Table 4 Regression results DV = Model...

Table 4

Regression results

DV =	Model (1) Coeff. Moderating Period (SUS)	Model (2) Coeff. SUS_ENV	Model (3) Coeff. SUS_SOC	Model (4) Coeff. SUS_GOV<
Intercept	75.212	31.159	33.020	11.126
Intercept	(2.43)**	(1.80)*	(2.64)**	(3.16)***
DA	0.000	0.000	0.000	0.000
DA	(2.120)*	(1.370)	(3.08)***	(2.020)*
Period	517.587	246.942	227.462	42.246
Period	(6.16)***	(4.38)***	(5.10)***	(1.620)
DA Period*	0.000	0.000	0.000	0.000
DA Period*	(4.28)***	(2.62)**	(4.55)***	(0.720)
SIZE	−4.008	−1.669	−1.803	−0.542
SIZE	(−2.57)**	(−1.920)	(−2.80)**	(−3.28)***
DEBIT	2.897	1.262	1.338	0.299
DEBIT	(4.33)***	(3.35)***	(5.14)***	(5.22)**
OPN	−2.494	0.087	−1.514	−1.072
OPN	(−1.110)	(0.090)	(−1.550)	(−1.030)
TEN	4.618	1.978	1.836	0.808
TEN	(2.43)**	(1.890)	(2.51)**	(2.84)**
BIG-4	1.922	0.846	0.787	0.289
BIG-4	(0.850)	(0.840)	(0.850)	(0.650)
BLOCK_OWN	6.690	1.935	4.204	0.577
BLOCK_OWN	(1.590)	(0.750)	(2.16)**	(0.820)
FOR_OWN	−10.408	−5.710	−3.473	−1.236
FOR_OWN	(−3.65)***	(−2.85)*	(−3.67)***	(−2.80)**
Firm clustering and Year FE	Controlled	Controlled	Controlled	Controlled
N	750	750	750	750
F–statistic	(15)***	(15)***	(15)***	(15)***
R²	75%	72%	67%	66%
Mean VIF	2.26	2.26	2.26	2.26

DV =	Model (1)Coeff.Moderating Period (SUS)	Model (2)Coeff. SUS_ENV	Model (3)Coeff. SUS_SOC	Model (4)Coeff. SUS_GOV<
Intercept	75.212	31.159	33.020	11.126
Intercept	(2.43)**	(1.80)*	(2.64)**	(3.16)***
DA	0.000	0.000	0.000	0.000
DA	(2.120)*	(1.370)	(3.08)***	(2.020)*
Period	517.587	246.942	227.462	42.246
Period	(6.16)***	(4.38)***	(5.10)***	(1.620)
DA* Period	0.000	0.000	0.000	0.000
DA* Period	(4.28)***	(2.62)**	(4.55)***	(0.720)
SIZE	−4.008	−1.669	−1.803	−0.542
SIZE	(−2.57)**	(−1.920)	(−2.80)**	(−3.28)***
DEBIT	2.897	1.262	1.338	0.299
DEBIT	(4.33)***	(3.35)***	(5.14)***	(5.22)**
OPN	−2.494	0.087	−1.514	−1.072
OPN	(−1.110)	(0.090)	(−1.550)	(−1.030)
TEN	4.618	1.978	1.836	0.808
TEN	(2.43)**	(1.890)	(2.51)**	(2.84)**
BIG-4	1.922	0.846	0.787	0.289
BIG-4	(0.850)	(0.840)	(0.850)	(0.650)
BLOCK_OWN	6.690	1.935	4.204	0.577
BLOCK_OWN	(1.590)	(0.750)	(2.16)**	(0.820)
FOR_OWN	−10.408	−5.710	−3.473	−1.236
FOR_OWN	(−3.65)***	(−2.85)*	(−3.67)***	(−2.80)**
Firm clustering and Year FE	Controlled	Controlled	Controlled	Controlled
N	750	750	750	750
F–statistic	(15)***	(15)***	(15)***	(15)***
R²	75%	72%	67%	66%
Mean VIF	2.26	2.26	2.26	2.26

Note(s): “***, **, * Indicate statistical significance at the 0.01, 0.05, and 0.10 percent levels, respectively, using a two-tailed test. This table presents the OLS regressions of EM on SUS and the moderating Period on this over the period (2010–2024) controlled by year and firm clustering”

Source(s): Created by author

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