Table 10 Results of the 2SLS-IV... | Emerald Publishing

Table 10

Results of the 2SLS-IV regression

	Brand value
	1	2	3	4
ESG score	0.0213†^a
	(1.53)
Environmental score		0.0242†^a
		(1.58)
Social score			0.0378†^a
			(1.52)
Governance score				0.0242†^a
				(1.56)
Controls	yes	yes	yes	yes
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	724	724	724	724
F	51.06	51.92	48.44	52.48
Under identification(χ²)	91.262***	116.756***	64.751***	80.266***
Weak identification(F)	259.455	222.702	145.993	231.703
Over identification(χ²)	0.069	0.029	0.086	1.225
Endogeneity test (χ²)	2.394	0.989	2.316	6.539*
First-stage F-test (p value)	0.0000	0.0000	0.0000	0.0000

	Brand value
	1	2	3	4
ESG score	0.0213†^a
	(1.53)
Environmental score		0.0242†^a
		(1.58)
Social score			0.0378†^a
			(1.52)
Governance score				0.0242†^a
				(1.56)
Controls	yes	yes	yes	yes
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	724	724	724	724
F	51.06	51.92	48.44	52.48
Under identification(χ²)	91.262***	116.756***	64.751***	80.266***
Weak identification(F)	259.455	222.702	145.993	231.703
Over identification(χ²)	0.069	0.029	0.086	1.225
Endogeneity test (χ²)	2.394	0.989	2.316	6.539*
First-stage F-test (p value)	0.0000	0.0000	0.0000	0.0000

^aOne tailed p-value

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

Source(s): Authors' own work