Table 3 Cross-sectional determinants of...

Table 3

Cross-sectional determinants of cumulative abnormal returns

	E1 (Adoption)			E3 (Delay proposal)			E5 (2nd revision)
	(1)	(2)	(3)	(1)	(2)	(3)	(1)	(2)	(3)
Tier 1	−1.671^*	−2.158	−2.470	0.638	0.017	0.963	−0.864	−2.553^*	−2.975^*
Tier 1	(1.014)	(1.757)	(2.370)	(0.595)	(0.859)	(0.939)	(0.808)	(1.349)	(1.686)
Tier 2	−0.289	−0.271	0.472	−0.720	−0.710	0.680	0.063	0.048	−0.961
Tier 2	(2.028)	(2.045)	(2.503)	(0.871)	(0.889)	(1.298)	(0.734)	(0.786)	(1.553)
RSPO Certified		−2.307	−2.539		−0.041	0.613		3.149^**	2.526
RSPO Certified		(2.264)	(2.823)		(1.293)	(1.464)		(1.313)	(1.848)
ISPO Certified		0.583	1.773		−0.182	−1.303		1.639	1.711
ISPO Certified		(1.604)	(2.433)		(1.097)	(1.357)		(1.218)	(1.733)
Physical Risk (z)		1.033	−0.548		0.538	1.870^***		−0.861^**	−1.077
Physical Risk (z)		(0.833)	(1.731)		(0.457)	(0.704)		(0.429)	(0.757)
Log Size			−0.124			0.228			0.195
Book-to-Market			1.932^*			0.114			0.624
Leverage			0.268			−0.977			2.870
ROA			9.127			−6.000			2.704
Market Beta			−0.199			0.884^*			−0.616
N	75	75	75	75	75	75	75	75	75
R²	0.021	0.046	0.143	0.018	0.042	0.200	0.018	0.134	0.182

	E1 (Adoption)			E3 (Delay proposal)			E5 (2nd revision)
	(1)	(2)	(3)	(1)	(2)	(3)	(1)	(2)	(3)
Tier 1	−1.671^*	−2.158	−2.470	0.638	0.017	0.963	−0.864	−2.553^*	−2.975^*
Tier 1	(1.014)	(1.757)	(2.370)	(0.595)	(0.859)	(0.939)	(0.808)	(1.349)	(1.686)
Tier 2	−0.289	−0.271	0.472	−0.720	−0.710	0.680	0.063	0.048	−0.961
Tier 2	(2.028)	(2.045)	(2.503)	(0.871)	(0.889)	(1.298)	(0.734)	(0.786)	(1.553)
RSPO Certified		−2.307	−2.539		−0.041	0.613		3.149^**	2.526
RSPO Certified		(2.264)	(2.823)		(1.293)	(1.464)		(1.313)	(1.848)
ISPO Certified		0.583	1.773		−0.182	−1.303		1.639	1.711
ISPO Certified		(1.604)	(2.433)		(1.097)	(1.357)		(1.218)	(1.733)
Physical Risk (z)		1.033	−0.548		0.538	1.870^***		−0.861^**	−1.077
Physical Risk (z)		(0.833)	(1.731)		(0.457)	(0.704)		(0.429)	(0.757)
Log Size			−0.124			0.228			0.195
Book-to-Market			1.932^*			0.114			0.624
Leverage			0.268			−0.977			2.870
ROA			9.127			−6.000			2.704
Market Beta			−0.199			0.884^*			−0.616
N	75	75	75	75	75	75	75	75	75
R²	0.021	0.046	0.143	0.018	0.042	0.200	0.018	0.134	0.182

Note(s): Dependent variable is CAR (percentage points). OLS with HC3 robust standard errors in parentheses. Tier 3 is the omitted reference category. Specification (1): tier dummies only. Specification (2): adds RSPO and ISPO dummies and standardised Physical Risk. Specification (3): full controls (log size, book-to-market, leverage, ROA, market beta). All three specifications are estimated on the full sample of 75 firms; missing market-beta observations present in earlier data vintages have since been resolved through the price-based fallback estimation described in the Sample, Data Sources and Variable Construction subsection. Overall model $F$-statistics and cross-sectional-dependence diagnostics for Specification (3) are reported in the Diagnostic Tests and Robustness Checks subsection. ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

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