Results of the panel model estimation on ESG performance and its components (difference-in-differences, fixed effect model)
| Variable | ESG (p-values) (SE, t) | Environmental (p-values) (SE, t) | Social (p-values) (SE, t) | Governance (p-values) (SE, t) |
|---|---|---|---|---|
| 1.NFRD | 4.41 (0.003)** (1.39, 3.16) | 0.67 (0.781) (2.39, 0.28) | 5.21 (0.047)** (2.55, 2.04) | 2.71 (0.000)*** (1.46, 4.94) |
| 1.NFRD_sub | −6.17 (0.008)** (2.22, −2.78) | −10.15 (0.207) (7.91, 1.28) | −7.52 (0.040)* (3.54, −2.12) | −7.59 (0.369) (8.36, −0.91) |
| NFRD#NFRD_sub 11 | 6.10 (0.002)** (1.86, 32.8) | 12.34 (0.040)** (4.01, −3.07) | 7.81 (0.008)* (2.79, −2.80) | −1.99 (0.412) (2.40, −0.83) |
| Ln_Assets | 2.36 (0.000)*** (0.37. 6.39) | 5.23 (0.000)*** (0.71, 7.40) | 3.58 (0.008)*** (0.71, 5.06) | −0.52 (0.337) (0.53, −0.97) |
| ROA | −0.21 (0.05)* (0.10, −1.97) | −0.08 (0.670) (0.18,−0.43)) | −0.30 (0.125) (0.19, −1.57) | −0.27 (0.010)* (0.10, −2.71) |
| Cons | −15.45 (0.07)’ (8.52, −1.81)) | −90.84 (0.000)*** (18.44, −4.93) | −46.19 (0.007)** (16.43, 2.81) | 64.42 (0.00)** (16.11, 4.00) |
| N | 171 | 171 | 171 | 171 |
| Within R-squared | 0.48 | 0.43 | 0.47 | 0.09 |
| Overall R-squared | 0.17 | 0.15 | 0.15 | 0.02 |
| Variable | ESG ( | Environmental ( | Social ( | Governance ( |
|---|---|---|---|---|
| 1.NFRD | 4.41 (0.003) | 0.67 (0.781) (2.39, 0.28) | 5.21 (0.047) | 2.71 (0.000) |
| 1.NFRD_sub | −6.17 (0.008) | −10.15 (0.207) (7.91, 1.28) | −7.52 (0.040) | −7.59 (0.369) (8.36, −0.91) |
| NFRD#NFRD_sub 11 | 6.10 (0.002) | 12.34 (0.040) | 7.81 (0.008) | −1.99 (0.412) (2.40, −0.83) |
| Ln_Assets | 2.36 (0.000) | 5.23 (0.000) | 3.58 (0.008) | −0.52 (0.337) (0.53, −0.97) |
| ROA | −0.21 (0.05) | −0.08 (0.670) (0.18,−0.43)) | −0.30 (0.125) (0.19, −1.57) | −0.27 (0.010) |
| Cons | −15.45 (0.07)’ (8.52, −1.81)) | −90.84 (0.000) | −46.19 (0.007) | 64.42 (0.00) |
| 171 | 171 | 171 | 171 | |
| Within R-squared | 0.48 | 0.43 | 0.47 | 0.09 |
| Overall R-squared | 0.17 | 0.15 | 0.15 | 0.02 |
Notes:
We report results of the model estimations with p-values, standard errors (SE) and t-statistics (t). Significance level ***0.001, **0.01; *0.05; ‘0.1; robust standard error in parentheses
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