Table 12 Results of the two-stage... | Emerald Publishing

Table 12

Results of the two-stage Heckman method

	Prob.(100_position)	Brand value
	1	2
Bank size	6.592***	0.869***
	(7.46)	(3.84)
Bank age	1.575	−0.170
	(0.99)	(−0.45)
Business model	−0.376	1.506*
	(−0.10)	(2.10)
Intangible assets	0.286	−0.099
	(0.34)	(−0.58)
Asset growth	−0.026	−0.009**
	(−1.60)	(−2.95)
Profitability	0.549	0.067
	(1.55)	(0.63)
Credit risk	−0.031	−0.012
	(−0.580)	(−0.36)
RWA/TA	−0.066*	0.003
	(−2.40)	(0.48)
Bank stability	0.323*
	(2.43)
ESG score	−0.109	−0.029
	(−1.17)	(−1.48)
Inverse Mills Ratio		−0.112
		(−1.17)
GDP		−0.005
		(−0.89)
Constant		−2.905
		(−0.58)
Bank-fixed effects	Yes	Yes
Year-fixed effects	Yes	Yes
N	365	252
LR(χ²)	247.74***	67.52***
R²		0.688
F-test		8.819***

	Prob.(100_position)	Brand value
	1	2
Bank size	6.592***	0.869***
	(7.46)	(3.84)
Bank age	1.575	−0.170
	(0.99)	(−0.45)
Business model	−0.376	1.506*
	(−0.10)	(2.10)
Intangible assets	0.286	−0.099
	(0.34)	(−0.58)
Asset growth	−0.026	−0.009**
	(−1.60)	(−2.95)
Profitability	0.549	0.067
	(1.55)	(0.63)
Credit risk	−0.031	−0.012
	(−0.580)	(−0.36)
RWA/TA	−0.066*	0.003
	(−2.40)	(0.48)
Bank stability	0.323*
	(2.43)
ESG score	−0.109	−0.029
	(−1.17)	(−1.48)
Inverse Mills Ratio		−0.112
		(−1.17)
GDP		−0.005
		(−0.89)
Constant		−2.905
		(−0.58)
Bank-fixed effects	Yes	Yes
Year-fixed effects	Yes	Yes
N	365	252
LR(χ²)	247.74***	67.52***
R²		0.688
F-test		8.819***

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

Source(s): Authors' own work