Table 2 Main model: impact of B...

Table 2

Main model: impact of B certification on sales and ROA

	(1)	(2)	(3)	(4)
	Sales	ROA	Sales	ROA
Certification start			0.069^**	−0.027^*
Certification start			(0.033)	(0.015)
Tangibility	−0.379^**	−0.004	−0.388^**	−0.001
Tangibility	(0.154)	(0.075)	(0.154)	(0.075)
Debt	−0.171^**	−0.299^***	−0.176^**	−0.292^***
Debt	(0.075)	(0.036)	(0.075)	(0.036)
Cash holding	−0.381^***	0.037	−0.376^***	0.040
Cash holding	(0.077)	(0.037)	(0.077)	(0.037)
Size	0.695^***	0.130^***	0.693^***	0.130^***
Size	(0.020)	(0.010)	(0.020)	(0.010)
Age	0.838^***	−0.150^***	0.840^***	−0.159^***
Age	(0.050)	(0.024)	(0.050)	(0.024)
GDP growth	−0.017	−0.002	−0.016	0.000
GDP growth	(0.011)	(0.005)	(0.011)	(0.001)
Industry FE	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	4,014	4,014	4,014	4,014
Adj. R²	0.488	0.111	0.489	0.114

	(1)	(2)	(3)	(4)
	Sales	ROA	Sales	ROA
Certification start			0.069^**	−0.027^*
Certification start			(0.033)	(0.015)
Tangibility	−0.379^**	−0.004	−0.388^**	−0.001
Tangibility	(0.154)	(0.075)	(0.154)	(0.075)
Debt	−0.171^**	−0.299^***	−0.176^**	−0.292^***
Debt	(0.075)	(0.036)	(0.075)	(0.036)
Cash holding	−0.381^***	0.037	−0.376^***	0.040
Cash holding	(0.077)	(0.037)	(0.077)	(0.037)
Size	0.695^***	0.130^***	0.693^***	0.130^***
Size	(0.020)	(0.010)	(0.020)	(0.010)
Age	0.838^***	−0.150^***	0.840^***	−0.159^***
Age	(0.050)	(0.024)	(0.050)	(0.024)
GDP growth	−0.017	−0.002	−0.016	0.000
GDP growth	(0.011)	(0.005)	(0.011)	(0.001)
Industry FE	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observations	4,014	4,014	4,014	4,014
Adj. R²	0.488	0.111	0.489	0.114

Note(s): The table shows whether obtaining the certification (dummy Certification start) influences a company's performance in product markets and in terms of accounting results. Robust standard errors are reported in brackets. *** denotes significance at the 1% level; ** denotes significance at the 5% level; * denotes significance at the 10% level

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