Summary of hypothesis testing results
| Hypotheses | Path | β | Significant | Comments |
|---|---|---|---|---|
| H1 | ESG → CCR | + | *** | Supported |
| H2 | ESG → GMI → CCR | + | *** | Supported |
| H3 | ESG → KZ → CCR | – | *** | Supported |
| H4 | ESG → Risk → CCR | + | *** | Supported |
| H5 | ESG × Pcm → CCR | – | *** | Supported |
| Hypotheses | Path | β | Significant | Comments |
|---|---|---|---|---|
| ESG → CCR | + | *** | Supported | |
| ESG → GMI → CCR | + | *** | Supported | |
| ESG → KZ → CCR | – | *** | Supported | |
| ESG → Risk → CCR | + | *** | Supported | |
| ESG × Pcm → CCR | – | *** | Supported |
Note(s): β is the regression coefficients of primary interest in this study. Based on the theoretical analysis, if the regression coefficient β is significantly positive, it indicates that this factor has a positive effect on CCR
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