Table 8. Firm-level net zero target...

Table 8.

Firm-level net zero target commitment

Dependent variable	REM_CFO	REM_DISEXP	REM_PRODCOST	REM_SUM
CONSTANT	0.261 (1.23)	0.203* (1.78)	0.040 (0.33)	0.503 (1.56)
FIRM_NETZERO	0.001 (0.15)	0.003 (0.40)	−0.007 (−0.82)	−0.003 (−0.19)
CLIMATE_RISK	0.000 (0.92)	−0.000* (−1.83)	−0.000 (−0.23)	0.000 (0.12)
GDP_PER_CAPITA	−0.040 (−1.42)	−0.003 (−0.24)	0.008 (0.46)	−0.036 (−0.85)
GDP_GROWTH_RATE	−0.001 (−0.72)	−0.000 (−0.89)	0.001 (1.07)	−0.001 (−0.46)
CO2_PER_CAPITA	0.002 (0.39)	0.002 (0.64)	0.005** (2.02)	0.009 (1.12)
CORRUPT_CONTROL	0.015 (0.65)	0.009 (0.87)	−0.019 (−1.43)	0.005 (0.15)
GOV_EFFECT	−0.021 (−0.88)	−0.002 (−0.22)	0.007 (0.58)	−0.016 (−0.49)
POL_STABILITY	−0.007 (−0.41)	−0.006 (−0.68)	0.013 (1.27)	−0.000 (−0.00)
REGULATE_QUAL	0.076** (2.13)	0.006 (0.45)	0.002 (0.15)	0.084* (1.91)
RULE_LAW	−0.083* (−1.96)	0.008 (0.42)	−0.005 (−0.27)	−0.080 (−1.38)
VOICE_ACCOUNT	0.010 (0.25)	0.034 (1.64)	0.000 (0.00)	0.044 (0.77)
CTR	0.295* (1.75)	0.029 (0.38)	0.110 (1.29)	0.434* (1.91)
SIZE	−0.005** (−2.38)	−0.015*** (−4.56)	−0.009*** (−2.73)	−0.029*** (−4.25)
LEV	0.007 (1.46)	0.007 (0.93)	0.005 (0.59)	0.018 (1.14)
ROA	0.469*** (11.57)	0.262*** (4.11)	0.587*** (9.64)	1.319*** (10.11)
CASH	0.079*** (2.63)	−0.031 (−0.77)	0.032 (0.85)	0.079 (0.96)
PPE	0.013 (1.12)	0.004 (0.26)	0.009 (0.68)	0.026 (0.88)
INTANG	0.008 (0.32)	0.001 (0.03)	−0.012 (−0.37)	−0.003 (−0.05)
FOREIGN	−0.006 (−1.21)	−0.006 (−1.65)	−0.018*** (−4.51)	−0.030*** (−3.29)
R&D	0.052 (1.28)	0.608*** (3.79)	0.301*** (2.81)	0.961*** (3.60)
SGA	−0.011 (−1.28)	0.184 (1.54)	0.124 (1.51)	0.298 (1.47)
CAPEX	0.039 (0.64)	0.120 (1.61)	0.086 (1.39)	0.245 (1.61)
COVID19	0.004 (0.47)	−0.017*** (−2.86)	0.005 (0.70)	−0.008 (−0.52)
Industry fixed effect	Yes	Yes	Yes	Yes
Country fixed effect	Yes	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes	Yes
N	5,241	5,241	5,241	5,241
Adjusted R-squared	0.138	0.577	0.437	0.425

Dependent variable	REM_CFO	REM_DISEXP	REM_PRODCOST	REM_SUM
CONSTANT	0.261 (1.23)	0.203* (1.78)	0.040 (0.33)	0.503 (1.56)
FIRM_NETZERO	0.001 (0.15)	0.003 (0.40)	−0.007 (−0.82)	−0.003 (−0.19)
CLIMATE_RISK	0.000 (0.92)	−0.000* (−1.83)	−0.000 (−0.23)	0.000 (0.12)
GDP_PER_CAPITA	−0.040 (−1.42)	−0.003 (−0.24)	0.008 (0.46)	−0.036 (−0.85)
GDP_GROWTH_RATE	−0.001 (−0.72)	−0.000 (−0.89)	0.001 (1.07)	−0.001 (−0.46)
CO2_PER_CAPITA	0.002 (0.39)	0.002 (0.64)	0.005** (2.02)	0.009 (1.12)
CORRUPT_CONTROL	0.015 (0.65)	0.009 (0.87)	−0.019 (−1.43)	0.005 (0.15)
GOV_EFFECT	−0.021 (−0.88)	−0.002 (−0.22)	0.007 (0.58)	−0.016 (−0.49)
POL_STABILITY	−0.007 (−0.41)	−0.006 (−0.68)	0.013 (1.27)	−0.000 (−0.00)
REGULATE_QUAL	0.076** (2.13)	0.006 (0.45)	0.002 (0.15)	0.084* (1.91)
RULE_LAW	−0.083* (−1.96)	0.008 (0.42)	−0.005 (−0.27)	−0.080 (−1.38)
VOICE_ACCOUNT	0.010 (0.25)	0.034 (1.64)	0.000 (0.00)	0.044 (0.77)
CTR	0.295* (1.75)	0.029 (0.38)	0.110 (1.29)	0.434* (1.91)
SIZE	−0.005** (−2.38)	−0.015*** (−4.56)	−0.009*** (−2.73)	−0.029*** (−4.25)
LEV	0.007 (1.46)	0.007 (0.93)	0.005 (0.59)	0.018 (1.14)
ROA	0.469*** (11.57)	0.262*** (4.11)	0.587*** (9.64)	1.319*** (10.11)
CASH	0.079*** (2.63)	−0.031 (−0.77)	0.032 (0.85)	0.079 (0.96)
PPE	0.013 (1.12)	0.004 (0.26)	0.009 (0.68)	0.026 (0.88)
INTANG	0.008 (0.32)	0.001 (0.03)	−0.012 (−0.37)	−0.003 (−0.05)
FOREIGN	−0.006 (−1.21)	−0.006 (−1.65)	−0.018*** (−4.51)	−0.030*** (−3.29)
R&D	0.052 (1.28)	0.608*** (3.79)	0.301*** (2.81)	0.961*** (3.60)
SGA	−0.011 (−1.28)	0.184 (1.54)	0.124 (1.51)	0.298 (1.47)
CAPEX	0.039 (0.64)	0.120 (1.61)	0.086 (1.39)	0.245 (1.61)
COVID19	0.004 (0.47)	−0.017*** (−2.86)	0.005 (0.70)	−0.008 (−0.52)
Industry fixed effect	Yes	Yes	Yes	Yes
Country fixed effect	Yes	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes	Yes
N	5,241	5,241	5,241	5,241
Adjusted R-squared	0.138	0.577	0.437	0.425

Note(s):

*, ** and *** denote significant level at the 0.1, 0.05 and 0.01 levels, respectively, using two-tailed p-values

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