Table 5 Further test: impact of B...

Table 5

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

	(1)	(2)	(3)	(4)	(5)	(6)
	ROA (t+1)	ROA (t+2)	ROA (t+3)	ROA (t+4)	ROA (t+5)	ROA (t+6)
Certification start	−0.024	0.027	0.023	0.004	0.007	−0.010
Certification start	(0.018)	(0.020)	(0.016)	(0.020)	(0.023)	(0.028)
Tangibility	0.066	0.095	0.182^***	0.216^***	0.188^**	−0.040
Tangibility	(0.087)	(0.094)	(0.069)	(0.075)	(0.083)	(0.098)
Debt	−0.036	0.133^***	0.122^***	0.035	−0.072	−0.098^*
Debt	(0.041)	(0.044)	(0.035)	(0.041)	(0.047)	(0.054)
Cash holding	0.050	−0.020	0.017	0.047	0.064	0.005
Cash holding	(0.042)	(0.045)	(0.034)	(0.039)	(0.044)	(0.051)
Size	−0.009	−0.023^*	−0.044^***	−0.039^***	0.016	−0.021
Size	(0.011)	(0.013)	(0.010)	(0.012)	(0.014)	(0.016)
Age	−0.010	−0.024	0.031	0.045	−0.040	0.002
Age	(0.028)	(0.031)	(0.025)	(0.029)	(0.035)	(0.044)
GDP growth	−0.003	0.008	0.008	0.002	−0.006	0.001
GDP growth	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
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	3,279	2,732	2,258	1,837	1,453	1,105
Adj. R²	0.012	0.062	0.014	0.004	0.001	0.002

	(1)	(2)	(3)	(4)	(5)	(6)
	ROA (t+1)	ROA (t+2)	ROA (t+3)	ROA (t+4)	ROA (t+5)	ROA (t+6)
Certification start	−0.024	0.027	0.023	0.004	0.007	−0.010
Certification start	(0.018)	(0.020)	(0.016)	(0.020)	(0.023)	(0.028)
Tangibility	0.066	0.095	0.182^***	0.216^***	0.188^**	−0.040
Tangibility	(0.087)	(0.094)	(0.069)	(0.075)	(0.083)	(0.098)
Debt	−0.036	0.133^***	0.122^***	0.035	−0.072	−0.098^*
Debt	(0.041)	(0.044)	(0.035)	(0.041)	(0.047)	(0.054)
Cash holding	0.050	−0.020	0.017	0.047	0.064	0.005
Cash holding	(0.042)	(0.045)	(0.034)	(0.039)	(0.044)	(0.051)
Size	−0.009	−0.023^*	−0.044^***	−0.039^***	0.016	−0.021
Size	(0.011)	(0.013)	(0.010)	(0.012)	(0.014)	(0.016)
Age	−0.010	−0.024	0.031	0.045	−0.040	0.002
Age	(0.028)	(0.031)	(0.025)	(0.029)	(0.035)	(0.044)
GDP growth	−0.003	0.008	0.008	0.002	−0.006	0.001
GDP growth	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
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	3,279	2,732	2,258	1,837	1,453	1,105
Adj. R²	0.012	0.062	0.014	0.004	0.001	0.002

Note(s): The table shows whether obtaining the certification (dummy Certification Start) influences a company's accounting operating performance from 1 to 6 years after 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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