Fixed effects regression estimates using the raw ESG score without log transformation
| (1) | (2) | (3) | |
|---|---|---|---|
| Variables | ESG_SCORE | ESG_COMB | ESG_AVE |
| AC_IND | 0.1344*** (5.352) | 0.1162*** (3.955) | 0.1444*** (5.760) |
| 0.1036*** (2.997) | 0.1304*** (3.082) | 0.1081*** (3.094) | |
| −5.7711*** (−2.627) | −6.3072*** (−3.003) | −6.4066*** (−2.713) | |
| −1.3053 (−0.782) | −0.1337 (−0.078) | −1.8313 (−1.147) | |
| 4.2006*** (4.761) | 4.8959*** (4.757) | 4.2796*** (4.833) | |
| −0.1063 (−0.083) | 1.4879 (0.832) | −0.3238 (−0.255) | |
| 0.2977 (1.080) | 0.1834 (0.608) | 0.2697 (0.940) | |
| −0.0120 (−0.087) | 0.2525 (0.847) | −0.0036 (−0.026) | |
| Constant | −54.5043*** (−2.997) | −74.5502*** (−3.450) | −57.5263*** (−3.164) |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 1,156 | 1,156 | 1,156 |
| R-squared | 0.924 | 0.856 | 0.924 |
| Adjusted R-squared | 0.900 | 0.811 | 0.901 |
| F-statistic | 12.27 | 9.778 | 13.02 |
| (1) | (2) | (3) | |
|---|---|---|---|
| Variables | ESG_SCORE | ESG_COMB | ESG_AVE |
| 0.1344 | 0.1162 | 0.1444 | |
| 0.1036 | 0.1304 | 0.1081 | |
| −5.7711 | −6.3072 | −6.4066 | |
| −1.3053 (−0.782) | −0.1337 (−0.078) | −1.8313 (−1.147) | |
| 4.2006 | 4.8959 | 4.2796 | |
| −0.1063 (−0.083) | 1.4879 (0.832) | −0.3238 (−0.255) | |
| 0.2977 (1.080) | 0.1834 (0.608) | 0.2697 (0.940) | |
| −0.0120 (−0.087) | 0.2525 (0.847) | −0.0036 (−0.026) | |
| Constant | −54.5043 | −74.5502 | −57.5263 |
| Firm fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| Observations | 1,156 | 1,156 | 1,156 |
| 0.924 | 0.856 | 0.924 | |
| Adjusted | 0.900 | 0.811 | 0.901 |
| 12.27 | 9.778 | 13.02 |
Note(s): Robust t-statistics in parentheses. *, ** and *** represent significant at the 10, 5 and 1% level, respectively
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