Table 3 Main results, propensity score...

Table 3

Main results, propensity score matching and entropy balancing

	Dependent variable: ESG_i,t
	Full sample	Propensity score matched sample	Entropy balanced sample
	(1)	(2)	(3)
Constant	3.938***	4.034***	4.003***
Constant	(121.267)	(59.641)	(92.080)
PPI_i,t-1	0.014**	0.034**	0.030***
PPI_i,t-1	(2.023)	(2.331)	(3.367)
Duality_i,t-1	−0.002	−0.001	−0.001
Duality_i,t-1	(−1.146)	(−0.294)	(−0.518)
B_Size_i,t-1	0.001	−0.007	0.003
B_Size_i,t-1	(0.154)	(-0.580)	(0.405)
B_Female_i,t-1	−0.002	−0.010	−0.010
B_Female_i,t-1	(−0.338)	(−0.870)	(−1.387)
B_Ind_i,t-1	0.058***	0.048	0.053**
B_Ind_i,t-1	(4.183)	(1.311)	(2.324)
Firm_Size_i,t-1	0.018***	0.016***	0.016***
Firm_Size_i,t-1	(23.140)	(8.959)	(14.939)
Firm_Age_i,t-1	−0.010***	−0.003	−0.004**
Firm_Age_i,t-1	(−9.656)	(−1.223)	(−2.392)
ROA_i,t-1	0.099***	0.101***	0.102***
ROA_i,t-1	(9.073)	(3.306)	(5.242)
LEV_i,t-1	−0.054***	−0.036***	−0.038***
LEV_i,t-1	(−12.308)	(−3.182)	(−5.588)
Slack_i,t-1	0.038***	0.055**	0.033*
Slack_i,t-1	(4.467)	(2.041)	(1.942)
Exchange_i,t-1	−0.007***	−0.006	−0.005**
Exchange_i,t-1	(−4.239)	(−1.626)	(−2.199)
Foreign_i,t-1	0.009**	0.013*	0.007*
Foreign_i,t-1	(2.537)	(1.877)	(1.694)
SOE_i,t-1	0.011***	0.004	0.006*
SOE_i,t-1	(5.470)	(0.725)	(1.955)
Top1_i,t-1	−0.002	−0.010	−0.006
Top1_i,t-1	(−0.293)	(−0.810)	(−0.887)
Media_i,t-1	0.002***	0.002*	0.003***
Media_i,t-1	(4.269)	(1.710)	(4.868)
Year fixed effects and industry fixed effects	Yes	Yes	Yes
N	26,744	2,410	26,744
Adjusted R²	0.150	0.133	0.166

	Dependent variable: ESG_i,t
	Full sample	Propensity score matched sample	Entropy balanced sample
	(1)	(2)	(3)
Constant	3.938***	4.034***	4.003***
Constant	(121.267)	(59.641)	(92.080)
PPI_i,t-1	0.014**	0.034**	0.030***
PPI_i,t-1	(2.023)	(2.331)	(3.367)
Duality_i,t-1	−0.002	−0.001	−0.001
Duality_i,t-1	(−1.146)	(−0.294)	(−0.518)
B_Size_i,t-1	0.001	−0.007	0.003
B_Size_i,t-1	(0.154)	(-0.580)	(0.405)
B_Female_i,t-1	−0.002	−0.010	−0.010
B_Female_i,t-1	(−0.338)	(−0.870)	(−1.387)
B_Ind_i,t-1	0.058***	0.048	0.053**
B_Ind_i,t-1	(4.183)	(1.311)	(2.324)
Firm_Size_i,t-1	0.018***	0.016***	0.016***
Firm_Size_i,t-1	(23.140)	(8.959)	(14.939)
Firm_Age_i,t-1	−0.010***	−0.003	−0.004**
Firm_Age_i,t-1	(−9.656)	(−1.223)	(−2.392)
ROA_i,t-1	0.099***	0.101***	0.102***
ROA_i,t-1	(9.073)	(3.306)	(5.242)
LEV_i,t-1	−0.054***	−0.036***	−0.038***
LEV_i,t-1	(−12.308)	(−3.182)	(−5.588)
Slack_i,t-1	0.038***	0.055**	0.033*
Slack_i,t-1	(4.467)	(2.041)	(1.942)
Exchange_i,t-1	−0.007***	−0.006	−0.005**
Exchange_i,t-1	(−4.239)	(−1.626)	(−2.199)
Foreign_i,t-1	0.009**	0.013*	0.007*
Foreign_i,t-1	(2.537)	(1.877)	(1.694)
SOE_i,t-1	0.011***	0.004	0.006*
SOE_i,t-1	(5.470)	(0.725)	(1.955)
Top1_i,t-1	−0.002	−0.010	−0.006
Top1_i,t-1	(−0.293)	(−0.810)	(−0.887)
Media_i,t-1	0.002***	0.002*	0.003***
Media_i,t-1	(4.269)	(1.710)	(4.868)
Year fixed effects and industry fixed effects	Yes	Yes	Yes
N	26,744	2,410	26,744
Adjusted R²	0.150	0.133	0.166

Note(s): Variables are defined in Appendix. Robust standard errors are clustered at the firm level. The t-statistics are in parentheses. ^*, ^**, and ^*** indicate significance at the 10, 5, and 1 percent levels (two-tailed), respectively

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