Regression results
| Model | (A) | (B) | (C) |
|---|---|---|---|
| Pooled OLS | Fixed effects | Random effects | |
| Coefficient | Coefficient | Coefficient | |
| (Robust SE) | (Robust SE) | (Robust SE) | |
| R&D | 1.89** (0.589) | 3.145*** (1.299) | 2.012*** (0.898) |
| Patents | 0.005* (0.003) | 0.001 (0.005) | 0.005* (0.003) |
| CSR_Com | 8.39*** (2.21) | 4.696 (2.917) | 5.63*** (2.099) |
| GRI_Guid | 9.67*** (3.22) | 1.42*** (0.462) | 2.08*** (0.364) |
| EIS | 0.134*** (0.04) | 0.207*** (0.032) | 0.187*** (0.031) |
| Prod.resp | 0.227*** (0.036) | 0.171*** (0.034) | 0.202*** (0.030) |
| TA | −0.619 1.049 | 1.47 (3.337) | −0.476 (1.24) |
| Mkt_cap | 0.00 0.00 | 0.00 0.00 | 0.00 0.00 |
| ROA | −0.010 (0.106) (0.504) | −0.097 (0.071) (omitted) | −0.088 (0.073) (0.545) |
| Hausman test | 16.08 | ||
| (p-value = 0.412) | |||
| Breusch and Pagan test | 198.48 | ||
| (p-value = 0.000) | |||
| Years | 2013–2020 | 2013–2020 | 2013–2020 |
| Temporal effects | No | Yes | Yes |
| Standard errors for grouped data | Yes | Yes | Yes |
| R-square | 58.19 | 36.34 | 54.79 |
| Statistics F | – | – | Chi-square |
| 588.7*** | |||
| Model | (A) | (B) | (C) |
|---|---|---|---|
| Pooled OLS | Fixed effects | Random effects | |
| Coefficient | Coefficient | Coefficient | |
| (Robust SE) | (Robust SE) | (Robust SE) | |
| R&D | 1.89** (0.589) | 3.145*** (1.299) | 2.012*** (0.898) |
| Patents | 0.005* (0.003) | 0.001 (0.005) | 0.005* (0.003) |
| CSR_Com | 8.39*** (2.21) | 4.696 (2.917) | 5.63*** (2.099) |
| GRI_Guid | 9.67*** (3.22) | 1.42*** (0.462) | 2.08*** (0.364) |
| EIS | 0.134*** (0.04) | 0.207*** (0.032) | 0.187*** (0.031) |
| Prod.resp | 0.227*** (0.036) | 0.171*** (0.034) | 0.202*** (0.030) |
| TA | −0.619 1.049 | 1.47 (3.337) | −0.476 (1.24) |
| Mkt_cap | 0.00 0.00 | 0.00 0.00 | 0.00 0.00 |
| ROA | −0.010 (0.106) (0.504) | −0.097 (0.071) (omitted) | −0.088 (0.073) (0.545) |
| Hausman test | 16.08 | ||
| ( | |||
| Breusch and Pagan test | 198.48 | ||
| ( | |||
| Years | 2013–2020 | 2013–2020 | 2013–2020 |
| Temporal effects | No | Yes | Yes |
| Standard errors for grouped data | Yes | Yes | Yes |
| 58.19 | 36.34 | 54.79 | |
| Statistics | – | – | Chi-square |
| 588.7*** | |||
Notes:
*** = significant at 1%; ** = significant at 5%; * = significant at 10%.
Parentheses indicate the standard error of robust regression