System-GMM estimation results
| Variables | Coefficient | Std. Error | t-value | p-value | 95% Conf. interval |
|---|---|---|---|---|---|
| L.ROA | 0.713*** | 0.073 | 9.73 | 0.000 | [0.570, 0.857] |
| ESG_mc | −0.00049* | 0.00029 | −1.65 | 0.099 | [−0.0010, 0.00009] |
| lntotalassets | 0.00410*** | 0.00067 | 6.13 | 0.000 | [0.0028, 0.0054] |
| leverage | 0.00101 | 0.00091 | 1.10 | 0.271 | [−0.0009, 0.0033] |
| cbnp_ratio | 0.00091* | 0.00052 | 1.75 | 0.081 | [−0.0001, 0.0019] |
| Board_size | 0.00025 | 0.00033 | 0.74 | 0.457 | [−0.0004, 0.0009] |
| TOBINSQ | 0.00494*** | 0.00073 | 6.73 | 0.000 | [0.0035, 0.0064] |
| Firm FE and Year FE | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.1085*** | 0.0146 | −7.45 | 0.000 | [−0.137, −0.080] |
| Variables | Coefficient | Std. Error | 95% Conf. interval | ||
|---|---|---|---|---|---|
| L.ROA | 0.713*** | 0.073 | 9.73 | 0.000 | [0.570, 0.857] |
| ESG_mc | −0.00049* | 0.00029 | −1.65 | 0.099 | [−0.0010, 0.00009] |
| lntotalassets | 0.00410*** | 0.00067 | 6.13 | 0.000 | [0.0028, 0.0054] |
| leverage | 0.00101 | 0.00091 | 1.10 | 0.271 | [−0.0009, 0.0033] |
| cbnp_ratio | 0.00091* | 0.00052 | 1.75 | 0.081 | [−0.0001, 0.0019] |
| Board_size | 0.00025 | 0.00033 | 0.74 | 0.457 | [−0.0004, 0.0009] |
| TOBINSQ | 0.00494*** | 0.00073 | 6.73 | 0.000 | [0.0035, 0.0064] |
| Firm FE and Year FE | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.1085*** | 0.0146 | −7.45 | 0.000 | [−0.137, −0.080] |
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