Additional analysis – top sustainable companies
| Variables | RNDTA | |
|---|---|---|
| (1) | (2) | |
| Top-score | Low-score | |
| CEO_RU | 0.008* | 0.000 |
| (1.73) | (0.68) | |
| AGE | −0.009 | −0.001 |
| (−0.75) | (−0.53) | |
| BIG4 | −0.003 | 0.000 |
| (−0.65) | (0.09) | |
| FSIZE | 0.001 | 0.000 |
| (0.91) | (1.12) | |
| FAGE | 0.000 | 0.000 |
| (1.10) | (0.30) | |
| TANG | 0.011 | −0.000 |
| (0.93) | (−0.12) | |
| ROE | 0.031*** | −0.001 |
| (3.64) | (−0.81) | |
| CASHEQ | −0.004 | −0.001 |
| (−0.27) | (−0.35) | |
| SCORE | 0.000 | −0.000 |
| (0.30) | (−1.12) | |
| GDP | 0.005 | 0.000 |
| (0.70) | (0.04) | |
| _cons | −0.085 | −0.001 |
| (−0.69) | (−0.02) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| r2 | 0.342 | 0.063 |
| r2_a | 0.150 | −0.011 |
| N | 94 | 317 |
| Variables | RNDTA | |
|---|---|---|
| (1) | (2) | |
| Top-score | Low-score | |
| CEO_RU | 0.008* | 0.000 |
| (1.73) | (0.68) | |
| AGE | −0.009 | −0.001 |
| (−0.75) | (−0.53) | |
| BIG4 | −0.003 | 0.000 |
| (−0.65) | (0.09) | |
| FSIZE | 0.001 | 0.000 |
| (0.91) | (1.12) | |
| FAGE | 0.000 | 0.000 |
| (1.10) | (0.30) | |
| TANG | 0.011 | −0.000 |
| (0.93) | (−0.12) | |
| ROE | 0.031*** | −0.001 |
| (3.64) | (−0.81) | |
| CASHEQ | −0.004 | −0.001 |
| (−0.27) | (−0.35) | |
| SCORE | 0.000 | −0.000 |
| (0.30) | (−1.12) | |
| GDP | 0.005 | 0.000 |
| (0.70) | (0.04) | |
| _cons | −0.085 | −0.001 |
| (−0.69) | (−0.02) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| r2 | 0.342 | 0.063 |
| r2_a | 0.150 | −0.011 |
| 94 | 317 | |
Note(s): t-statistics are given in parentheses
*p < 0.1, **p < 0.05, ***p < 0.01
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