Robustness test: Alternative measurements
| EIS | EIS | |
|---|---|---|
| DV= | (1) | (2) |
| Panel A | ||
| RDA | 3.526**(2.23) | −2.673 (−1.07) |
| ESGS | 0.711*** (13.52) | |
| ESGS × RDA | 0.108*(1.94) | |
| Intercept | −143.696*** (−4.57) | −40.624*** (−3.10) |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| R2 | 0.457 | 0.556 |
| Obs. | 1097 | 1097 |
| Panel B | ||
| RDCAP | 2.619**(2.49) | −1.670 (−1.05) |
| ESGS | 0.724*** (13.74) | |
| ESGS × RDCAP | 0.084**(2.30) | |
| Intercept | −144.297*** (−4.63) | −40.329*** (−3.11) |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| R2 | 0.455 | 0.559 |
| Obs. | 1097 | 1097 |
| Panel C | ||
| RDLOG | 1.379***(2.92) | 0.076 (0.16) |
| ESGS | 0.698*** (13.10) | |
| ESGS × RDLOG | 0.020*(1.69) | |
| Intercept | −143.415*** (−4.64) | −40.090*** (−3.07) |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| R2 | 0.462 | 0.559 |
| Obs. | 1097 | 1097 |
| Panel D | ||
| RDI | 0.024** (2.10) | 0.034* (1.77) |
| CSRS | 0.328*** (11.27) | |
| CSRS × RDI | 0.028**(2.40) | |
| ESGCS | 0.598*** (6.77) | |
| ESGCS × RDI | 0.022*(1.71) | |
| Intercept | −71.072*** (−5.28) | −86.657*** (−3.72) |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| R2 | 0.543 | 0.559 |
| Obs. | 1097 | 1097 |
| DV= | (1) | (2) |
|---|---|---|
| −2.673 (−1.07) | ||
| 0.711 | ||
| Intercept | −143.696 | −40.624 |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| 0.457 | 0.556 | |
| Obs. | 1097 | 1097 |
| −1.670 (−1.05) | ||
| 0.724 | ||
| Intercept | −144.297 | −40.329 |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| 0.455 | 0.559 | |
| Obs. | 1097 | 1097 |
| 0.076 (0.16) | ||
| 0.698 | ||
| Intercept | −143.415 | −40.090 |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| 0.462 | 0.559 | |
| Obs. | 1097 | 1097 |
| 0.024 | 0.034 | |
| 0.328 | ||
| 0.598 | ||
| Intercept | −71.072 | −86.657 |
| Other controls | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| 0.543 | 0.559 | |
| Obs. | 1097 | 1097 |
This table presents the results of the association between RDI and EIS and the moderating effect of ESGS on this association using alternative measurements. We use RDA, RDCAP, and RDLOG as alternative measurements of RDI in Panels A, B, and C, respectively. Alternative measures of ESGS are employed in Panel D, including the CSR strategy score (CSRS) and the ESG combined score (ESGCS). All models are estimated using ordinary least squares (OLS) regressions with clustered robust standard errors by firm and include year fixed effects and industry fixed effects, 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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