ESG sub-dimensions analysis
| (1) | (2) | (3) | |
|---|---|---|---|
| ENV | SOC | GOV | |
| DTAR | 8.011*** | 11.529*** | 1.055 |
| (2.61) | (4.41) | (0.34) | |
| TOBINSQ | 1.904*** | 1.355*** | 0.621 |
| (3.33) | (3.50) | (1.07) | |
| LEV | −9.666* | −3.809 | 11.456 |
| (−1.68) | (−0.61) | (1.50) | |
| FSIZE | 5.063*** | 1.944 | −0.654 |
| (4.19) | (1.44) | (−0.40) | |
| FAGE | 0.355*** | 0.097** | 0.175** |
| (6.72) | (2.16) | (2.54) | |
| BSIZE | 0.304 | 0.871*** | 0.493 |
| (0.80) | (2.71) | (1.14) | |
| BIG4 | 2.882 | 5.920** | 16.831*** |
| (1.01) | (2.15) | (5.09) | |
| STATEOWN | 0.209 | 13.718*** | −0.089 |
| (0.08) | (5.24) | (-0.03) | |
| _cons | −128.017*** | −30.743 | 49.333 |
| (−3.62) | (−0.78) | (1.02) | |
| Industry FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| r2 | 0.554 | 0.515 | 0.360 |
| r2_a | 0.512 | 0.469 | 0.299 |
| N | 255 | 255 | 255 |
| (1) | (2) | (3) | |
|---|---|---|---|
| ENV | SOC | GOV | |
| DTAR | 8.011*** | 11.529*** | 1.055 |
| (2.61) | (4.41) | (0.34) | |
| TOBINSQ | 1.904*** | 1.355*** | 0.621 |
| (3.33) | (3.50) | (1.07) | |
| LEV | −9.666* | −3.809 | 11.456 |
| (−1.68) | (−0.61) | (1.50) | |
| FSIZE | 5.063*** | 1.944 | −0.654 |
| (4.19) | (1.44) | (−0.40) | |
| FAGE | 0.355*** | 0.097** | 0.175** |
| (6.72) | (2.16) | (2.54) | |
| BSIZE | 0.304 | 0.871*** | 0.493 |
| (0.80) | (2.71) | (1.14) | |
| BIG4 | 2.882 | 5.920** | 16.831*** |
| (1.01) | (2.15) | (5.09) | |
| STATEOWN | 0.209 | 13.718*** | −0.089 |
| (0.08) | (5.24) | (-0.03) | |
| _cons | −128.017*** | −30.743 | 49.333 |
| (−3.62) | (−0.78) | (1.02) | |
| Industry FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| r2 | 0.554 | 0.515 | 0.360 |
| r2_a | 0.512 | 0.469 | 0.299 |
| 255 | 255 | 255 |
Note(s): t-statistics in parentheses; *, **, and *** denote significance at 10%, 5%, and 1% levels respectively
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