)
ESG score	0.910
	(1.32)
Governance score		1.510*
		(2.25)
Bank size × RWA/TA	−0.0025	−0.00352
	(−0.59)	(−0.52)
Bank size × ESG score	−0.0473
	(−1.30)
RWA/TA × Esg score	−0.0258†
	(−1.82)
Bank size × RWA/TA × ESG score	0.00132*^a
	(1.95)
Bank size × Governance score		−0.0662*
		(−2.68)
RWA/TA × Governance score		−0.0252*
		(−2.19)
Bank size × RWA/TA × Governance score		0.0013*^a
		(2.55)
Constant	−2.685	−7.219
	(−0.69)	(−0.95)
Controls	yes	yes
Bank FE	yes	yes
Year FE	yes	yes
N	655	655
F	20.26***	22.86***
R²	0.282	0.315

	Brand value
	1	2
Bank size	0.163	0.212
	(0.78)	(1.21)
RWA/TA	0.0476	0.0265
	(0.64)	(0.54)
ESG score	0.910
	(1.32)
Governance score		1.510*
		(2.25)
Bank size × RWA/TA	−0.0025	−0.00352
	(−0.59)	(−0.52)
Bank size × ESG score	−0.0473
	(−1.30)
RWA/TA × Esg score	−0.0258†
	(−1.82)
Bank size × RWA/TA × ESG score	0.00132*^a
	(1.95)
Bank size × Governance score		−0.0662*
		(−2.68)
RWA/TA × Governance score		−0.0252*
		(−2.19)
Bank size × RWA/TA × Governance score		0.0013*^a
		(2.55)
Constant	−2.685	−7.219
	(−0.69)	(−0.95)
Controls	yes	yes
Bank FE	yes	yes
Year FE	yes	yes
N	655	655
F	20.26***	22.86***
R²	0.282	0.315

One tailed p-value

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

Source(s): Authors' own work

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