Table 3 System GMM results Predictors... | Emerald Publishing

Table 3

System GMM results

Predictors	Dependent variable
	ESG	ROA	ROA
	Model (1)	Model (2)	Model (3)
ESG_(t-1)	0.609		0.046
	(0.080)***		(0.016)***
	p = 0.000		p = 0.005
ESG_(t-2)	0.263
	(0.060)***
	p = 0.00002
OE_(t-1)	2.618
	(1.170)**
	p = 0.026
ROA_(t-1)		0.479	0.490
		(0.057)***	(0.057)***
		p = 0.000	p = 0.000
OE_(t-2)		1.098	0.808
		(0.421)***	(0.400)**
		p = 0.010	p = 0.044
Leverage_(t-1)	0.600	2.922	2.762
	(1.801)	(1.117)***	(1.003)***
	p = 0.739	p = 0.009	p = 0.006
#Employee_(t-1)	0.007	−0.021	−0.024
	(0.027)	(0.007)***	(0.008)***
	p = 0.807	p = 0.002	p = 0.002
Current ratio_(t-1)	−0.158	−0.664	−0.567
	(0.409)	(0.206)***	(0.200)***
	p = 0.700	p = 0.002	p = 0.005
R&D intensity_(t-1)	−0.001	−0.011	−0.009
	(0.052)	(0.017)	(0.020)
	p = 0.982	p = 0.527	p = 0.658
Wald χ² (coefficient)	100.01	265.97	352.55
Wald p-value (coefficient)	<2e−16	<2e−16	<2e−16
Wald χ² (time)	54.02	41.54	43.96
Wald p-value (time)	1.17e−07	1.94e−05	7.40e−06
Sargan J-test	33.72	15.91	20.32
Sargan p-value	0.292	0.530	0.315
AR(1) p-value	4.82e−08	0.0175	0.0192
AR(2) p-value	0.277	0.390	0.443
#Firms	456	456	456
#Observations	2,829	2,829	2,829

Predictors	Dependent variable
	ESG	ROA	ROA
	Model (1)	Model (2)	Model (3)
ESG_(t-1)	0.609		0.046
	(0.080)***		(0.016)***
	p = 0.000		p = 0.005
ESG_(t-2)	0.263
	(0.060)***
	p = 0.00002
OE_(t-1)	2.618
	(1.170)**
	p = 0.026
ROA_(t-1)		0.479	0.490
		(0.057)***	(0.057)***
		p = 0.000	p = 0.000
OE_(t-2)		1.098	0.808
		(0.421)***	(0.400)**
		p = 0.010	p = 0.044
Leverage_(t-1)	0.600	2.922	2.762
	(1.801)	(1.117)***	(1.003)***
	p = 0.739	p = 0.009	p = 0.006
#Employee_(t-1)	0.007	−0.021	−0.024
	(0.027)	(0.007)***	(0.008)***
	p = 0.807	p = 0.002	p = 0.002
Current ratio_(t-1)	−0.158	−0.664	−0.567
	(0.409)	(0.206)***	(0.200)***
	p = 0.700	p = 0.002	p = 0.005
R&D intensity_(t-1)	−0.001	−0.011	−0.009
	(0.052)	(0.017)	(0.020)
	p = 0.982	p = 0.527	p = 0.658
Wald χ² (coefficient)	100.01	265.97	352.55
Wald p-value (coefficient)	<2e−16	<2e−16	<2e−16
Wald χ² (time)	54.02	41.54	43.96
Wald p-value (time)	1.17e−07	1.94e−05	7.40e−06
Sargan J-test	33.72	15.91	20.32
Sargan p-value	0.292	0.530	0.315
AR(1) p-value	4.82e−08	0.0175	0.0192
AR(2) p-value	0.277	0.390	0.443
#Firms	456	456	456
#Observations	2,829	2,829	2,829

Note(s): *p < 0.1; **p < 0.05; ***p < 0.01 (Robust standard errors in parentheses)

Firm and year fixed effects are included