Results of the difference-in-difference pooled model of ESG performance and its components
| Outcome variable | ESG (p-values) (SE, t) | Environmental (p-values) (SE, t) | Social (p-values) (SE, t) | Governance (p-values) (SE, t) |
|---|---|---|---|---|
| Before the NFR Directive (2014–2016) | ||||
| Control (not subject to NFRD legislation) | 18.65 | 5.32 | 15.45 | 36.66 |
| Treated (subject to NFRD legislation) | 36.71 | 24.31 | 32.85 | 48.07 |
| Diff (C-T) | 18.01 (0.007)** (6.51, 2.77) | 18.99 (0.037)* (9.02, 2.11) | 17.41 (0.030)* (7.97, 2.18) | 11.41 (0.157) (8.03, 1.42) |
| N | 171 | 171 | 171 | 171 |
| Control (not subject to NFRD legislation | 8 | 8 | 8 | 8 |
| Treated (subject to NFRD legislation) | 62 | 62 | 62 | 62 |
| After the NFR Directive (2017–2019) | ||||
| Control (not subject to NFRD legislation) | 19.28 | 6.54 | 16.87 | 29.97 |
| Treated (subject to NFRD legislation) | 43.96 | 36.17 | 42.91 | 49.12 |
| Diff (C-T) | 24.67 (0.001)** (7.29, 3.38) | 29.63 (0.030)* (10.10, 2.93) | 26.04 (0.004)** (8.93, 2.92) | 19.15 (0.0.35) * (8.99, 2.13) |
| Diff-in-Diff | 6.61 (0.499) (9.78, 0.68) | 10.65 (0.433) (13.54, 0.72) | 8.63 (0.477) (11.96, 0.72) | 7.75 (0.522) (12.06, 0.64) |
| N | 171 | 171 | 171 | 171 |
| Control (not subject to NFRD legislation) | 6 | 6 | 6 | 6 |
| Treated (subject to NFRD legislation) | 95 | 95 | 95 | 95 |
| R-squared | 0.14 | 0.12 | 0.12 | 0.15 |
| Outcome variable | ESG ( | Environmental ( | Social ( | Governance ( |
|---|---|---|---|---|
| Control (not subject to NFRD legislation) | 18.65 | 5.32 | 15.45 | 36.66 |
| Treated (subject to NFRD legislation) | 36.71 | 24.31 | 32.85 | 48.07 |
| Diff (C-T) | 18.01 (0.007) | 18.99 (0.037) | 17.41 (0.030) | 11.41 (0.157) (8.03, 1.42) |
| 171 | 171 | 171 | 171 | |
| Control (not subject to NFRD legislation | 8 | 8 | 8 | 8 |
| Treated (subject to NFRD legislation) | 62 | 62 | 62 | 62 |
| Control (not subject to NFRD legislation) | 19.28 | 6.54 | 16.87 | 29.97 |
| Treated (subject to NFRD legislation) | 43.96 | 36.17 | 42.91 | 49.12 |
| Diff (C-T) | 24.67 (0.001) | 29.63 (0.030) | 26.04 (0.004) | 19.15 (0.0.35) |
| Diff-in-Diff | 6.61 (0.499) (9.78, 0.68) | 10.65 (0.433) (13.54, 0.72) | 8.63 (0.477) (11.96, 0.72) | 7.75 (0.522) (12.06, 0.64) |
| 171 | 171 | 171 | 171 | |
| Control (not subject to NFRD legislation) | 6 | 6 | 6 | 6 |
| Treated (subject to NFRD legislation) | 95 | 95 | 95 | 95 |
| 0.14 | 0.12 | 0.12 | 0.15 | |
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; standard deviation in parentheses
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