Table 7 GLS estimates (1) (2) (3) (4)... | Emerald Publishing

Table 7

GLS estimates

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ESG_SCORE	ESG_SCORE	ESG_COMB	ESG_COMB	ESG_AVE	ESG_AVE
AC_IND	0.0031*** (11.855)	0.0032*** (11.873)	0.0034*** (15.162)	0.0036*** (16.545)	0.0036*** (15.943)	0.0042*** (20.377)
${G E N D}_{}$	0.0021*** (6.012)	0.0045*** (6.940)	0.0032*** (8.811)	0.0070*** (9.110)	0.0023*** (5.852)	0.0042*** (6.274)
${C E O D}_{}$	−0.0740*** (−2.954)	−0.0678*** (−2.677)	−0.1358*** (−7.810)	−0.1435*** (−9.214)	−0.0860*** (−3.035)	−0.0833*** (−2.921)
${P O L}_{}$	−0.0021 (−0.040)	−0.0161 (−0.313)	0.0082 (0.160)	−0.0069 (−0.144)	−0.0316 (−0.585)	−0.0383 (−0.725)
${T A}_{}$	0.1099*** (11.747)	0.1078*** (12.089)	0.1151*** (11.213)	0.0994*** (10.835)	0.1304*** (13.496)	0.1341*** (13.405)
${C E O M}_{}$	0.0157 (0.979)	0.0197 (1.224)	0.0200 (0.953)	0.0247 (1.131)	0.0115 (0.644)	0.0150 (0.847)
${B T E N}_{}$	0.0081*** (3.886)	0.0083*** (3.964)	0.0057** (2.572)	0.0063** (2.549)	0.0088*** (4.137)	0.0095*** (4.551)
${A T E N}_{}$	−0.0016 (−1.083)	0.0108*** (3.564)	−0.0024** (−1.983)	0.0171*** (5.120)	−0.0044*** (−2.871)	0.0041 (1.398)
${G E N D}_{} \times {A T E N}_{}$		−0.0004*** (−4.890)		−0.0006*** (−6.899)		−0.0003*** (−3.822)
Constant	1.1676*** (5.994)	1.1212*** (5.948)	1.0039*** (4.739)	1.1699*** (6.128)	0.7449*** (3.735)	0.5359*** (2.602)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,156	1,156	1,156	1,156	1,156	1,156
Number of firms	261	261	261	261	261	261

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	ESG_SCORE	ESG_SCORE	ESG_COMB	ESG_COMB	ESG_AVE	ESG_AVE
AC_IND	0.0031*** (11.855)	0.0032*** (11.873)	0.0034*** (15.162)	0.0036*** (16.545)	0.0036*** (15.943)	0.0042*** (20.377)
${G E N D}_{}$	0.0021*** (6.012)	0.0045*** (6.940)	0.0032*** (8.811)	0.0070*** (9.110)	0.0023*** (5.852)	0.0042*** (6.274)
${C E O D}_{}$	−0.0740*** (−2.954)	−0.0678*** (−2.677)	−0.1358*** (−7.810)	−0.1435*** (−9.214)	−0.0860*** (−3.035)	−0.0833*** (−2.921)
${P O L}_{}$	−0.0021 (−0.040)	−0.0161 (−0.313)	0.0082 (0.160)	−0.0069 (−0.144)	−0.0316 (−0.585)	−0.0383 (−0.725)
${T A}_{}$	0.1099*** (11.747)	0.1078*** (12.089)	0.1151*** (11.213)	0.0994*** (10.835)	0.1304*** (13.496)	0.1341*** (13.405)
${C E O M}_{}$	0.0157 (0.979)	0.0197 (1.224)	0.0200 (0.953)	0.0247 (1.131)	0.0115 (0.644)	0.0150 (0.847)
${B T E N}_{}$	0.0081*** (3.886)	0.0083*** (3.964)	0.0057** (2.572)	0.0063** (2.549)	0.0088*** (4.137)	0.0095*** (4.551)
${A T E N}_{}$	−0.0016 (−1.083)	0.0108*** (3.564)	−0.0024** (−1.983)	0.0171*** (5.120)	−0.0044*** (−2.871)	0.0041 (1.398)
${G E N D}_{} \times {A T E N}_{}$		−0.0004*** (−4.890)		−0.0006*** (−6.899)		−0.0003*** (−3.822)
Constant	1.1676*** (5.994)	1.1212*** (5.948)	1.0039*** (4.739)	1.1699*** (6.128)	0.7449*** (3.735)	0.5359*** (2.602)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,156	1,156	1,156	1,156	1,156	1,156
Number of firms	261	261	261	261	261	261

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

Source(s): Authors’ own work