Additional analyses
| Addressing COVID-19 pandemic | Addressing simultaneous causality (IND-Vs at t – 1) | |||
|---|---|---|---|---|
| EIS | EIS | EIS | EIS | |
| DV= | (1) | (2) | (3) | (4) |
| RDI | 0.059*** (3.50) | 0.012 (0.71) | 0.061*** (4.19) | 0.032* (1.85) |
| ESGS | 0.632*** (11.81) | 0.619*** (5.52) | ||
| ESGS × RDI | 0.021*** (3.66) | 0.018**(2.49) | ||
| Intercept | −146.276*** (−5.60) | −55.070*** (−4.12) | −147.642*** (−5.30) | −57.163** (−2.51) |
| Other controls | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes | Yes |
| R2 | 0.49 | 0.57 | 0.50 | 0.58 |
| Obs. | 938 | 938 | 813 | 813 |
| Addressing COVID-19 pandemic | Addressing simultaneous causality (IND-Vs at | |||
|---|---|---|---|---|
| DV= | (1) | (2) | (3) | (4) |
| 0.059 | 0.012 (0.71) | 0.061 | 0.032 | |
| 0.632 | 0.619 | |||
| 0.021 | ||||
| Intercept | −146.276 | −55.070 | −147.642 | −57.163 |
| Other controls | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes | Yes |
| 0.49 | 0.57 | 0.50 | 0.58 | |
| Obs. | 938 | 938 | 813 | 813 |
This table presents the main results of the association between RDI and EIS after addressing the COVID-19 pandemic years (Models 1 and 2) and simultaneous causality (Models 3 and 4). All models are estimated with clustered robust standard errors by firm and include year and industry fixed effects. IND-Vs = independent variables. DV = dependent variable. The t-statistics are reported in parentheses. Superscript *, ** and *** indicate significance at 10, 5 and 1% levels, respectively. Table 2 presents the definitions of variables
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