Table 4 Further test: impact of B...

Table 4

Further test: impact of B certification on sales from year 1 to year 6 post-certification

	(1)	(2)	(3)	(4)	(5)	(6)
	Sales (t+1)	Sales (t+2)	Sales (t+3)	Sales (t+4)	Sales (t+5)	Sales (t+6)
Certification start	0.108^**	0.095^*	0.049	−0.028	−0.033	−0.092
Certification start	(0.050)	(0.057)	(0.073)	(0.092)	(0.110)	(0.105)
Tangibility	−0.032	0.088	0.048	−0.176	0.159	0.304
Tangibility	(0.241)	(0.265)	(0.307)	(0.361)	(0.408)	(0.372)
Debt	−0.414^***	−0.348^***	−0.376^**	−0.302	−0.426^*	0.105
Debt	(0.114)	(0.126)	(0.158)	(0.193)	(0.232)	(0.203)
Cash holding	−0.191	−0.210	−0.122	−0.120	−0.076	0.010
Cash holding	(0.118)	(0.128)	(0.154)	(0.182)	(0.217)	(0.192)
Size	0.090^***	0.101^***	0.065	0.018	−0.018	−0.047
Size	(0.032)	(0.037)	(0.045)	(0.056)	(0.066)	(0.059)
Age	−0.274^***	−0.226^**	−0.215^*	−0.173	−0.187	−0.170
Age	(0.078)	(0.088)	(0.110)	(0.138)	(0.172)	(0.166)
GDP growth	0.032^**	0.030^*	0.022	0.046	0.048	−0.031
GDP growth	(0.016)	(0.018)	(0.028)	(0.029)	(0.032)	(0.024)
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	3,265	2,732	2,258	1,837	1,453	1,105
Adj. R²	0.045	0.100	0.031	0.018	0.031	0.076

	(1)	(2)	(3)	(4)	(5)	(6)
	Sales (t+1)	Sales (t+2)	Sales (t+3)	Sales (t+4)	Sales (t+5)	Sales (t+6)
Certification start	0.108^**	0.095^*	0.049	−0.028	−0.033	−0.092
Certification start	(0.050)	(0.057)	(0.073)	(0.092)	(0.110)	(0.105)
Tangibility	−0.032	0.088	0.048	−0.176	0.159	0.304
Tangibility	(0.241)	(0.265)	(0.307)	(0.361)	(0.408)	(0.372)
Debt	−0.414^***	−0.348^***	−0.376^**	−0.302	−0.426^*	0.105
Debt	(0.114)	(0.126)	(0.158)	(0.193)	(0.232)	(0.203)
Cash holding	−0.191	−0.210	−0.122	−0.120	−0.076	0.010
Cash holding	(0.118)	(0.128)	(0.154)	(0.182)	(0.217)	(0.192)
Size	0.090^***	0.101^***	0.065	0.018	−0.018	−0.047
Size	(0.032)	(0.037)	(0.045)	(0.056)	(0.066)	(0.059)
Age	−0.274^***	−0.226^**	−0.215^*	−0.173	−0.187	−0.170
Age	(0.078)	(0.088)	(0.110)	(0.138)	(0.172)	(0.166)
GDP growth	0.032^**	0.030^*	0.022	0.046	0.048	−0.031
GDP growth	(0.016)	(0.018)	(0.028)	(0.029)	(0.032)	(0.024)
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	3,265	2,732	2,258	1,837	1,453	1,105
Adj. R²	0.045	0.100	0.031	0.018	0.031	0.076

Note(s): The table shows whether obtaining the certification (dummy Certification Start) influences a company's performance in product markets from 1 to 6 years after the initial B Certification. 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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