Descriptive statistics
| Mean | Median | Max | Min | Std. Dev | Skewness | Kurtosis | J.B. | Prob | Obs | |
|---|---|---|---|---|---|---|---|---|---|---|
| Panel A ESIFull | ||||||||||
| MSV | 1.213 | 0.948 | 7.131 | 0.221 | 0.968 | 3.586 | 19.737 | 28,667 | 0.000 | 2075 |
| GreenInv | 55.760 | 55.160 | 99.770 | 0.500 | 25.641 | 0.001 | 1.732 | 139 | 0.000 | 2075 |
| Size | 9.538 | 9.547 | 12.373 | 3.526 | 1.241 | −0.630 | 4.660 | 375 | 0.000 | 2075 |
| Lev | 0.545 | 0.557 | 0.887 | 0.140 | 0.147 | −0.454 | 3.226 | 76 | 0.000 | 2075 |
| Growth | 0.054 | 0.043 | 0.664 | −0.319 | 0.155 | 1.043 | 6.313 | 1,325 | 0.000 | 2075 |
| ROA | 6.615 | 5.870 | 73.680 | −46.640 | 6.976 | 0.968 | 18.457 | 20,981 | 0.000 | 2075 |
| CapEx | 0.052 | 0.047 | 0.226 | 0.000 | 0.028 | 1.314 | 5.799 | 1,275 | 0.000 | 2075 |
| Div | 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.101 | 17.815 | 24,792 | 0.000 | 2075 |
| Part B ESIOver | ||||||||||
| MSV | 2.018 | 1.607 | 7.131 | 0.607 | 1.317 | 2.572 | 9.848 | 1,571 | 0.000 | 514 |
| GreenInv | 58.676 | 57.450 | 99.770 | 2.080 | 24.600 | 0.027 | 1.673 | 38 | 0.000 | 514 |
| Size | 9.487 | 9.787 | 12.067 | 3.526 | 1.592 | −1.023 | 4.762 | 156 | 0.000 | 514 |
| Lev | 0.518 | 0.554 | 0.887 | 0.140 | 0.181 | −0.554 | 2.552 | 31 | 0.000 | 514 |
| Growth | 0.066 | 0.058 | 0.664 | −0.319 | 0.140 | 1.464 | 9.180 | 1,002 | 0.000 | 514 |
| ROA | 10.657 | 9.990 | 73.680 | −46.640 | 10.088 | −0.218 | 13.169 | 2,219 | 0.000 | 514 |
| CapEx | 0.051 | 0.044 | 0.198 | 0.002 | 0.032 | 1.196 | 4.838 | 195 | 0.000 | 514 |
| Div | 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.102 | 17.823 | 6,147 | 0.000 | 514 |
| Part C ESIUnder | ||||||||||
| MSV | 0.948 | 0.824 | 7.131 | 0.221 | 0.627 | 4.802 | 38.053 | 85,917 | 0.000 | 1,561 |
| GreenInv | 54.799 | 53.950 | 99.680 | 0.500 | 25.910 | 0.004 | 1.729 | 105 | 0.000 | 1,561 |
| Size | 9.554 | 9.506 | 12.373 | 4.905 | 1.102 | −0.133 | 2.974 | 5 | 0.096 | 1,561 |
| Lev | 0.554 | 0.559 | 0.887 | 0.140 | 0.132 | −0.177 | 3.026 | 8 | 0.017 | 1,561 |
| Growth | 0.051 | 0.037 | 0.664 | −0.319 | 0.159 | 0.961 | 5.676 | 706 | 0.000 | 1,561 |
| ROA | 5.284 | 4.960 | 62.610 | −20.090 | 4.906 | 1.534 | 20.448 | 20,413 | 0.000 | 1,561 |
| CapEx | 0.053 | 0.047 | 0.226 | 0.000 | 0.027 | 1.377 | 6.232 | 1,172 | 0.000 | 1,561 |
| Div | 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.100 | 17.813 | 18,646 | 0.000 | 1,561 |
