Model regression with the subsamples of the European Union and the rest of the world (except China and the USA). (1) model with the subsample of the European Union; (2) model with the subsample of the rest of the world (except China and the USA)
| ESG controversies | ||
|---|---|---|
| Variable | EU | Rest of the world |
| ESG lagged | −0.05 (0.783) | −0.021 (0.428) |
| sr | 3.30** (0.001) | 1.287 (0.001) |
| frmw | ||
| 2. | −1.461** (0.001) | |
| 3. | −3.063 (0.368) | |
| 4. | −1.713** (0.001) | |
| leg | ||
| 2. | 0.221 (0.669) | |
| 3. | −5.773 (0.608) | |
| 4. | −1.101 (0.087) | |
| 5. | −2.354* (0.05) | |
| ta (lagged) | −0.097 (0564) | 0.467 (0.451) |
| ROA (lagged) | 0.132* (0.01) | −0.117 (0.277) |
| Constant | 3.134 (0.102) | −6.11 (0.536) |
| AR(1) p-value | 0.953 | 0.274 |
| AR(2) p-value | 0.284 | 0.399 |
| Hasen test p-value | 0.023* | 0.305 |
| Number of instruments | 13 | 12 |
| Number of firms | 13 | 47 |
| Number of observations | 138 | 147 |
| Variable | Rest of the world | |
|---|---|---|
| −0.05 (0.783) | −0.021 (0.428) | |
| 3.30** (0.001) | 1.287 (0.001) | |
| −1.461** (0.001) | ||
| −3.063 (0.368) | ||
| −1.713** (0.001) | ||
| 0.221 (0.669) | ||
| −5.773 (0.608) | ||
| −1.101 (0.087) | ||
| −2.354* (0.05) | ||
| −0.097 (0564) | 0.467 (0.451) | |
| 0.132* (0.01) | −0.117 (0.277) | |
| Constant | 3.134 (0.102) | −6.11 (0.536) |
| AR(1) | 0.953 | 0.274 |
| AR(2) | 0.284 | 0.399 |
| Hasen test | 0.023* | 0.305 |
| Number of instruments | 13 | 12 |
| Number of firms | 13 | 47 |
| Number of observations | 138 | 147 |
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