Table 4 Baseline regressions Variables... | Emerald Publishing

Table 4

Baseline regressions

Variables	(1)	(2)	(3)	(4)
	ROA	ROA	ROE	ROE
ESG	0.0003***(0.0001)	0.0002***(0.0001)	0.0010***(0.0002)	0.0008***(0.0002)
Size		0.0155***(0.0016)		0.0542***(0.0046)
CBNP		0.0009**(0.0004)		0.0042***(0.0010)
Board		0.0013**(0.0006)		0.0018(0.0016)
TobinQ		0.0073***(0.0006)		0.0125***(0.0013)
Constant	0.0334***(0.0005)	−0.3377***(0.0345)	0.0423***(0.0015)	−1.2077***(0.0987)
Observations	35,060	35,060	35,060	35,060
R-squared	0.483	0.492	0.372	0.383
Number of Firms	4,889	4,889	4,889	4,889
Firm FE and Year FE	Yes	Yes	Yes	Yes

Variables	(1)	(2)	(3)	(4)
	ROA	ROA	ROE	ROE
ESG	0.0003***(0.0001)	0.0002***(0.0001)	0.0010***(0.0002)	0.0008***(0.0002)
Size		0.0155***(0.0016)		0.0542***(0.0046)
CBNP		0.0009**(0.0004)		0.0042***(0.0010)
Board		0.0013**(0.0006)		0.0018(0.0016)
TobinQ		0.0073***(0.0006)		0.0125***(0.0013)
Constant	0.0334***(0.0005)	−0.3377***(0.0345)	0.0423***(0.0015)	−1.2077***(0.0987)
Observations	35,060	35,060	35,060	35,060
R-squared	0.483	0.492	0.372	0.383
Number of Firms	4,889	4,889	4,889	4,889
Firm FE and Year FE	Yes	Yes	Yes	Yes

Note(s): This table presents the baseline regression results for Hypothesis 1. Robust standard errors clustered at the firm level are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1