Table 5 The channels through which...

Table 5

The channels through which positive peace culture improve ESG performance

	Dependent variable: ProdQualityt_i,t-1	Dependent variable: CommunityDev_i,t-1	Dependent variable: DivPrac_i,t-1	Dependent variable: CorpGov_i,t-1	Dependent variable: EmpRelations_i,t-1	Dependent variable: EnvProtection_i,t-1
	(1)	(2)	(3)	(4)	(5)	(6)
Constant	−0.515***	−0.669***	−0.362***	−0.716***	0.764***	−0.816***
Constant	(−5.673)	(−6.065)	(−3.345)	(−7.564)	(8.742)	(−6.563)
PPI_i,t-1	0.458***	−0.077	0.082	0.478***	0.079	0.584***
PPI_i,t-1	(3.926)	(−0.551)	(0.532)	(3.854)	(0.790)	(3.778)
Duality_i,t-1	−0.022**	−0.003	0.004	−0.023**	−0.009	−0.001
Duality_i,t-1	(−2.434)	(−0.267)	(0.333)	(−2.400)	(−0.988)	(−0.047)
B_Size_i,t-1	0.040*	0.077***	0.065**	0.047**	0.046**	0.065**
B_Size_i,t-1	(1.777)	(3.033)	(2.490)	(2.006)	(2.062)	(2.174)
B_Female_i,t-1	−0.048	0.058*	0.407***	−0.025	−0.000	0.003
B_Female_i,t-1	(−1.531)	(1.673)	(11.132)	(−0.764)	(-0.002)	(0.068)
B_Ind_i,t-1	0.187**	0.107	0.163*	0.161**	0.015	0.049
B_Ind_i,t-1	(2.491)	(1.268)	(1.845)	(2.044)	(0.203)	(0.490)
Firm_Size_i,t-1	0.059***	0.067***	0.022***	0.065***	0.024***	0.067***
Firm_Size_i,t-1	(17.724)	(16.523)	(5.433)	(18.365)	(6.917)	(14.044)
Firm_Age_i,t-1	−0.024***	−0.027***	−0.004	−0.025***	−0.021***	0.002
Firm_Age_i,t-1	(−4.101)	(−4.174)	(−0.577)	(−4.080)	(−3.704)	(0.288)
ROA_i,t-1	0.162**	0.370***	−0.017	0.170**	0.199***	0.222**
ROA_i,t-1	(2.192)	(3.862)	(−0.196)	(2.081)	(2.628)	(1.996)
LEV_i,t-1	0.012	0.054*	−0.048*	−0.013	−0.009	0.090***
LEV_i,t-1	(0.520)	(1.808)	(−1.664)	(-0.516)	(−0.363)	(2.594)
Slack_i,t-1	−0.039	0.036	−0.078	−0.024	−0.038	0.068
Slack_i,t-1	(−0.652)	(0.473)	(−1.064)	(−0.355)	(−0.600)	(0.758)
Exchange_i,t-1	0.057***	0.140***	0.061***	0.059***	0.034***	0.080***
Exchange_i,t-1	(7.566)	(15.493)	(6.501)	(7.499)	(4.471)	(7.175)
Foreign_i,t-1	0.079***	0.036	0.092***	0.070***	0.108***	0.112***
Foreign_i,t-1	(4.360)	(1.586)	(3.855)	(3.592)	(6.293)	(4.319)
SOE_i,t-1	0.000	−0.027**	0.051***	−0.003	0.002	−0.013
SOE_i,t-1	(0.015)	(−2.558)	(4.705)	(−0.287)	(0.248)	(−1.004)
Top1_i,t-1	−0.004	−0.077***	0.002	0.026	0.053**	0.074**
Top1_i,t-1	(−0.172)	(−2.629)	(0.062)	(1.006)	(2.095)	(2.028)
Media_i,t-1	0.009***	0.020***	0.014***	0.013***	−0.002	0.017***
Media_i,t-1	(3.868)	(6.613)	(4.839)	(4.934)	(−0.965)	(4.921)
Year fixed effects and industry fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
N	26,744	26,744	26,744	26,744	26,744	26,744
Adj. R²	0.489	0.361	0.266	0.470	0.233	0.182

