Table 12 Economic uncertainty and normal... | Emerald Publishing

Table 12

Economic uncertainty and normal period analysis

	Pre-Covid period	During Covid period	Post-Covid period
	ESG	ESG	ESG
DTAR	14.476	9.092^***	7.398
DTAR	(1.693)	(3.129)	(1.169)
TOBINSQ	1.593	1.569^**	0.872
TOBINSQ	(0.745)	(2.232)	(0.993)
FSIZE	1.771	3.634^***	−0.317
FSIZE	(0.290)	(2.730)	(−0.142)
LEV	7.533	0.049	−8.173
LEV	(0.189)	(0.007)	(-0.721)
BSIZE	−1.527	0.397	1.254^**
BSIZE	(−0.700)	(1.024)	(2.193)
FAGE	0.017	0.099^*	0.274^***
FAGE	(0.112)	(1.876)	(3.001)
BIG4	−0.418	10.890^***	6.855
BIG4	(−0.020)	(3.706)	(1.400)
STATEOWN	−1.335	4.603^*	7.211
STATEOWN	(−0.161)	(1.823)	(1.487)
_cons	−1.213	−84.996^**	24.273
_cons	(−0.007)	(−2.184)	(0.355)
Industry FE	Yes	Yes	Yes
Year FE	No	Yes	No
r2	0.631	0.579	0.494
r2_a	0.176	0.517	0.305
N	30	158	67

	Pre-Covid period	During Covid period	Post-Covid period
	ESG	ESG	ESG
DTAR	14.476	9.092^***	7.398
DTAR	(1.693)	(3.129)	(1.169)
TOBINSQ	1.593	1.569^**	0.872
TOBINSQ	(0.745)	(2.232)	(0.993)
FSIZE	1.771	3.634^***	−0.317
FSIZE	(0.290)	(2.730)	(−0.142)
LEV	7.533	0.049	−8.173
LEV	(0.189)	(0.007)	(-0.721)
BSIZE	−1.527	0.397	1.254^**
BSIZE	(−0.700)	(1.024)	(2.193)
FAGE	0.017	0.099^*	0.274^***
FAGE	(0.112)	(1.876)	(3.001)
BIG4	−0.418	10.890^***	6.855
BIG4	(−0.020)	(3.706)	(1.400)
STATEOWN	−1.335	4.603^*	7.211
STATEOWN	(−0.161)	(1.823)	(1.487)
_cons	−1.213	−84.996^**	24.273
_cons	(−0.007)	(−2.184)	(0.355)
Industry FE	Yes	Yes	Yes
Year FE	No	Yes	No
r2	0.631	0.579	0.494
r2_a	0.176	0.517	0.305
N	30	158	67

Note(s): t-statistics in parentheses; ^*, ^**, and ^*** denote significance at 10%, 5%, and 1% levels respectively

Source(s): The authors (2024)