| Mean | Median | Max | Min | Std. Dev | Skewness | Kurtosis | J.B. | Prob | Obs | |
|---|---|---|---|---|---|---|---|---|---|---|
| Panel A | ||||||||||
| 1.213 | 0.948 | 7.131 | 0.221 | 0.968 | 3.586 | 19.737 | 28,667 | 0.000 | 2075 | |
| 55.760 | 55.160 | 99.770 | 0.500 | 25.641 | 0.001 | 1.732 | 139 | 0.000 | 2075 | |
| 9.538 | 9.547 | 12.373 | 3.526 | 1.241 | −0.630 | 4.660 | 375 | 0.000 | 2075 | |
| 0.545 | 0.557 | 0.887 | 0.140 | 0.147 | −0.454 | 3.226 | 76 | 0.000 | 2075 | |
| 0.054 | 0.043 | 0.664 | −0.319 | 0.155 | 1.043 | 6.313 | 1,325 | 0.000 | 2075 | |
| 6.615 | 5.870 | 73.680 | −46.640 | 6.976 | 0.968 | 18.457 | 20,981 | 0.000 | 2075 | |
| 0.052 | 0.047 | 0.226 | 0.000 | 0.028 | 1.314 | 5.799 | 1,275 | 0.000 | 2075 | |
| 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.101 | 17.815 | 24,792 | 0.000 | 2075 | |
| Part B | ||||||||||
| 2.018 | 1.607 | 7.131 | 0.607 | 1.317 | 2.572 | 9.848 | 1,571 | 0.000 | 514 | |
| 58.676 | 57.450 | 99.770 | 2.080 | 24.600 | 0.027 | 1.673 | 38 | 0.000 | 514 | |
| 9.487 | 9.787 | 12.067 | 3.526 | 1.592 | −1.023 | 4.762 | 156 | 0.000 | 514 | |
| 0.518 | 0.554 | 0.887 | 0.140 | 0.181 | −0.554 | 2.552 | 31 | 0.000 | 514 | |
| 0.066 | 0.058 | 0.664 | −0.319 | 0.140 | 1.464 | 9.180 | 1,002 | 0.000 | 514 | |
| 10.657 | 9.990 | 73.680 | −46.640 | 10.088 | −0.218 | 13.169 | 2,219 | 0.000 | 514 | |
| 0.051 | 0.044 | 0.198 | 0.002 | 0.032 | 1.196 | 4.838 | 195 | 0.000 | 514 | |
| 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.102 | 17.823 | 6,147 | 0.000 | 514 | |
| Part C | ||||||||||
| 0.948 | 0.824 | 7.131 | 0.221 | 0.627 | 4.802 | 38.053 | 85,917 | 0.000 | 1,561 | |
| 54.799 | 53.950 | 99.680 | 0.500 | 25.910 | 0.004 | 1.729 | 105 | 0.000 | 1,561 | |
| 9.554 | 9.506 | 12.373 | 4.905 | 1.102 | −0.133 | 2.974 | 5 | 0.096 | 1,561 | |
| 0.554 | 0.559 | 0.887 | 0.140 | 0.132 | −0.177 | 3.026 | 8 | 0.017 | 1,561 | |
| 0.051 | 0.037 | 0.664 | −0.319 | 0.159 | 0.961 | 5.676 | 706 | 0.000 | 1,561 | |
| 5.284 | 4.960 | 62.610 | −20.090 | 4.906 | 1.534 | 20.448 | 20,413 | 0.000 | 1,561 | |
| 0.053 | 0.047 | 0.226 | 0.000 | 0.027 | 1.377 | 6.232 | 1,172 | 0.000 | 1,561 | |
| 0.949 | 1.000 | 1.000 | 0.000 | 0.219 | −4.100 | 17.813 | 18,646 | 0.000 | 1,561 | |
Note(s): This table reports descriptive statistics for the ESIFull, ESIOver, and ESIUnder samples in Parts A, B, and C, respectively
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