Robustness test results
| Variables | Replace variable | Lagged regression | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| PBESG | 0.009** (2.0849) | |||||
| PBE | 0.013** (2.1912) | |||||
| PBS | 0.017** (2.2607) | |||||
| PBG | 0.003 (1.4746) | |||||
| ESG | 0.120*** (2.4757) | 0.133*** (2.6081) | ||||
| Cons | −4.527*** (−3.3218) | −4.971*** (−4.0352) | −4.643*** (−3.617) | −5.205*** (−3.9545) | −5.952*** (−4.9129) | −6.058*** (−5.0944) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3,129 | 3,129 | 3,129 | 3,129 | 2,181 | 2,433 |
| R2 | 0.279 | 0.281 | 0.281 | 0.275 | 0.278 | 0.279 |
| Variables | Replace variable | Lagged regression | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| PBESG | 0.009** (2.0849) | |||||
| PBE | 0.013** (2.1912) | |||||
| PBS | 0.017** (2.2607) | |||||
| PBG | 0.003 (1.4746) | |||||
| ESG | 0.120*** (2.4757) | 0.133*** (2.6081) | ||||
| Cons | −4.527*** (−3.3218) | −4.971*** (−4.0352) | −4.643*** (−3.617) | −5.205*** (−3.9545) | −5.952*** (−4.9129) | −6.058*** (−5.0944) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3,129 | 3,129 | 3,129 | 3,129 | 2,181 | 2,433 |
| R2 | 0.279 | 0.281 | 0.281 | 0.275 | 0.278 | 0.279 |
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