Endogeneity test results
| Variables | IV approach | (3) PSM approach | |
|---|---|---|---|
| (1) First-stage regression | (2) Second-stage regression | ||
| ESG | CCR | CCR | |
| IV | 0.72***(16.151) | ||
| ESG | 0.132** (2.00) | 0.175***(0.0431) | |
| Constant | −2.746***(0.530) | −6.229*** (−5.54) | −6.920***(0.456) |
| Controls | Yes | Yes | Yes |
| Year | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes |
| First-stage F-test | 141.58*** | ||
| Cragg-Donal | 2,274.46***[16.38] | ||
| N | 3,477 | 3,477 | 3,480 |
| R2 | 0.019 | 0.066 | 0.159 |
| Variables | IV approach | (3) PSM approach | |
|---|---|---|---|
| (1) First-stage regression | (2) Second-stage regression | ||
| ESG | CCR | CCR | |
| IV | 0.72***(16.151) | ||
| ESG | 0.132** (2.00) | 0.175***(0.0431) | |
| Constant | −2.746***(0.530) | −6.229*** (−5.54) | −6.920***(0.456) |
| Controls | Yes | Yes | Yes |
| Year | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes |
| First-stage | 141.58*** | ||
| Cragg-Donal | 2,274.46***[16.38] | ||
| N | 3,477 | 3,477 | 3,480 |
| R2 | 0.019 | 0.066 | 0.159 |
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