Robustness test: full sample of B Corps and non-B Corps based on propensity score matching
| (1) | (5) | |
|---|---|---|
| Dependent variable | Sales | ROA |
| Certification start | 0.108*** | −0.026* |
| (0.028) | (0.013) | |
| Tangibility | −0.317** | −0.024 |
| (0.128) | (0.062) | |
| Debt | −0.251*** | −0.255*** |
| (0.063) | (0.031) | |
| Cash holdings | −0.337*** | 0.081** |
| (0.067) | (0.032) | |
| Size | 0.715*** | 0.119*** |
| (0.017) | (0.008) | |
| Age | 0.766*** | −0.142*** |
| (0.043) | (0.021) | |
| GDP growth | −0.001 | 0.001 |
| (0.002) | (0.001) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| Year FE | Yes | Yes |
| Observations | 7,678 | 7,678 |
| Adj. R2 | 0.202 | 0.099 |
| (1) | (5) | |
|---|---|---|
| Dependent variable | Sales | ROA |
| Certification start | 0.108*** | −0.026* |
| (0.028) | (0.013) | |
| Tangibility | −0.317** | −0.024 |
| (0.128) | (0.062) | |
| Debt | −0.251*** | −0.255*** |
| (0.063) | (0.031) | |
| Cash holdings | −0.337*** | 0.081** |
| (0.067) | (0.032) | |
| Size | 0.715*** | 0.119*** |
| (0.017) | (0.008) | |
| Age | 0.766*** | −0.142*** |
| (0.043) | (0.021) | |
| GDP growth | −0.001 | 0.001 |
| (0.002) | (0.001) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| Year FE | Yes | Yes |
| Observations | 7,678 | 7,678 |
| Adj. | 0.202 | 0.099 |
Note(s): The table shows whether being a B Corp (dummy B Corporation) rather than a company with similar characteristics but without B Certification influences the 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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