Regression results
| Variable | (1) | (2) |
|---|---|---|
| ESG | ESG | |
| DTAR | 4.118* | 8.483*** |
| (1.68) | (3.51) | |
| TOBINSQ | 1.539*** | 1.354*** |
| (3.36) | (2.98) | |
| LEV | −7.524 | −1.684 |
| (−1.37) | (−0.30) | |
| FSIZE | 2.230* | 2.337** |
| (1.95) | (2.10) | |
| FAGE | 0.095** | 0.151*** |
| (2.24) | (3.52) | |
| BSIZE | 0.807** | 0.646** |
| (2.14) | (2.09) | |
| BIG4 | 12.523*** | 9.590*** |
| (4.87) | (3.94) | |
| STATEOWN | 8.743*** | 4.899** |
| (4.06) | (2.34) | |
| _cons | −52.124 | −45.327 |
| (−1.63) | (−1.37) | |
| Industry FE | No | Yes |
| Year FE | No | Yes |
| r2 | 0.353 | 0.549 |
| r2_a | 0.332 | 0.506 |
| N | 255 | 255 |
| Variable | (1) | (2) |
|---|---|---|
| ESG | ESG | |
| DTAR | 4.118* | 8.483*** |
| (1.68) | (3.51) | |
| TOBINSQ | 1.539*** | 1.354*** |
| (3.36) | (2.98) | |
| LEV | −7.524 | −1.684 |
| (−1.37) | (−0.30) | |
| FSIZE | 2.230* | 2.337** |
| (1.95) | (2.10) | |
| FAGE | 0.095** | 0.151*** |
| (2.24) | (3.52) | |
| BSIZE | 0.807** | 0.646** |
| (2.14) | (2.09) | |
| BIG4 | 12.523*** | 9.590*** |
| (4.87) | (3.94) | |
| STATEOWN | 8.743*** | 4.899** |
| (4.06) | (2.34) | |
| _cons | −52.124 | −45.327 |
| (−1.63) | (−1.37) | |
| Industry FE | No | Yes |
| Year FE | No | Yes |
| r2 | 0.353 | 0.549 |
| r2_a | 0.332 | 0.506 |
| 255 | 255 |
Note(s): t-statistics in parentheses; *, **, and *** denote significance at 10%, 5%, and 1% levels respectively
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