Table 3

Robustness test: full sample of B Corps and non-B Corps based on propensity score matching

(1)(5)
Dependent variableSalesROA
Certification start0.108***−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)
Size0.715***0.119***
(0.017)(0.008)
Age0.766***−0.142***
(0.043)(0.021)
GDP growth−0.0010.001
(0.002)(0.001)
Industry FEYesYes
Country FEYesYes
Year FEYesYes
Observations7,6787,678
Adj. R20.2020.099

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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