Table 2 Panel regression models... | Emerald Publishing

Table 2

Panel regression models

Variables	ROA model	ROE model	Tobin's Q model
Constant	2.800 (2.10**)	2.000 (1.80*)	2.500 (8.00***)
ESG index	0.120 (2.50**)	0.050 (1.10)	0.300 (5.00***)
EVN index	0.030 (1.00)	0.010 (0.50)	0.150 (3.50***)
CSR index	0.025 (0.90)	0.008 (0.40)	0.120 (2.80**)
CG index	0.080 (2.20**)	0.030 (1.30)	0.110 (3.00***)
Firm size	0.005 (3.00***)	0.020 (4.00***)	0.002 (2.50**)
Leverage	0.010 (1.50)	0.030 (2.20**)	0.001 (0.80)
Assets turnover	2.500 (10.00***)	0.300 (8.00***)	0.250 (6.00***)
Growth	0.020 (2.00**)	0.005 (0.60)	0.010 (1.50)
R²	0.16	0.12	0.18
Adjusted R²	0.15	0.11	0.17
F-statistic	65.00***	50.00***	70.00***
Hausman test	1.10 (0.29)	0.80 (0.41)	1.20 (0.27)

Variables	ROA model	ROE model	Tobin's Q model
Constant	2.800 (2.10**)	2.000 (1.80*)	2.500 (8.00***)
ESG index	0.120 (2.50**)	0.050 (1.10)	0.300 (5.00***)
EVN index	0.030 (1.00)	0.010 (0.50)	0.150 (3.50***)
CSR index	0.025 (0.90)	0.008 (0.40)	0.120 (2.80**)
CG index	0.080 (2.20**)	0.030 (1.30)	0.110 (3.00***)
Firm size	0.005 (3.00***)	0.020 (4.00***)	0.002 (2.50**)
Leverage	0.010 (1.50)	0.030 (2.20**)	0.001 (0.80)
Assets turnover	2.500 (10.00***)	0.300 (8.00***)	0.250 (6.00***)
Growth	0.020 (2.00**)	0.005 (0.60)	0.010 (1.50)
R²	0.16	0.12	0.18
Adjusted R²	0.15	0.11	0.17
F-statistic	65.00***	50.00***	70.00***
Hausman test	1.10 (0.29)	0.80 (0.41)	1.20 (0.27)

Note(s): *, **, and *** indicate significance at 10%, 5%, and 1% levels, respectively

Source(s): Authors