This table reports the channel analysis and additional analyses of the main regression results. Column (1) describes the role of ESG-linked CEO compensation as a channel to the relationship in the baseline model. Columns (2) and (3) demonstrate the use of alternative measures to the dependent variable: use of mean adjusted ESG controversy score [column (1)] and use of (n + 1) of the ESG controversy score [column (2)]. Coefficients with ***, ** and *are significant at the 0.01, 0.05 and 0.10 levels, respectively. Robust t-statistics in parentheses