Table 5. Ordinary least squares (OLS)...

Table 5.

Ordinary least squares (OLS) regression results of association between RDI and EIS

	EIS	EIS	EIS	EIS
DV=	(1)	(2)	(3)	(4)
RDI	0.001 (0.03)	0.047***(4.25)	0.058***(3.60)	0.015 (1.07)
ESGS				0.673*** (13.54)
RDI × ESGS				0.011**(2.25)
FS		16.943*** (8.24)	16.924*** (6.47)	5.242*** (4.23)
LVG		−10.202 (−1.55)	−9.598 (−1.55)	−13.330*** (−4.40)
POV		−1.789 (−0.46)	−5.496** (−2.25)	−3.704** (−2.23)
CH		−1.559 (−0.24)	4.382*** (3.82)	6.882** (1.97)
AT		4.083* (1.77)	8.370*** (3.55)	3.342** (2.48)
AG		−2.282*** (−2.62)	−1.800* (−1.94)	−0.691** (−2.01)
Intercept	17.633*** (8.61)	−137.781*** (−7.85)	−148.521*** (−5.73)	−51.518*** (−4.17)
Year fixed effects	No	No	Yes	Yes
Industry fixed effects	No	No	Yes	Yes
R²	0.000	0.279	0.481	0.574
Obs.	1097	1097	1097	1097

	EIS	EIS	EIS	EIS
DV=	(1)	(2)	(3)	(4)
RDI	0.001 (0.03)	0.047***(4.25)	0.058***(3.60)	0.015 (1.07)
ESGS				0.673*** (13.54)
RDI × ESGS				0.011**(2.25)
FS		16.943*** (8.24)	16.924*** (6.47)	5.242*** (4.23)
LVG		−10.202 (−1.55)	−9.598 (−1.55)	−13.330*** (−4.40)
POV		−1.789 (−0.46)	−5.496** (−2.25)	−3.704** (−2.23)
CH		−1.559 (−0.24)	4.382*** (3.82)	6.882** (1.97)
AT		4.083* (1.77)	8.370*** (3.55)	3.342** (2.48)
AG		−2.282*** (−2.62)	−1.800* (−1.94)	−0.691** (−2.01)
Intercept	17.633*** (8.61)	−137.781*** (−7.85)	−148.521*** (−5.73)	−51.518*** (−4.17)
Year fixed effects	No	No	Yes	Yes
Industry fixed effects	No	No	Yes	Yes
R²	0.000	0.279	0.481	0.574
Obs.	1097	1097	1097	1097

Note(s):

This table presents the main results of the association between RDI and EIS and the moderating effect of ESGS on this association. All models are estimated using ordinary least squares (OLS) regressions with clustered robust standard errors by firm, with t-statistics reported in parentheses. DV = dependent variable. Superscript *, ** and *** indicate significance at 10, 5 and 1% levels, respectively. Table 2 presents the definitions of variables

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