Fixed effect linear regression
| Variables | M1 | M2 | M3 | M4 | M5 | CSRD-related models | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| H1 | H1a, b, c | H2 | H1, H2 | H1a, b, c and H2 | M1 | M2 | M3 | M4 | M5 | |
| ESGP | 0.022*** | – | – | 0.023*** | – | 0.021*** | – | – | 0.022*** | – |
| (7.81) | (7.81) | (7.26) | (7.27) | |||||||
| EPS | – | 0.012*** | – | – | 0.012*** | – | 0.034*** | – | – | 0.035*** |
| (5.14) | (5.14) | (4.37) | (4.35) | |||||||
| SPS | – | 0.008** | – | – | 0.008** | – | 0.014*** | – | – | 0.014*** |
| (2.83) | (2.83) | (3.85) | (3.86) | |||||||
| GPS | – | 0.00 | – | – | 0.00 | – | 0.010** | – | – | 0.0057** |
| (0.53) | (0.54) | (2.13) | (2.14) | |||||||
| ESGC | – | – | (0.00) | (0.00) | (0.00) | – | – | (0.00) | (0.00) | (0.00) |
| (−0.45) | (−0.06) | (−0.08) | (−0.41) | (−0.26) | (−0.10) | |||||
| CSRD | – | – | – | – | – | 1.14** | 1.19* | 0.02 | 1.38* | 1.40 |
| (2.04) | (1.73) | (0.07) | (1.90) | (1.57) | ||||||
| ESGP*CSRD | – | – | – | – | – | −0.016** | −0.017** | |||
| (−2.01) | (−2.07) | |||||||||
| EPS*CSRD | – | – | – | – | – | – | −0.0002** | – | – | −0.0003** |
| (−2.82) | (−2.81) | |||||||||
| SPS*CSRD | – | – | – | – | – | – | −0.017* | – | – | −0.018** |
| (−1.66) | (−1.70) | |||||||||
| GPS*CSRD | – | – | – | – | – | – | 0.06 | – | – | 0.06 |
| (1.06) | (1.06) | |||||||||
| ESGC*CSRD | – | – | – | – | – | – | – | (0.001) | 0.002 | 0.002 |
| (−0.22) | (0.52) | (0.37) | ||||||||
| Size | −0.588*** | −0.619*** | −0.372*** | −0.598*** | −0.62*** | −0.561*** | −0.55*** | −0.36*** | −0.561*** | −0.55*** |
| (−8.31) | (−8.59) | (−5.23) | (−7.82) | (−8.08) | (−7.81) | (−7.49) | (−5.11) | (−7.35) | (−7.21) | |
| LEV | −0.011*** | −0.011*** | −0.009** | −0.011*** | −0.01*** | −0.012** | −0.012** | −0.010** | −0.012** | −0.012** |
| (−4.01) | (−3.98) | (−3.37) | (−4.00) | (−3.97) | (−4.22) | (−4.24) | (−3.63) | (−4.21) | (−4.24) | |
| ROA | 0.311*** | 0.311*** | 0.310*** | 0.310*** | 0.311*** | 0.309*** | 0.308*** | 0.309*** | 0.310*** | 0.308*** |
| (40.48) | (40.52) | (40.13) | (40.44) | (40.47) | (40.41) | (40.44) | (40.05) | (40.28) | (40.33) | |
| Con_ | 5.94*** | 6.12*** | 5.12*** | 5.91*** | 6.09*** | 5.66*** | 4.65*** | 5.08*** | 5.60*** | 4.74*** |
| (8.89) | (9.14) | (6.48) | (7.48) | (7.69) | (8.45) | (5.90) | (6.40) | (7.03) | (5.41) | |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs. | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 |
| R2 | 0.352 | 0.355 | 0.343 | 0.352 | 0.355 | 0.35 | 0.351 | 0.339 | 0.35 | 0.351 |
