Robustness check: alternative ESG measure (Year-standardized Z-score)
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Dependent variable | ROA | ROE | ROA | ROE |
| ESG_Z | 0.0018***(0.0006) | 0.0066***(0.0016) | 0.0014**(0.0005) | 0.0054***(0.0015) |
| AbnFees | −0.0110***(0.0009) | −0.0264***(0.0025) | ||
| ESG_Z AbnFees | 0.0003(0.0006) | 0.0024(0.0017) | ||
| Controls | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Observations | 35,060 | 35,060 | 35,060 | 35,060 |
| R-squared | 0.492 | 0.383 | 0.497 | 0.389 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Dependent variable | ROA | ROE | ROA | ROE |
| ESG_Z | 0.0018***(0.0006) | 0.0066***(0.0016) | 0.0014**(0.0005) | 0.0054***(0.0015) |
| AbnFees | −0.0110***(0.0009) | −0.0264***(0.0025) | ||
| ESG_Z | 0.0003(0.0006) | 0.0024(0.0017) | ||
| Controls | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Observations | 35,060 | 35,060 | 35,060 | 35,060 |
Note(s): This table uses year-standardized ESG measures (, z-scores by year) for robustness. Columns (3)–(4) examine the moderating effect of abnormal audit fees (AbnFees). Interaction variables are mean-centered. Robust standard errors (in parentheses) are clustered by firm. ***p < 0.01. See Table 2 for variable definitions
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