Table 1 Firm characteristics average...

Table 1

Firm characteristics average relation to sustainability indicators reporting (Panel Tobit estimates)^a^, ^b

Variables	Indicator quantity	Indicator dimensions	Indicator topics	Target connected indicators	Share of target connection
Log employed	0.335*	0.189*	0.247*	0.209	0.037
Log employed	(0.175)	(0.110)	(0.147)	(0.196)	(0.045)
Log net turnover	0.490***	0.253**	0.385***	0.604***	0.096*
Log net turnover	(0.174)	(0.109)	(0.145)	(0.192)	(0.044)
Sector
Beverage industry	−0.053	−0.132	−0.165	0.152	0.016
Beverage industry	(0.518)	(0.324)	(0.432)	(0.570)	(0.124)
Wholesale	−0.575*	−0.356	−0.484*	−0.666*	−0.150*
Wholesale	(0.347)	(0.217)	(0.290)	(0.389)	(0.085)
Retail	−0.982	−0.422	−0.768	−1.083	−0.246
Retail	(0.623)	(0.389)	(0.519)	(0.686)	(0.150)
Multinational affiliation
Nordics	0.047	0.143	0.120	−0.032	0.057
Nordics	(0.485)	(0.304)	(0.406)	(0.543)	(0.118)
Europe	1.217***	0.731***	0.994***	1.150***	0.219**
Europe	(0.370)	(0.232)	(0.309)	(0.412)	(0.090)
Global	1.052***	0.604**	0.844**	0.836*	0.174*
Global	(0.395)	(0.247)	(0.329)	(0.440)	(0.096)
Constant	−7.050***	−3.556***	−5.354***	−9.044***	−1.473***
Constant	(1.874)	(1.176)	(1.565)	(2.070)	(0.465)
Sigma_u	1.114***	0.712***	0.954***	1.264***	0.266***
Sigma_u	(0.117)	(0.075)	(0.100)	(0.140)	(0.031)
Sigma_e	1.405***	0.893***	1.178***	1.466***	0.352***
Sigma_e	(0.064)	(0.041)	(0.054)	(0.075)	(0.018)
Rho	0.399	0.389	0.396	0.427	0.364
Rho	(0.054)	(0.055)	(0.055)	(0.059)	(0.060)
LR test of sigma_u = 0	87.05	81.56	84.71	81.28	60.45
Observations	460	460	460	460	460

Variables	Indicator quantity	Indicator dimensions	Indicator topics	Target connected indicators	Share of target connection
Log employed	0.335*	0.189*	0.247*	0.209	0.037
Log employed	(0.175)	(0.110)	(0.147)	(0.196)	(0.045)
Log net turnover	0.490***	0.253**	0.385***	0.604***	0.096*
Log net turnover	(0.174)	(0.109)	(0.145)	(0.192)	(0.044)
Sector
Beverage industry	−0.053	−0.132	−0.165	0.152	0.016
Beverage industry	(0.518)	(0.324)	(0.432)	(0.570)	(0.124)
Wholesale	−0.575*	−0.356	−0.484*	−0.666*	−0.150*
Wholesale	(0.347)	(0.217)	(0.290)	(0.389)	(0.085)
Retail	−0.982	−0.422	−0.768	−1.083	−0.246
Retail	(0.623)	(0.389)	(0.519)	(0.686)	(0.150)
Multinational affiliation
Nordics	0.047	0.143	0.120	−0.032	0.057
Nordics	(0.485)	(0.304)	(0.406)	(0.543)	(0.118)
Europe	1.217***	0.731***	0.994***	1.150***	0.219**
Europe	(0.370)	(0.232)	(0.309)	(0.412)	(0.090)
Global	1.052***	0.604**	0.844**	0.836*	0.174*
Global	(0.395)	(0.247)	(0.329)	(0.440)	(0.096)
Constant	−7.050***	−3.556***	−5.354***	−9.044***	−1.473***
Constant	(1.874)	(1.176)	(1.565)	(2.070)	(0.465)
Sigma_u	1.114***	0.712***	0.954***	1.264***	0.266***
Sigma_u	(0.117)	(0.075)	(0.100)	(0.140)	(0.031)
Sigma_e	1.405***	0.893***	1.178***	1.466***	0.352***
Sigma_e	(0.064)	(0.041)	(0.054)	(0.075)	(0.018)
Rho	0.399	0.389	0.396	0.427	0.364
Rho	(0.054)	(0.055)	(0.055)	(0.059)	(0.060)
LR test of sigma_u = 0	87.05	81.56	84.71	81.28	60.45
Observations	460	460	460	460	460

Note(s): Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1

Variables are log-transformed to de-emphasize outliers (Metcalf and Casey, 2016). For the censored outcome-variables, the inverse hyperbolic sine (asinh) is used, which is an approximation frequently interpreted as a logarithmic transformation (Bellemare and Wichman, 2020)

Sigma_e, which measures the overall variance component of the model, is significant across all specifications. The significant LR test for sigma_u implies that the null hypothesis of no panel-level effect is not to be accepted, thus suggesting that the random panel Tobit used is appropriate

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