	Dependent variable: ProdQualityt_i,t-1	Dependent variable: CommunityDev_i,t-1	Dependent variable: DivPrac_i,t-1	Dependent variable: CorpGov_i,t-1	Dependent variable: EmpRelations_i,t-1	Dependent variable: EnvProtection_i,t-1
	(1)	(2)	(3)	(4)	(5)	(6)
Constant	−0.515***	−0.669***	−0.362***	−0.716***	0.764***	−0.816***
Constant	(−5.673)	(−6.065)	(−3.345)	(−7.564)	(8.742)	(−6.563)
PPI_i,t-1	0.458***	−0.077	0.082	0.478***	0.079	0.584***
PPI_i,t-1	(3.926)	(−0.551)	(0.532)	(3.854)	(0.790)	(3.778)
Duality_i,t-1	−0.022**	−0.003	0.004	−0.023**	−0.009	−0.001
Duality_i,t-1	(−2.434)	(−0.267)	(0.333)	(−2.400)	(−0.988)	(−0.047)
B_Size_i,t-1	0.040*	0.077***	0.065**	0.047**	0.046**	0.065**
B_Size_i,t-1	(1.777)	(3.033)	(2.490)	(2.006)	(2.062)	(2.174)
B_Female_i,t-1	−0.048	0.058*	0.407***	−0.025	−0.000	0.003
B_Female_i,t-1	(−1.531)	(1.673)	(11.132)	(−0.764)	(-0.002)	(0.068)
B_Ind_i,t-1	0.187**	0.107	0.163*	0.161**	0.015	0.049
B_Ind_i,t-1	(2.491)	(1.268)	(1.845)	(2.044)	(0.203)	(0.490)
Firm_Size_i,t-1	0.059***	0.067***	0.022***	0.065***	0.024***	0.067***
Firm_Size_i,t-1	(17.724)	(16.523)	(5.433)	(18.365)	(6.917)	(14.044)
Firm_Age_i,t-1	−0.024***	−0.027***	−0.004	−0.025***	−0.021***	0.002
Firm_Age_i,t-1	(−4.101)	(−4.174)	(−0.577)	(−4.080)	(−3.704)	(0.288)
ROA_i,t-1	0.162**	0.370***	−0.017	0.170**	0.199***	0.222**
ROA_i,t-1	(2.192)	(3.862)	(−0.196)	(2.081)	(2.628)	(1.996)
LEV_i,t-1	0.012	0.054*	−0.048*	−0.013	−0.009	0.090***
LEV_i,t-1	(0.520)	(1.808)	(−1.664)	(-0.516)	(−0.363)	(2.594)
Slack_i,t-1	−0.039	0.036	−0.078	−0.024	−0.038	0.068
Slack_i,t-1	(−0.652)	(0.473)	(−1.064)	(−0.355)	(−0.600)	(0.758)
Exchange_i,t-1	0.057***	0.140***	0.061***	0.059***	0.034***	0.080***
Exchange_i,t-1	(7.566)	(15.493)	(6.501)	(7.499)	(4.471)	(7.175)
Foreign_i,t-1	0.079***	0.036	0.092***	0.070***	0.108***	0.112***
Foreign_i,t-1	(4.360)	(1.586)	(3.855)	(3.592)	(6.293)	(4.319)
SOE_i,t-1	0.000	−0.027**	0.051***	−0.003	0.002	−0.013
SOE_i,t-1	(0.015)	(−2.558)	(4.705)	(−0.287)	(0.248)	(−1.004)
Top1_i,t-1	−0.004	−0.077***	0.002	0.026	0.053**	0.074**
Top1_i,t-1	(−0.172)	(−2.629)	(0.062)	(1.006)	(2.095)	(2.028)
Media_i,t-1	0.009***	0.020***	0.014***	0.013***	−0.002	0.017***
Media_i,t-1	(3.868)	(6.613)	(4.839)	(4.934)	(−0.965)	(4.921)
Year fixed effects and industry fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
N	26,744	26,744	26,744	26,744	26,744	26,744
Adj. R²	0.489	0.361	0.266	0.470	0.233	0.182

Note(s): Variables are defined in Appendix. Robust standard errors are clustered at the firm level. The t-statistics are in parentheses. ^*** indicates significance at the 1 percent level (two-tailed)

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