Table 6 Mandatory sustainability... | Emerald Publishing

Table 6

Mandatory sustainability reporting and cost stickiness

Dependent variable: log(ΔSGA)
	Model 1	Model 2	Model 3	Model 4
	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)
$\log (Δ R e v e n u e)$ (⁠ $β_{1})$	0.646*** (50.749)	0.637*** (50.085)	0.6209*** (49.127)	0.630*** (48.988)
${D e c r e a s e}_{i t} \times \log (Δ R e v e n u e)$ (⁠ $β_{2})$	−0.118*** (−5.333)	−0.047** (−2.130)		−0.314*** (−3.375)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {S u c c e s s i v e D e c r e a s e}_{i t}$ (⁠ $β_{3}$ ⁠)	0.064*** (2.894)	0.050** (2.127)		0.034 (1.495)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {E U_D i r e c t i v e}_{i t}$ (⁠ $β_{4}$ ⁠)		−0.128*** (−5.522)	−0.1647*** (−4.544)	−0.106*** (−4.328)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {E c o n o m i c_g r o w t h}_{i t}$ (⁠ $β_{5}$ ⁠)			−0.0509* (−1.629)	−0.061*** (−2.871)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {A s s e t_t u r n o v e r}_{i t}$ (⁠ $β_{6}$ ⁠)			−0.032 (−1.382)	0.029* (1.806)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {R O A}_{i t}$ (⁠ $β_{7}$ ⁠)			3.015*** (7.438)	1.358*** (7.525)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {T o b i n s_q}_{i t}$ (⁠ $β_{8}$ ⁠)			−0.028 (−1.356)	−0.022* (−1.616)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {L e v e r a g e}_{i t}$ (⁠ $β_{9}$ ⁠)			0.366*** (4.422)	0.188*** (3.308)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {B o a r d_s i z e}_{i t}$ (⁠ $β_{10}$ ⁠)			0.349*** (13.048)	0.075** (2.055)
Company FE	YES	YES	YES	YES
Time FE	YES	YES	YES	YES
Industry FE	YES	YES	YES	YES
Adj. R²	0.41	0.41	0.27	0.42
N	11,280	11,280	11,280	11,280

Dependent variable: log(ΔSGA)
	Model 1	Model 2	Model 3	Model 4
	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)
$\log (Δ R e v e n u e)$ ( $β_{1})$	0.646*** (50.749)	0.637*** (50.085)	0.6209*** (49.127)	0.630*** (48.988)
${D e c r e a s e}_{i t} \times \log (Δ R e v e n u e)$ ( $β_{2})$	−0.118*** (−5.333)	−0.047** (−2.130)		−0.314*** (−3.375)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {S u c c e s s i v e D e c r e a s e}_{i t}$ ( $β_{3}$ )	0.064*** (2.894)	0.050** (2.127)		0.034 (1.495)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {E U_D i r e c t i v e}_{i t}$ ( $β_{4}$ )		−0.128*** (−5.522)	−0.1647*** (−4.544)	−0.106*** (−4.328)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {E c o n o m i c_g r o w t h}_{i t}$ ( $β_{5}$ )			−0.0509* (−1.629)	−0.061*** (−2.871)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {A s s e t_t u r n o v e r}_{i t}$ ( $β_{6}$ )			−0.032 (−1.382)	0.029* (1.806)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {R O A}_{i t}$ ( $β_{7}$ )			3.015*** (7.438)	1.358*** (7.525)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {T o b i n s_q}_{i t}$ ( $β_{8}$ )			−0.028 (−1.356)	−0.022* (−1.616)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {L e v e r a g e}_{i t}$ ( $β_{9}$ )			0.366*** (4.422)	0.188*** (3.308)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {B o a r d_s i z e}_{i t}$ ( $β_{10}$ )			0.349*** (13.048)	0.075** (2.055)
Company FE	YES	YES	YES	YES
Time FE	YES	YES	YES	YES
Industry FE	YES	YES	YES	YES
Adj. R²	0.41	0.41	0.27	0.42
N	11,280	11,280	11,280	11,280

Note(s): ***, **, * represent 1%, 5% and 10% significance levels respectively

Source(s): Created by authors