Intensity of the net zero target commitment
| Dependent variable | REM_CFO | REM_DISEXP | REM_PRODCOST | REM_SUM |
|---|---|---|---|---|
| CONSTANT | 0.500*** (12.23) | 0.195*** (7.78) | 0.132*** (5.15) | 0.822*** (12.55) |
| INTENSITY_NETZERO_SQUARE | 0.001*** (4.75) | 0.001*** (4.90) | 0.001*** (3.93) | 0.002*** (6.65) |
| CLIMATE_RISK | 0.000 (1.08) | −0.000 (−0.05) | −0.000*** (−4.35) | −0.000 (−0.85) |
| GDP_PER_CAPITA | −0.026*** (−5.01) | 0.005* (1.65) | 0.006* (1.83) | −0.014* (−1.79) |
| GDP_GROWTH_RATE | 0.001** (2.17) | −0.000 (−1.58) | 0.000** (2.27) | 0.001 (1.52) |
| CO2_PER_CAPITA | −0.008*** (−8.15) | −0.002*** (−3.17) | 0.002*** (3.43) | −0.008*** (−5.50) |
| CORRUPT_CONTROL | −0.020*** (−3.46) | −0.007* (−1.80) | 0.016*** (4.32) | −0.012 (−1.29) |
| GOV_EFFECT | 0.009** (1.97) | 0.002 (0.50) | 0.010*** (3.23) | 0.022*** (2.85) |
| POL_STABILITY | −0.027*** (−7.17) | −0.010*** (−4.82) | 0.007*** (3.10) | −0.029*** (−5.16) |
| REGULATE_QUAL | 0.002 (0.26) | −0.006 (−1.62) | 0.018*** (4.84) | 0.011 (1.16) |
| RULE_LAW | 0.003 (0.43) | −0.003 (−0.83) | −0.039*** (−9.44) | −0.042*** (−3.96) |
| VOICE_ACCOUNT | 0.007 (1.13) | 0.010*** (3.07) | −0.011*** (−2.93) | 0.006 (0.70) |
| CTR | 0.049* (1.72) | −0.030 (−1.41) | 0.081*** (4.14) | 0.095* (1.91) |
| SIZE | −0.008*** (−26.14) | −0.016*** (−37.75) | −0.008*** (−21.40) | −0.032*** (−37.07) |
| LEV | 0.002* (1.90) | 0.003*** (2.74) | −0.001 (−0.98) | 0.003* (1.65) |
| ROA | −0.067*** (−11.66) | −0.022*** (−4.09) | 0.143*** (30.53) | 0.052*** (4.35) |
| CASH | 0.115*** (26.44) | 0.113*** (21.94) | 0.063*** (14.40) | 0.292*** (27.16) |
| PPE | −0.015*** (−9.24) | −0.013*** (−7.01) | −0.009*** (−5.02) | −0.037*** (−9.17) |
| INTANG | −0.030*** (−6.53) | 0.010 (1.43) | −0.006 (−1.13) | −0.027** (−2.04) |
| FOREIGN | 0.001 (1.25) | 0.002** (2.19) | −0.002** (−2.02) | 0.002 (0.75) |
| R&D | 0.039*** (3.60) | 0.346*** (18.64) | −0.018* (−1.73) | 0.372*** (11.78) |
| SGA | −0.003*** (−4.94) | 0.041*** (32.97) | −0.005*** (−9.61) | 0.035*** (19.65) |
| CAPEX | 0.096*** (13.71) | 0.162*** (21.18) | 0.115*** (15.90) | 0.373*** (22.50) |
| COVID19 | −0.078*** (−21.24) | −0.004* (−1.84) | −0.008*** (−3.51) | −0.090*** (−15.62) |
| Industry fixed effect | Yes | Yes | Yes | Yes |
| Country fixed effect | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes |
| N | 249,711 | 249,711 | 249,711 | 249,711 |
| Adjusted R-squared | 0.086 | 0.392 | 0.121 | 0.224 |
| Dependent variable | ||||
|---|---|---|---|---|
| 0.500 | 0.195 | 0.132 | 0.822 | |
| 0.001 | 0.001 | 0.001 | 0.002 | |
| 0.000 (1.08) | −0.000 (−0.05) | −0.000 | −0.000 (−0.85) | |
| −0.026 | 0.005 | 0.006 | −0.014 | |
| 0.001 | −0.000 (−1.58) | 0.000 | 0.001 (1.52) | |
| −0.008 | −0.002 | 0.002 | −0.008 | |
| −0.020 | −0.007 | 0.016 | −0.012 (−1.29) | |
| 0.009 | 0.002 (0.50) | 0.010 | 0.022 | |
| −0.027 | −0.010 | 0.007 | −0.029 | |
| 0.002 (0.26) | −0.006 (−1.62) | 0.018 | 0.011 (1.16) | |
| 0.003 (0.43) | −0.003 (−0.83) | −0.039 | −0.042 | |
| 0.007 (1.13) | 0.010 | −0.011 | 0.006 (0.70) | |
| 0.049 | −0.030 (−1.41) | 0.081 | 0.095 | |
| −0.008 | −0.016 | −0.008 | −0.032 | |
| 0.002 | 0.003 | −0.001 (−0.98) | 0.003 | |
| −0.067 | −0.022 | 0.143 | 0.052 | |
| 0.115 | 0.113 | 0.063 | 0.292 | |
| −0.015 | −0.013 | −0.009 | −0.037 | |
| −0.030 | 0.010 (1.43) | −0.006 (−1.13) | −0.027 | |
| 0.001 (1.25) | 0.002 | −0.002 | 0.002 (0.75) | |
| 0.039 | 0.346 | −0.018 | 0.372 | |
| −0.003 | 0.041 | −0.005 | 0.035 | |
| 0.096 | 0.162 | 0.115 | 0.373 | |
| −0.078 | −0.004 | −0.008 | −0.090 | |
| Industry fixed effect | ||||
| Country fixed effect | ||||
| Year fixed effect | ||||
| 249,711 | 249,711 | 249,711 | 249,711 | |
| Adjusted | 0.086 | 0.392 | 0.121 | 0.224 |
*, ** and *** denote significant level at the 0.1, 0.05 and 0.01 levels, respectively, using two-tailed p-values
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