Table 6 Estimation of ARIMAX model All... | Emerald Publishing

Table 6

Estimation of ARIMAX model

	All sample
Dependent variables	CHL	CASH2	CIE	CAFOR	NCAFOTA
CO2PC	0.651	0.635	0.635	0.635	0.714
CO2PC	(−0.003)	(−0.009)	(−0.088)	(−1.234)	(−0.032)
CO2Intensity	0.782	0.712	0.712	0.712	0.694
CO2Intensity	(−0.002)	(−0.005)	(−0.054)	(−0.876)	(−0.021)
ROA	0.021*	0.032*	0.032*	0.011**	0.003***
ROA	(0.012)	(0.046)	(0.543)	(12.345)	(2.346)
ROE	0.342	0.421	0.287	0.287	0.406
ROE	(−0.004)	(−0.012)	(−0.321)	(−3.456)	(0.543)
EBITM	0.045*	0.082*	0.082*	0.038*	0.514
EBITM	(0.009)	(0.035)	(0.457)	(8.765)	(18.765)
Tobin’s Q	0.214	0.287	0.421	0.421	0.511
Tobin’s Q	(−0.057)	(−0.023)	(0.188)	(−2.345)	(0.123)
ARTA	0.412	0.198	0.412	0.154	0.466
ARTA	(0.035)	(0.057)	(0.190)	(4.321)	(0.235)
APTA	0.536	0.154	0.287	0.287	0.445
APTA	(−0.021)	(−0.068)	(−0.277)	(−3.210)	(−0.188)
GWC	0.198	0.321	0.187	0.123	0.159
GWC	(0.068)	(0.089)	(0.321)	(−6.543)	(0.765)
NWC	0.423	0.423	0.254	0.423	0.289
NWC	(−0.032)	(−0.046)	(−0.290)	(−2.345)	(−0.543)
LiquidR	0.038*	0.008***	0.154	0.089*	0.075*
LiquidR	(0.123)	(0.257)	(0.346)	(5.432)	(0.453)
CurrentR	0.287	0.074*	0.198	0.198	0.264
CurrentR	(0.046)	(0.123)	(0.234)	(3.456)	(0.321)
CASHR	0.089*	0.015**	0.047*	0.042*	0.066*
CASHR	(0.088)	(0.346)	(0.512)	(7.654)	(0.346)
LEVERAG	0.154	0.048*	0.009**	0.047*	0.307
LEVERAG	(−0.112)	(−0.188)	(−0.654)	(−15.678)	(−12.345)
AIC	−45.21	−12.34	−8.76	1023.45	125.67
BIC	−40.32	−7.45	−3.45	1028.34	130.56
No of obs.	1,130	1,130	1,130	1,130	1,130

	All sample
Dependent variables	CHL	CASH2	CIE	CAFOR	NCAFOTA
CO2PC	0.651	0.635	0.635	0.635	0.714
CO2PC	(−0.003)	(−0.009)	(−0.088)	(−1.234)	(−0.032)
CO2Intensity	0.782	0.712	0.712	0.712	0.694
CO2Intensity	(−0.002)	(−0.005)	(−0.054)	(−0.876)	(−0.021)
ROA	0.021*	0.032*	0.032*	0.011**	0.003***
ROA	(0.012)	(0.046)	(0.543)	(12.345)	(2.346)
ROE	0.342	0.421	0.287	0.287	0.406
ROE	(−0.004)	(−0.012)	(−0.321)	(−3.456)	(0.543)
EBITM	0.045*	0.082*	0.082*	0.038*	0.514
EBITM	(0.009)	(0.035)	(0.457)	(8.765)	(18.765)
Tobin’s Q	0.214	0.287	0.421	0.421	0.511
Tobin’s Q	(−0.057)	(−0.023)	(0.188)	(−2.345)	(0.123)
ARTA	0.412	0.198	0.412	0.154	0.466
ARTA	(0.035)	(0.057)	(0.190)	(4.321)	(0.235)
APTA	0.536	0.154	0.287	0.287	0.445
APTA	(−0.021)	(−0.068)	(−0.277)	(−3.210)	(−0.188)
GWC	0.198	0.321	0.187	0.123	0.159
GWC	(0.068)	(0.089)	(0.321)	(−6.543)	(0.765)
NWC	0.423	0.423	0.254	0.423	0.289
NWC	(−0.032)	(−0.046)	(−0.290)	(−2.345)	(−0.543)
LiquidR	0.038*	0.008***	0.154	0.089*	0.075*
LiquidR	(0.123)	(0.257)	(0.346)	(5.432)	(0.453)
CurrentR	0.287	0.074*	0.198	0.198	0.264
CurrentR	(0.046)	(0.123)	(0.234)	(3.456)	(0.321)
CASHR	0.089*	0.015**	0.047*	0.042*	0.066*
CASHR	(0.088)	(0.346)	(0.512)	(7.654)	(0.346)
LEVERAG	0.154	0.048*	0.009**	0.047*	0.307
LEVERAG	(−0.112)	(−0.188)	(−0.654)	(−15.678)	(−12.345)
AIC	−45.21	−12.34	−8.76	1023.45	125.67
BIC	−40.32	−7.45	−3.45	1028.34	130.56
No of obs.	1,130	1,130	1,130	1,130	1,130

Note(s): Coefficients are reported in parentheses. ***, ** and * indicate statistical significance at the 1%, 5% and 10% levels, respectively

Source(s): Composed by authors. Proceed data, 2025