Moderating effect of audit quality on the ESG–firm performance (ROA) relationship
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Moderator (AQ) | AbnFees | LnAudit | Big4 | Opinion |
| ESG | 0.0002***(0.0001) | 0.0002***(0.0001) | 0.0002***(0.0001) | −0.0002(0.0004) |
| Audit Quality (AQ) | −0.0111***(0.0009) | −0.0270***(0.0023) | 0.0048(0.0035) | 0.0792***(0.0054) |
| ESG AQ | 0.0000(0.0001) | −0.0001(0.0001) | −0.0002(0.0002) | 0.0004(0.0004) |
| Controls | Yes | Yes | Yes | Yes |
| Firm FE and Year FE | Yes | Yes | Yes | Yes |
| Observations | 35,060 | 35,060 | 35,060 | 35,060 |
| R-squared | 0.497 | 0.497 | 0.492 | 0.515 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Moderator (AQ) | AbnFees | LnAudit | Big4 | Opinion |
| ESG | 0.0002***(0.0001) | 0.0002***(0.0001) | 0.0002***(0.0001) | −0.0002(0.0004) |
| Audit Quality (AQ) | −0.0111***(0.0009) | −0.0270***(0.0023) | 0.0048(0.0035) | 0.0792***(0.0054) |
| ESG | 0.0000(0.0001) | −0.0001(0.0001) | −0.0002(0.0002) | 0.0004(0.0004) |
| Controls | Yes | Yes | Yes | Yes |
| Firm FE and Year FE | Yes | Yes | Yes | Yes |
| Observations | 35,060 | 35,060 | 35,060 | 35,060 |
| 0.497 | 0.497 | 0.492 | 0.515 |
Note(s): Continuous variables used in the interaction terms are mean-centered. Robust standard errors clustered at the firm level are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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