Table 7 Company-level pre-regulation... | Emerald Publishing

Table 7

Company-level pre-regulation sustainability involvement

	Model 1	Model 2	Model 3
	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)
$\log (Δ R e v e n u e)$ (⁠ $β_{1})$	0.6931*** (84.559)	0.6808*** (80.408)	0.6829*** (80.020)
${D e c r e a s e}_{i t} \times \log (Δ R e v e n u e)$ (⁠ $β_{2})$	−0.1700*** (−8.199)		−0.2043** (−1.986)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {S u c c e s s i v e D e c r e a s e}_{i t}$ (⁠ $β_{3}$ ⁠)	0.0391* (1.771)		−0.0167 (−0.718)
$D e c r e a s e \times \log (Δ R e v e n u e) \times E U D i r e c t i v e \times \log (S u s t a i n a b i l i t y_p e r f o r m a n c e)$ (⁠ $β_{4}$ ⁠)	−0.0481*** (−6.033)		−0.0394*** (−4.670)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times$ ${E c o n o m i c_g r o w t h}_{i t}$ (⁠ $β_{5}$ ⁠)		−0.1714*** (−7.571)	−0.1588*** (−6.780)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {A s s e t_t u r n o v e r}_{i t}$ (⁠ $β_{6}$ ⁠)		−0.1201*** (−7.416)	−0.1178*** (−7.151)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {R O A}_{i t}$ (⁠ $β_{7}$ ⁠)		1.0675*** (5.124)	1.0956*** (5.249)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {T o b i n s_q}_{i t}$ (⁠ $β_{8}$ ⁠)		−0.0715*** (−7.162)	−0.0675*** (−6.574)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {L e v e r a g e}_{i t}$ (⁠ $β_{9}$ ⁠)		0.1732*** (3.127)	0.1892*** (3.382)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {B o a r d_s i z e}_{i t}$ (⁠ $β_{10}$ ⁠)		0.0002 (0.010)	0.0800** (1.873)
Company FE	YES	YES	YES
Time FE	YES	YES	YES
Industry FE	YES	YES	YES
Adj. R²	0.37		0.37
N	11,280	11,280	11,280

	Model 1	Model 2	Model 3
	Coefficients (t-stats)	Coefficients (t-stats)	Coefficients (t-stats)
$\log (Δ R e v e n u e)$ ( $β_{1})$	0.6931*** (84.559)	0.6808*** (80.408)	0.6829*** (80.020)
${D e c r e a s e}_{i t} \times \log (Δ R e v e n u e)$ ( $β_{2})$	−0.1700*** (−8.199)		−0.2043** (−1.986)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {S u c c e s s i v e D e c r e a s e}_{i t}$ ( $β_{3}$ )	0.0391* (1.771)		−0.0167 (−0.718)
$D e c r e a s e \times \log (Δ R e v e n u e) \times E U D i r e c t i v e \times \log (S u s t a i n a b i l i t y_p e r f o r m a n c e)$ ( $β_{4}$ )	−0.0481*** (−6.033)		−0.0394*** (−4.670)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times$ ${E c o n o m i c_g r o w t h}_{i t}$ ( $β_{5}$ )		−0.1714*** (−7.571)	−0.1588*** (−6.780)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {A s s e t_t u r n o v e r}_{i t}$ ( $β_{6}$ )		−0.1201*** (−7.416)	−0.1178*** (−7.151)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {R O A}_{i t}$ ( $β_{7}$ )		1.0675*** (5.124)	1.0956*** (5.249)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {T o b i n s_q}_{i t}$ ( $β_{8}$ )		−0.0715*** (−7.162)	−0.0675*** (−6.574)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {L e v e r a g e}_{i t}$ ( $β_{9}$ )		0.1732*** (3.127)	0.1892*** (3.382)
${D e c r e a s e}_{i t} \times \log ({Δ R e v e n u e}_{i t}) \times {B o a r d_s i z e}_{i t}$ ( $β_{10}$ )		0.0002 (0.010)	0.0800** (1.873)
Company FE	YES	YES	YES
Time FE	YES	YES	YES
Industry FE	YES	YES	YES
Adj. R²	0.37		0.37
N	11,280	11,280	11,280

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

Source(s): Created by authors