Heckman two-stage regression
| (1) | (2) | |
|---|---|---|
| Digital | ESG | |
| AVEDTAR | 5.404*** | |
| (3.10) | ||
| TOBINSQ | 0.166** | 1.250*** |
| (2.57) | (2.66) | |
| LEV | −0.071 | −2.053 |
| (−0.08) | (−0.37) | |
| FSIZE | −0.415** | 2.869** |
| (−2.29) | (2.28) | |
| FAGE | 0.012 | 0.139*** |
| (1.33) | (3.13) | |
| BSIZE | 0.110*** | 0.547 |
| (2.62) | (1.64) | |
| BIG4 | 1.716*** | 7.717*** |
| (4.28) | (2.69) | |
| STATEOWN | 2.104*** | 3.222 |
| (4.71) | (1.33) | |
| DTAR | 8.027*** | |
| (3.18) | ||
| MILLS | −1.436 | |
| (−1.15) | ||
| _cons | −2.110 | −53.844 |
| (−0.38) | (−1.56) | |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| r2 | 0.549 | |
| r2_a | 0.505 | |
| r2_p | 0.610 | |
| N | 250 | 250 |
| (1) | (2) | |
|---|---|---|
| Digital | ESG | |
| AVEDTAR | 5.404*** | |
| (3.10) | ||
| TOBINSQ | 0.166** | 1.250*** |
| (2.57) | (2.66) | |
| LEV | −0.071 | −2.053 |
| (−0.08) | (−0.37) | |
| FSIZE | −0.415** | 2.869** |
| (−2.29) | (2.28) | |
| FAGE | 0.012 | 0.139*** |
| (1.33) | (3.13) | |
| BSIZE | 0.110*** | 0.547 |
| (2.62) | (1.64) | |
| BIG4 | 1.716*** | 7.717*** |
| (4.28) | (2.69) | |
| STATEOWN | 2.104*** | 3.222 |
| (4.71) | (1.33) | |
| DTAR | 8.027*** | |
| (3.18) | ||
| MILLS | −1.436 | |
| (−1.15) | ||
| _cons | −2.110 | −53.844 |
| (−0.38) | (−1.56) | |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| r2 | 0.549 | |
| r2_a | 0.505 | |
| r2_p | 0.610 | |
| 250 | 250 |
Note(s): t-statistics in parentheses; *, **, and *** denote significance at 10%, 5%, and 1% levels respectively
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