Table 6 Robustness checks Winsor 95%...

Table 6

Robustness checks

	Winsor 95%	Excl. COVID	2-year lag	Active ESG	Semidev	Non-SOE
E score (t−1)	−0.0006**	−0.0008*		−0.0006	−0.0002	−0.0004
S score (t−1)	0.0011***	0.0016**		0.0012**	0.0010**	0.0010**
G score (t−1)	−0.0015*	−0.0026*		−0.0017*	−0.0018***	−0.0018*
E score (t−2)			−0.0004
S score (t−2)			−0.0006
G score (t−2)			−0.0003
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	647	524	585	299	647	488
Firms	62	62	62	29	62	56
R² (within)	0.0580	0.0754	0.0550	0.0686	0.0356	0.0521
Firm and year FE	Yes	Yes	Yes	Yes	Yes	Yes

	Winsor 95%	Excl. COVID	2-year lag	Active ESG	Semidev	Non-SOE
E score (t−1)	−0.0006**	−0.0008*		−0.0006	−0.0002	−0.0004
S score (t−1)	0.0011***	0.0016**		0.0012**	0.0010**	0.0010**
G score (t−1)	−0.0015*	−0.0026*		−0.0017*	−0.0018***	−0.0018*
E score (t−2)			−0.0004
S score (t−2)			−0.0006
G score (t−2)			−0.0003
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	647	524	585	299	647	488
Firms	62	62	62	29	62	56
R² (within)	0.0580	0.0754	0.0550	0.0686	0.0356	0.0521
Firm and year FE	Yes	Yes	Yes	Yes	Yes	Yes

Note(s): ***p < 0.01, **p < 0.05, *p < 0.10. Column 1: ROA_vol3 winsorized at 95th percentile. Column 2: excludes 2020–2021. Column 3: ESG scores lagged two years. Column 4: restricted to firms with within-firm ESG standard deviation > 0.1. Column 5: semi-deviation as dependent variable. Column 6: non-SOE firms only (state ownership ≤50 per cent)

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