Supplemental analysis
| Hypothesis | Developed countries | Developing countries | ||||||
|---|---|---|---|---|---|---|---|---|
| r | p-value | T-value | Qb | r | p-value | T-value | Qb | |
| Overall effect | 0.3472 | 0.000 | 4.779 | 59.479 | 0.4301 | 0.000 | 8.451 | 1557.476 |
| High-level of sustainability | 0.3472 | 0.000 | 4.779 | 0.000 | 0.4300 | 0.000 | 7.195 | 0.015 |
| Low-level of sustainability | – | – | – | 0.4237 | 0.000 | 5.470 | ||
| Environmental performance | 0.3914 | 0.000 | 3.688 | 1.142 | 0.4949 | 0.000 | 5.474 | 1.546 |
| Non-environmental performance | 0.2768 | 0.000 | 6.273 | 0.3793 | 0.000 | 6.777 | ||
| Large | 0.2945 | 0.000 | 10.973 | 58.08 | 0.3416 | 0.000 | 2.734 | 4.271 |
| SME | 0.6430 | 0.000 | 14.239 | 0.3428 | 0.000 | 8.588 | ||
| EMA included | – | – | – | 0.000 | 0.5356 | 0.001 | 3.354 | 0.716 |
| EMA excluded | 0.3472 | 0.000 | 4.779 | 0.4133 | 0.000 | 7.742 | ||
| Hypothesis | Developed countries | Developing countries | ||||||
|---|---|---|---|---|---|---|---|---|
| r | Qb | r | Qb | |||||
| Overall effect | 0.3472 | 0.000 | 4.779 | 59.479 | 0.4301 | 0.000 | 8.451 | 1557.476 |
| High-level of sustainability | 0.3472 | 0.000 | 4.779 | 0.000 | 0.4300 | 0.000 | 7.195 | 0.015 |
| Low-level of sustainability | – | – | – | 0.4237 | 0.000 | 5.470 | ||
| Environmental performance | 0.3914 | 0.000 | 3.688 | 1.142 | 0.4949 | 0.000 | 5.474 | 1.546 |
| Non-environmental performance | 0.2768 | 0.000 | 6.273 | 0.3793 | 0.000 | 6.777 | ||
| Large | 0.2945 | 0.000 | 10.973 | 58.08 | 0.3416 | 0.000 | 2.734 | 4.271 |
| SME | 0.6430 | 0.000 | 14.239 | 0.3428 | 0.000 | 8.588 | ||
| EMA included | – | – | – | 0.000 | 0.5356 | 0.001 | 3.354 | 0.716 |
| EMA excluded | 0.3472 | 0.000 | 4.779 | 0.4133 | 0.000 | 7.742 | ||
Note(s): Significance level: *p < 0.1, **p < 0.05, ***p < 0.01
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