| Root MSE | 2.48 | 2.47 | 2.49 | 2.47 | 2.47 | 2.48 | 2.5 | 2.5 | 2.49 | 2.48 |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Variables | M1 | M2 | M3 | M4 | M5 | CSRD-related models | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| M1 | M2 | M3 | M4 | M5 | ||||||
| ESGP | 0.022*** | – | – | 0.023*** | – | 0.021*** | – | – | 0.022*** | – |
| (7.81) | (7.81) | (7.26) | (7.27) | |||||||
| EPS | – | 0.012*** | – | – | 0.012*** | – | 0.034*** | – | – | 0.035*** |
| (5.14) | (5.14) | (4.37) | (4.35) | |||||||
| SPS | – | 0.008** | – | – | 0.008** | – | 0.014*** | – | – | 0.014*** |
| (2.83) | (2.83) | (3.85) | (3.86) | |||||||
| GPS | – | 0.00 | – | – | 0.00 | – | 0.010** | – | – | 0.0057** |
| (0.53) | (0.54) | (2.13) | (2.14) | |||||||
| ESGC | – | – | (0.00) | (0.00) | (0.00) | – | – | (0.00) | (0.00) | (0.00) |
| (−0.45) | (−0.06) | (−0.08) | (−0.41) | (−0.26) | (−0.10) | |||||
| CSRD | – | – | – | – | – | 1.14** | 1.19* | 0.02 | 1.38* | 1.40 |
| (2.04) | (1.73) | (0.07) | (1.90) | (1.57) | ||||||
| ESGP*CSRD | – | – | – | – | – | −0.016** | −0.017** | |||
| (−2.01) | (−2.07) | |||||||||
| EPS*CSRD | – | – | – | – | – | – | −0.0002** | – | – | −0.0003** |
| (−2.82) | (−2.81) | |||||||||
| SPS*CSRD | – | – | – | – | – | – | −0.017* | – | – | −0.018** |
| (−1.66) | (−1.70) | |||||||||
| GPS*CSRD | – | – | – | – | – | – | 0.06 | – | – | 0.06 |
| (1.06) | (1.06) | |||||||||
| ESGC*CSRD | – | – | – | – | – | – | – | (0.001) | 0.002 | 0.002 |
| (−0.22) | (0.52) | (0.37) | ||||||||
| Size | −0.588*** | −0.619*** | −0.372*** | −0.598*** | −0.62*** | −0.561*** | −0.55*** | −0.36*** | −0.561*** | −0.55*** |
| (−8.31) | (−8.59) | (−5.23) | (−7.82) | (−8.08) | (−7.81) | (−7.49) | (−5.11) | (−7.35) | (−7.21) | |
| LEV | −0.011*** | −0.011*** | −0.009** | −0.011*** | −0.01*** | −0.012** | −0.012** | −0.010** | −0.012** | −0.012** |
| (−4.01) | (−3.98) | (−3.37) | (−4.00) | (−3.97) | (−4.22) | (−4.24) | (−3.63) | (−4.21) | (−4.24) | |
| ROA | 0.311*** | 0.311*** | 0.310*** | 0.310*** | 0.311*** | 0.309*** | 0.308*** | 0.309*** | 0.310*** | 0.308*** |
| (40.48) | (40.52) | (40.13) | (40.44) | (40.47) | (40.41) | (40.44) | (40.05) | (40.28) | (40.33) | |
| Con_ | 5.94*** | 6.12*** | 5.12*** | 5.91*** | 6.09*** | 5.66*** | 4.65*** | 5.08*** | 5.60*** | 4.74*** |
| (8.89) | (9.14) | (6.48) | (7.48) | (7.69) | (8.45) | (5.90) | (6.40) | (7.03) | (5.41) | |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs. | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 | 6050 |
| 0.352 | 0.355 | 0.343 | 0.352 | 0.355 | 0.35 | 0.351 | 0.339 | 0.35 | 0.351 | |
| Root MSE | 2.48 | 2.47 | 2.49 | 2.47 | 2.47 | 2.48 | 2.5 | 2.5 | 2.49 | 2.48 |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.10
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