Hierarchical cross-classified model results of Sii regressed on industry, Bloomberg ESG and Datamaran variables
| Model 1 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|
| Fixed effects | ||||
| Intercept | 69.46*** (1.72) | 56.59** (2.06) | 54.44** (3.18) | 55.80** (2.09) |
| Industry classification | ||||
| Industry: service | −10.93*** (1.17) | |||
| Industry: automotive | 14.33*** (2.11) | 14.44*** (2.20) | 14.14*** (2.08) | |
| Industry: consumer durables and equipment | 11.42*** (2.11) | 11.37*** (2.14) | 11.31*** (2.08) | |
| Industry: investments | 8.34** (2.58) | 8.45** (2.63) | 8.66*** (2.55) | |
| Industry: delivery/shipping | 6.42* (2.92) | 6.50* (3.03) | 5.80* (2.88) | |
| Industry: health insurance | 5.07* (2.38) | 5.06* (2.41) | 5.49* (2.37) | |
| Bloomberg variables | ||||
| Bloomberg E(nvironment) | −0.01 (0.03) | |||
| Bloomberg G(overnance) | 0.04 (0.04) | |||
| Bloomberg S(ocial) | 0.00 (0.03) | |||
| Datamaran variables | ||||
| Protection of natural land cover | −1.22* (0.51) | |||
| Transition to renewable energy | 1.41* (0.54) | |||
| Random effects | ||||
| Intercept, Firm | 13.10*** (2.01) | 10.13*** (1.77) | 10.37*** (1.83) | 9.83*** (1.73) |
| Intercept, Year | 5.21 (5.29) | 5.23 (5.31) | 5.16 (5.23) | 5.33 (5.41) |
| Residual | 4.61*** (0.51) | 4.61*** (0.51) | 4.62*** (0.52) | 4.48*** (0.50) |
| Fit statistics | ||||
| Pseudo R-square | 33.0% | 41.6% | 41.1% | 42.6% |
| AIC | 1502.3 | 1406.8 | 1421.9 | 1396.3 |
| BIC | 1496.3 | 1400.8 | 1415.9 | 1390.3 |
| Model 1 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|
| Fixed effects | ||||
| Intercept | 69.46*** (1.72) | 56.59** (2.06) | 54.44** (3.18) | 55.80** (2.09) |
| Industry: service | −10.93 | |||
| Industry: automotive | 14.33*** (2.11) | 14.44*** (2.20) | 14.14*** (2.08) | |
| Industry: consumer durables and equipment | 11.42*** (2.11) | 11.37*** (2.14) | 11.31*** (2.08) | |
| Industry: investments | 8.34** (2.58) | 8.45** (2.63) | 8.66*** (2.55) | |
| Industry: delivery/shipping | 6.42* (2.92) | 6.50* (3.03) | 5.80* (2.88) | |
| Industry: health insurance | 5.07* (2.38) | 5.06* (2.41) | 5.49* (2.37) | |
| Bloomberg E(nvironment) | −0.01 (0.03) | |||
| Bloomberg G(overnance) | 0.04 (0.04) | |||
| Bloomberg S(ocial) | 0.00 (0.03) | |||
| Protection of natural land cover | −1.22* (0.51) | |||
| Transition to renewable energy | 1.41* (0.54) | |||
| Random effects | ||||
| Intercept, Firm | 13.10*** (2.01) | 10.13*** (1.77) | 10.37*** (1.83) | 9.83*** (1.73) |
| Intercept, Year | 5.21 (5.29) | 5.23 (5.31) | 5.16 (5.23) | 5.33 (5.41) |
| Residual | 4.61*** (0.51) | 4.61*** (0.51) | 4.62*** (0.52) | 4.48*** (0.50) |
| Pseudo | 33.0% | 41.6% | 41.1% | 42.6% |
| AIC | 1502.3 | 1406.8 | 1421.9 | 1396.3 |
| BIC | 1496.3 | 1400.8 | 1415.9 | 1390.3 |
Note(s): *** = 0.001 significance level, ** = 0.01 significance level and * = 0.05 significance level
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.