Table 4 Fixed effects regression... | Emerald Publishing

Table 4

Fixed effects regression estimates

	(1)	(2)	(3)
Variables	ESG_SCORE	ESG_COMB	ESG_AVE
AC_IND	0.0035*** (4.709)	0.0032*** (4.036)	0.0041*** (5.078)
${G E N D}_{}$	0.0031*** (3.502)	0.0036*** (3.544)	0.0035*** (3.696)
${C E O D}_{}$	−0.1628** (−2.249)	−0.1698** (−2.370)	−0.1943** (−2.326)
${P O L}_{}$	0.0569 (0.828)	0.0793 (1.148)	0.0410 (0.572)
${T A}_{}$	0.1420*** (5.146)	0.1527*** (5.050)	0.1538*** (5.309)
${C E O M}_{}$	−0.0194 (−0.562)	0.0135 (0.314)	−0.0250 (−0.700)
${B T E N}_{}$	0.0052 (0.610)	0.0028 (0.322)	0.0032 (0.326)
${A T E N}_{}$	−0.0044 (−1.041)	−0.0003 (−0.041)	−0.0054 (−1.154)
Constant	0.3725 (0.651)	0.0516 (0.082)	0.0505 (0.084)
Firm fixed effects	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes
Observations	1,156	1,156	1,156
R-squared	0.888	0.841	0.885
Adjusted R-squared	0.854	0.792	0.849
F-statistic	12.21	10.33	13.32

	(1)	(2)	(3)
Variables	ESG_SCORE	ESG_COMB	ESG_AVE
AC_IND	0.0035*** (4.709)	0.0032*** (4.036)	0.0041*** (5.078)
${G E N D}_{}$	0.0031*** (3.502)	0.0036*** (3.544)	0.0035*** (3.696)
${C E O D}_{}$	−0.1628** (−2.249)	−0.1698** (−2.370)	−0.1943** (−2.326)
${P O L}_{}$	0.0569 (0.828)	0.0793 (1.148)	0.0410 (0.572)
${T A}_{}$	0.1420*** (5.146)	0.1527*** (5.050)	0.1538*** (5.309)
${C E O M}_{}$	−0.0194 (−0.562)	0.0135 (0.314)	−0.0250 (−0.700)
${B T E N}_{}$	0.0052 (0.610)	0.0028 (0.322)	0.0032 (0.326)
${A T E N}_{}$	−0.0044 (−1.041)	−0.0003 (−0.041)	−0.0054 (−1.154)
Constant	0.3725 (0.651)	0.0516 (0.082)	0.0505 (0.084)
Firm fixed effects	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes
Observations	1,156	1,156	1,156
R-squared	0.888	0.841	0.885
Adjusted R-squared	0.854	0.792	0.849
F-statistic	12.21	10.33	13.32

Note(s): Robust t-statistics in parentheses. *, ** and *** represent significant at the 10, 5 and 1% level, respectively

Source(s): Authors’ own work