Table 9. Matched sample analysis...

Table 9.

Matched sample analysis

Variables	(1)	(2)	(3)	(4)
Variables	ESG	E	S	G
Retire	$- 0.266$ *** (⁠ $- 4.541$ ⁠)	$- 1.304$ *** (⁠ $- 4.749$ ⁠)	$- 0.471$ ** (⁠ $- 2.569$ ⁠)	$- 0.139$ *** (⁠ $- 3.177$ ⁠)
Tobin’s Q	0.208*** (4.392)	$- 0.091$ (⁠ $- 0.408$ ⁠)	0.191 (1.287)	0.171*** (4.842)
ROA	$- 0.116$ (⁠ $- 0.376$ ⁠)	3.413** (2.367)	0.631 (0.656)	$- 0.421$ * (⁠ $- 1.836$ ⁠)
Tangi	$- 0.403$ *** (⁠ $- 3.828$ ⁠)	0.379 (0.767)	$- 0.680$ ** (⁠ $- 2.063$ ⁠)	$- 0.302$ *** (⁠ $- 3.846$ ⁠)
Grow	0.062 (0.456)	0.056 (0.089)	0.092 (0.218)	0.005 (0.051)
Lev	$- 0.302$ (⁠ $- 1.344$ ⁠)	$- 1.706$ (⁠ $- 1.618$ ⁠)	$- 0.865$ (⁠ $- 1.228$ ⁠)	$- 0.428$ ** (⁠ $- 2.553$ ⁠)
Size	0.080** (2.600)	$- 0.031$ (⁠ $- 0.213$ ⁠)	0.179* (1.870)	0.057** (2.495)
Age	0.026 (1.030)	0.475*** (4.028)	0.127 (1.613)	$- 0.021$ (⁠ $- 1.124$ ⁠)
Board	0.302*** (2.827)	1.906*** (3.806)	1.107*** (3.311)	0.082 (1.024)
Female	0.497*** (3.174)	1.339* (1.823)	1.263** (2.576)	0.306*** (2.622)
Indep	0.600*** (5.832)	2.103*** (4.356)	$- 0.194$ (⁠ $- 0.601$ ⁠)	0.481*** (6.271)
InsInvestor	$- 0.386$ *** (⁠ $- 4.114$ ⁠)	$- 0.582$ (⁠ $- 1.321$ ⁠)	$- 0.371$ (⁠ $- 1.261$ ⁠)	$- 0.296$ *** (⁠ $- 4.228$ ⁠)
Ar	0.009 (0.375)	0.214* (1.939)	0.254*** (3.458)	$- 0.035$ ** (⁠ $- 2.006$ ⁠)
Constant	2.004*** (6.950)	$- 4.822$ *** (⁠ $- 3.564$ ⁠)	$- 1.499$ * (⁠ $- 1.660$ ⁠)	3.726*** (17.328)
Industry FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	188	188	188	188
Adjusted R-squared	0.503	0.423	0.383	0.408

Variables	(1)	(2)	(3)	(4)
Variables	ESG	E	S	G
Retire	$- 0.266$ *** ( $- 4.541$ )	$- 1.304$ *** ( $- 4.749$ )	$- 0.471$ ** ( $- 2.569$ )	$- 0.139$ *** ( $- 3.177$ )
Tobin’s Q	0.208*** (4.392)	$- 0.091$ ( $- 0.408$ )	0.191 (1.287)	0.171*** (4.842)
ROA	$- 0.116$ ( $- 0.376$ )	3.413** (2.367)	0.631 (0.656)	$- 0.421$ * ( $- 1.836$ )
Tangi	$- 0.403$ *** ( $- 3.828$ )	0.379 (0.767)	$- 0.680$ ** ( $- 2.063$ )	$- 0.302$ *** ( $- 3.846$ )
Grow	0.062 (0.456)	0.056 (0.089)	0.092 (0.218)	0.005 (0.051)
Lev	$- 0.302$ ( $- 1.344$ )	$- 1.706$ ( $- 1.618$ )	$- 0.865$ ( $- 1.228$ )	$- 0.428$ ** ( $- 2.553$ )
Size	0.080** (2.600)	$- 0.031$ ( $- 0.213$ )	0.179* (1.870)	0.057** (2.495)
Age	0.026 (1.030)	0.475*** (4.028)	0.127 (1.613)	$- 0.021$ ( $- 1.124$ )
Board	0.302*** (2.827)	1.906*** (3.806)	1.107*** (3.311)	0.082 (1.024)
Female	0.497*** (3.174)	1.339* (1.823)	1.263** (2.576)	0.306*** (2.622)
Indep	0.600*** (5.832)	2.103*** (4.356)	$- 0.194$ ( $- 0.601$ )	0.481*** (6.271)
InsInvestor	$- 0.386$ *** ( $- 4.114$ )	$- 0.582$ ( $- 1.321$ )	$- 0.371$ ( $- 1.261$ )	$- 0.296$ *** ( $- 4.228$ )
Ar	0.009 (0.375)	0.214* (1.939)	0.254*** (3.458)	$- 0.035$ ** ( $- 2.006$ )
Constant	2.004*** (6.950)	$- 4.822$ *** ( $- 3.564$ )	$- 1.499$ * ( $- 1.660$ )	3.726*** (17.328)
Industry FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	188	188	188	188
Adjusted R-squared	0.503	0.423	0.383	0.408

Note(s):

This table presents the size matched sample on a 1 to 3 basis without replacement. ESG, E, S and G are the natural logarithm of one plus actual ESG, Environmental, Social and Governance scores as downloaded from Bloomberg. Other variables are defined in Appendix 1. We estimate the regression with industry and year fixed effects. The standard errors in parentheses are clustered at industry level. Continuous variables are winsorised at the 1st and 99th percentiles. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively

Source(s): Authors’ own work

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