Table 8 Models – robustness by...

Table 8

Models – robustness by estimators

	Economic performance								Social performance
Variables	Economic return (ROA)				Net income margin				Death rate
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
COMP	−0.0223***	0.0067***	−0.0223***	0.0067*	−0.0134***	0.0463***	−0.0134***	0.0463***	0.0148***	0.0221***	0.0148***	0.0221***
COMP	(0.0013)	(0.0021)	(0.0025)	(0.0042)	(0.0011)	(0.0018)	(0.0023)	(0.0036)	(0.005)	(0.0070)	(0.005)	(0.0069)
COMP*PUBF		−0.0712***		−0.0712***		−0.1463***		−0.1463***		−0.0208		−0.0208
COMP*PUBF		(0.0041)		(0.0084)		(0.0034)		(0.0075)		(0.0146)		(0.0145)
PUBF	0.0455***	0.0534***	0.0455***	0.0534***	0.0290***	0.0451***	0.0290***	0.0451***	0.0225***	0.0246***	0.0225***	0.0246***
PUBF	(0.0023)	(0.0025)	(0.0042)	(0.0046)	(0.0017)	(0.0017)	(0.0034)	(0.0035)	(0.0051)	(0.0055)	(0.0051)	(0.0055)
Covid	−0.0193***	−0.0196***	−0.0193***	−0.0196***	−0.0146***	−0.0152***	−0.0146***	−0.0152***		–		–
Covid	(0.0014)	(0.0014)	(0.0016)	(0.0016)	(0.001)	(0.001)	(0.0011)	(0.0011)		–		–
Financial leverage	−0.0028***	−0.0027***	−0.0028***	−0.0027***	−0.0021***	−0.002***	−0.0021***	−0.002***	0.0000***	0.0000***	0.0000***	0.0000
Financial leverage	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Solvency level	0.0532***	0.0519***	0.0532***	0.0519***	0.0259***	0.0231***	0.0259***	0.0231***	0.0277***	0.0276***	0.0277***	0.0276***
Solvency level	(0.0033)	(0.0033)	(0.0047)	(0.0047)	(0.002)	(0.002)	(0.0033)	(0.0033)	(0.0063)	(0.0063)	(0.0063)	(0.0063)
Penalties	0.1097***	0.1093***	0.1097***	0.1093***	0.0663***	0.0655***	0.0663***	0.0655***	0.1135***	0.1120***	0.1135***	0.112***
Penalties	(0.0049)	(0.0049)	(0.0087)	(0.0087)	(0.0035)	(0.0035)	(0.0069)	(0.0069)	(0.0161)	(0.0161)	(0.0161)	(0.0161)
Location	0.0135***	0.0119***	0.0135***	0.0119***	0.021***	0.0177***	0.021***	0.0177***	0.0223***	0.0220***	0.0223***	0.0220***
Location	(0.0015)	(0.0015)	(0.0028)	(0.0029)	(0.0011)	(0.0011)	(0.0022)	(0.0022)	(0.0041)	(0.0041)	(0.0041)	(0.004)
F-Prob	19,593	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
R²	0.4090	0.4131	0.4090	0.4131	0.3692	0.4043	0.3692	0.4043	0.3227	0.3231	0.3227	0.3231
Estimator	OLS ROBUST		CLUSTER ID		OLS ROBUST		CLUSTER ID		OLS ROBUST		CLUSTER ID

	Economic performance								Social performance
Variables	Economic return (ROA)				Net income margin				Death rate
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
COMP	−0.0223***	0.0067***	−0.0223***	0.0067*	−0.0134***	0.0463***	−0.0134***	0.0463***	0.0148***	0.0221***	0.0148***	0.0221***
COMP	(0.0013)	(0.0021)	(0.0025)	(0.0042)	(0.0011)	(0.0018)	(0.0023)	(0.0036)	(0.005)	(0.0070)	(0.005)	(0.0069)
COMP*PUBF		−0.0712***		−0.0712***		−0.1463***		−0.1463***		−0.0208		−0.0208
COMP*PUBF		(0.0041)		(0.0084)		(0.0034)		(0.0075)		(0.0146)		(0.0145)
PUBF	0.0455***	0.0534***	0.0455***	0.0534***	0.0290***	0.0451***	0.0290***	0.0451***	0.0225***	0.0246***	0.0225***	0.0246***
PUBF	(0.0023)	(0.0025)	(0.0042)	(0.0046)	(0.0017)	(0.0017)	(0.0034)	(0.0035)	(0.0051)	(0.0055)	(0.0051)	(0.0055)
Covid	−0.0193***	−0.0196***	−0.0193***	−0.0196***	−0.0146***	−0.0152***	−0.0146***	−0.0152***		–		–
Covid	(0.0014)	(0.0014)	(0.0016)	(0.0016)	(0.001)	(0.001)	(0.0011)	(0.0011)		–		–
Financial leverage	−0.0028***	−0.0027***	−0.0028***	−0.0027***	−0.0021***	−0.002***	−0.0021***	−0.002***	0.0000***	0.0000***	0.0000***	0.0000
Financial leverage	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Solvency level	0.0532***	0.0519***	0.0532***	0.0519***	0.0259***	0.0231***	0.0259***	0.0231***	0.0277***	0.0276***	0.0277***	0.0276***
Solvency level	(0.0033)	(0.0033)	(0.0047)	(0.0047)	(0.002)	(0.002)	(0.0033)	(0.0033)	(0.0063)	(0.0063)	(0.0063)	(0.0063)
Penalties	0.1097***	0.1093***	0.1097***	0.1093***	0.0663***	0.0655***	0.0663***	0.0655***	0.1135***	0.1120***	0.1135***	0.112***
Penalties	(0.0049)	(0.0049)	(0.0087)	(0.0087)	(0.0035)	(0.0035)	(0.0069)	(0.0069)	(0.0161)	(0.0161)	(0.0161)	(0.0161)
Location	0.0135***	0.0119***	0.0135***	0.0119***	0.021***	0.0177***	0.021***	0.0177***	0.0223***	0.0220***	0.0223***	0.0220***
Location	(0.0015)	(0.0015)	(0.0028)	(0.0029)	(0.0011)	(0.0011)	(0.0022)	(0.0022)	(0.0041)	(0.0041)	(0.0041)	(0.004)
F-Prob	19,593	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
R²	0.4090	0.4131	0.4090	0.4131	0.3692	0.4043	0.3692	0.4043	0.3227	0.3231	0.3227	0.3231
Estimator	OLS ROBUST		CLUSTER ID		OLS ROBUST		CLUSTER ID		OLS ROBUST		CLUSTER ID

Note(s): Regressions of Social Dimension consider the ratio of deaths during the first wave of COVID-19 (data as of August 2020). For this reason, the control variable Covid has not been considered

Standard errors are in parentheses

***p < 0.01, **p < 0.05, *p < 0.10

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