Significant model regression analysis with interaction terms (1) model with sr x leg; (2) model with sr x sub; (3) model with esg x leg; (4) model with esg x sub
| ESG controversies | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Variable | sr x leg | sr x sub | esg x leg | esg x sub |
| ESG lagged | −0.41 (0.170) | 0.015 (0.696) | ||
| ESGleg x lagged | 0.001 (0.836) | |||
| ESGsub x lagged | 0.002 (0.491) | |||
| sr x sub | ||||
| 1. | 0.639 (0.810) | |||
| 2. | 5.075** (0.00) | |||
| 3. | 1.683 (0.464) | |||
| sr x leg | ||||
| 2. | 2.929* (0.05) | |||
| 3. | 4.6** (0.01) | |||
| 4. | 3.241 (0.076) | |||
| frmw | ||||
| 2 | −0.547 (0.406) | −0.502 (0.541) | −0.751 (0.220) | −0.472 (0.394) |
| 3 | −0.629 (0.312) | −0.635 (0.257) | ||
| 4 | −1.280 (0.076) | −0.528 (0.547) | −0.873 (0.097) | −0.672 (0.247) |
| va | 0.019 (0.467) | 0.019 (0.317) | 0.014 (0.635) | −0.0047 (0.769) |
| rq | 0.029 (0.451) | 0.009 (0.792) | −0.038 (0.537) | 0.008 (0.771) |
| cp | −0.078 (0.384) | −0.049 (0.455) | −0.018 (0.848) | 0.0024 (0.951) |
| ta (lagged) | 0.360 (0.280) | −0.187 (0.731) | 0.575 (0.113) | 0.369 (0.227) |
| ROA (lagged) | −0.011 (0.807) | −0.022 (0.655) | −0.028 (0.577) | −0.065 (0.293) |
| Constant | −1.574 (0.782) | 3.638 (0.623) | −8.244 (0.195) | −5.936 (0.249) |
| AR(1) p-value | 0.299 | 0.343 | 0.433 | 0.359 |
| AR(2) p-value | 0.267 | 0.244 | 0.322 | 0.2158 |
| Hansen test p-value | 0.737 | 0.737 | 0.1848 | 0.087 |
| Number of instruments | 39 | 39 | 34 | 19 |
| Number of firms | 22 | 22 | 30 | 30 |
| Number of observations | 163 | 163 | 177 | 177 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ||||
| −0.41 (0.170) | 0.015 (0.696) | |||
| 0.001 (0.836) | ||||
| 0.002 (0.491) | ||||
| 0.639 (0.810) | ||||
| 5.075** (0.00) | ||||
| 1.683 (0.464) | ||||
| 2.929* (0.05) | ||||
| 4.6** (0.01) | ||||
| 3.241 (0.076) | ||||
| −0.547 (0.406) | −0.502 (0.541) | −0.751 (0.220) | −0.472 (0.394) | |
| −0.629 (0.312) | −0.635 (0.257) | |||
| −1.280 (0.076) | −0.528 (0.547) | −0.873 (0.097) | −0.672 (0.247) | |
| 0.019 (0.467) | 0.019 (0.317) | 0.014 (0.635) | −0.0047 (0.769) | |
| 0.029 (0.451) | 0.009 (0.792) | −0.038 (0.537) | 0.008 (0.771) | |
| −0.078 (0.384) | −0.049 (0.455) | −0.018 (0.848) | 0.0024 (0.951) | |
| 0.360 (0.280) | −0.187 (0.731) | 0.575 (0.113) | 0.369 (0.227) | |
| −0.011 (0.807) | −0.022 (0.655) | −0.028 (0.577) | −0.065 (0.293) | |
| Constant | −1.574 (0.782) | 3.638 (0.623) | −8.244 (0.195) | −5.936 (0.249) |
| AR(1) | 0.299 | 0.343 | 0.433 | 0.359 |
| AR(2) | 0.267 | 0.244 | 0.322 | 0.2158 |
| Hansen test | 0.737 | 0.737 | 0.1848 | 0.087 |
| Number of instruments | 39 | 39 | 34 | 19 |
| Number of firms | 22 | 22 | 30 | 30 |
| Number of observations | 163 | 163 | 177 | 177 |
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