Table 11 Results of the 2SLS-IV...

Table 11

Results of the 2SLS-IV regression testing the moderation effect of bank size and risk on the relationship between ESG score and brand value

Panel A – regression results	Brand value
	1	2	3	4
Bank size	0.891***	0.700**	5.878	0.683*
	(3.51)	(2.93)	(0.75)	(2.43)
RWA/TA	0.121	−0.0585	1.729	0.0672
	(1.19)	(−0.76)	(0.71)	(0.49)
ESG score	1.927*
	(2.14)
Environmental score		0.353
		(0.46)
Social score			21.60
			(0.66)
Governance score				1.879†
				(1.70)
Bank size × RWA/TA	−0.00706	0.00224	−0.0892	−0.00443
	(−1.38)	(0.58)	(−0.72)	(−0.65)
Bank size × ESG score	−0.105*
	(−2.32)
RWA/TA × Esg score	−0.0598**^a
	(−2.99)
Bank size × RWA/TA × ESG score	0.00321**
	(3.17)
Bank size × Environmental score		−0.0250
		(−0.66)
RWA/TA × Environmental score		−0.0113
		(−0.73)
Bank size × RWA/TA × Environmental score		0.000736
		(0.96)
Bank size × Social score			−1.105
			(−0.67)
RWA/TA × Social score			−0.413
			(−0.75)
Bank size × RWA/TA × Social score			0.0212
			(0.76)
Bank size × Governance score				−0.104†
				(−1.88)
RWA/TA × Governance score				−0.0626*^a
				(−2.24)
Bank size × RWA/TA × Governance score				0.00337*
				(2.41)
Controls	yes	yes	yes	yes
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	724	724	724	724
F	42.76***	61.49***	21.69***	43.30***
Under identification(χ²)	53.626***	28.727***	27.256***	29.737***
Weak identification(F)	45.217	45.505	25.689	26.966
Over identification(χ²)	0.843	0.025	3.225†	2.266
Endogeneity test (χ²)	1.633	1.357	1.119	4.801*
First-stage F-test (p value)	0.0000	0.0000	0.0000	0.0000

Panel A – regression results	Brand value
	1	2	3	4
Bank size	0.891***	0.700**	5.878	0.683*
	(3.51)	(2.93)	(0.75)	(2.43)
RWA/TA	0.121	−0.0585	1.729	0.0672
	(1.19)	(−0.76)	(0.71)	(0.49)
ESG score	1.927*
	(2.14)
Environmental score		0.353
		(0.46)
Social score			21.60
			(0.66)
Governance score				1.879†
				(1.70)
Bank size × RWA/TA	−0.00706	0.00224	−0.0892	−0.00443
	(−1.38)	(0.58)	(−0.72)	(−0.65)
Bank size × ESG score	−0.105*
	(−2.32)
RWA/TA × Esg score	−0.0598**^a
	(−2.99)
Bank size × RWA/TA × ESG score	0.00321**
	(3.17)
Bank size × Environmental score		−0.0250
		(−0.66)
RWA/TA × Environmental score		−0.0113
		(−0.73)
Bank size × RWA/TA × Environmental score		0.000736
		(0.96)
Bank size × Social score			−1.105
			(−0.67)
RWA/TA × Social score			−0.413
			(−0.75)
Bank size × RWA/TA × Social score			0.0212
			(0.76)
Bank size × Governance score				−0.104†
				(−1.88)
RWA/TA × Governance score				−0.0626*^a
				(−2.24)
Bank size × RWA/TA × Governance score				0.00337*
				(2.41)
Controls	yes	yes	yes	yes
Bank FE	yes	yes	yes	yes
Year FE	yes	yes	yes	yes
N	724	724	724	724
F	42.76***	61.49***	21.69***	43.30***
Under identification(χ²)	53.626***	28.727***	27.256***	29.737***
Weak identification(F)	45.217	45.505	25.689	26.966
Over identification(χ²)	0.843	0.025	3.225†	2.266
Endogeneity test (χ²)	1.633	1.357	1.119	4.801*
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%, 1%, 5% and 10%, respectively, with t-statistics in parentheses

Source(s): Authors' own work

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