Results of the fixed effect panel model estimation on ESG performance and its components for the sub-sample of companies subject to NFRD
| Variable | ESG (p-values) (SE, t) | Environmental (p-values) (SE, t) | Social (p-values) (SE, t) | Governance (p-values) (SE, t) |
|---|---|---|---|---|
| Year 2015 | −6.97 (0.013)** (2.77, −2.52) | −7.19 (0.148) (4.93, −1.46) | −5.52 (0.160) (3.91, −1.41) | −9.01 (0.017)** (3.70, −2.43) |
| Year 2016 | −2.98 (0.276) (2.73, −1.09) | −5.16 (0.290) (4.86, −1.06) | −1.58 (0.682) (3.84, −0.41) | −5.54 (0.132) (3.34, −1.52) |
| Year 2017 | 3.11 (0.277) (2.85, 1.09) | 2.93 (0.565) (5.08, 0.58) | 5.27 (0.193) (4.02, 1.31) | −1.67 (0.662) (3.81, −0.44) |
| Year 2018 | 4.77 (0.000)* (2.79, 1.71) | 7.21 (0.150) (4.97, 1.45) | 8.15 (0.041)* (3.93, 2.07) | −2.60 (0.488) (3.73, −0.70) |
| Year 2019 | 10.33 (0.000)*** (2.73, 3.79) | 11.72 (0.018)** (4.86, 2.41) | 15.41 (0.000)*** (3.84. 4.01) | 1.72 (0.472) (3.65, 0.47) |
| Ln_Assets | 3.45 (0.000)*** (0.82, 4.23) | 6.76 (0.000)*** (1.45, 4.65) | 4.52 (0.000)*** (1.15, 3.93) | 0.79 (0.472) (1.09, 0.72) |
| ROA | −0.15 (0.200) (0.11, −1.29) | −0.01 (0.959) (0.21, −0.05) | −0.23 (0.155) (0.16, −1.43) | −0.24 (0.117) (0.15, −0.58) |
| Cons | −42.37 (0.019* (17.80, −2.38) | −130.98 (0.000)*** (31.71, −4.13) | −72.03 (0.005)** (25.08, −2.87) | 33.23 (0.165) (23.79, 1.40) |
| N | 157 | 157 | 157 | 157 |
| Within R-squared | 0.58 | 0.48 | 0.55 | 0.16 |
| Overall R-squared | 0.22 | 0.15 | 0.17 | 0.06 |
| Variable | ESG ( | Environmental ( | Social ( | Governance ( |
|---|---|---|---|---|
| Year 2015 | −6.97 (0.013) | −7.19 (0.148) (4.93, −1.46) | −5.52 (0.160) (3.91, −1.41) | −9.01 (0.017) |
| Year 2016 | −2.98 (0.276) (2.73, −1.09) | −5.16 (0.290) (4.86, −1.06) | −1.58 (0.682) (3.84, −0.41) | −5.54 (0.132) (3.34, −1.52) |
| Year 2017 | 3.11 (0.277) (2.85, 1.09) | 2.93 (0.565) (5.08, 0.58) | 5.27 (0.193) (4.02, 1.31) | −1.67 (0.662) (3.81, −0.44) |
| Year 2018 | 4.77 (0.000) | 7.21 (0.150) (4.97, 1.45) | 8.15 (0.041) | −2.60 (0.488) (3.73, −0.70) |
| Year 2019 | 10.33 (0.000) | 11.72 (0.018) | 15.41 (0.000) | 1.72 (0.472) (3.65, 0.47) |
| Ln_Assets | 3.45 (0.000) | 6.76 (0.000) | 4.52 (0.000) | 0.79 (0.472) (1.09, 0.72) |
| ROA | −0.15 (0.200) (0.11, −1.29) | −0.01 (0.959) (0.21, −0.05) | −0.23 (0.155) (0.16, −1.43) | −0.24 (0.117) (0.15, −0.58) |
| Cons | −42.37 (0.019 | −130.98 (0.000) | −72.03 (0.005) | 33.23 (0.165) (23.79, 1.40) |
| 157 | 157 | 157 | 157 | |
| Within | 0.58 | 0.48 | 0.55 | 0.16 |
| Overall | 0.22 | 0.15 | 0.17 | 0.06 |
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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