Table 4. Results of statistical analysis...

Table 4.

Results of statistical analysis

	Model 1	Model 2	Robustness check (Model 1)	Signs predicted	Robustness check (Model 2)	Signs predicted
Independent variables	SDGs	EXTASS	SDGs		EXTASS
FEM	0.1531223^*	0.1086442^**	0.1549532^*	+	0.1163569^**	+
	(0.0425299)	(0.5016859)	(0.0468549)		(0.5133716)
CEODUA	−0.0374401	0.0116731	−0.0348594	+	0.0119365	+
	(0.2938991)	(0.2799343)	(0.2924452)		(0.2801951)
EMP	0.1081344	0.0246532	0.1102573	+	0.0279931	+
	(0.1939226)	(0.1735671)	(0.1915472)		(0.1768955)
ASSET	0.0630528^*	0.0335867^*	0.0646879^**	+	0.0378566^*	+
	(0.1322854)	(0.1408563)	(0.1298745)		(0.1396596)
PM	0.0469957^**	0.0206862^**	0.0478865^**	+	0.0237994^**	+
	(0.0197352)	(0.0098756)	(0.0213547)		(0.0116589)
BSIZE	0.0096249	0.0248965^*	0.0102334^*	+	0.0256113^*	+
	(0.0141454)	(0.0049878)	(0.0168452)		(0.0085652)
ROA	−0.0941452^*	0.02493327	−0.0953201^*	−	0.0216569^*	−
	(0.0585094)	(0.0729844)	(0.0568514)		(0.0688965)
ROE	0.0484118^**	0.01496533^*	0.0492354^**	+	0.0186647^*	+
	(0.0235586)	(0.0399985)	(0.0245236)		(0.0423233)
TOBQ	0.1443527^*	0.1018957	0.1479653^*	+	0.0113236	+
	(0.1745933)	(0.1844965)	(0.1723265)		(0.1936536)
CAP	−0.0198818^*	0.0098659^*	−0.0199931^*	−	0.0081769^*	−
	(0.0123558)	(0.0103565)	(0.0135248)		(0.0196354)
AGE	0.0066081^**	0.01396589^*	0.0084502^**	+	0.0169941^*	+
	(0.0012564)	(0.0109663)	(0.0014569)		(0.0114963)
UNGC	0.8809067^**	0.55068863^*	0.8849866^**	+	0.5633989^*	+
	(0.2696426)	(0.3089665)	(0.2765438)		(0.3194318)
IFC	0.54368518	0.7768989	0.5513659	+	0.7956371	+
	(0.4168518)	(0.4846569)	(0.4054837)		(0.4996537)
ISO	−0.2998531	0.1186598	−0.2963251	+	0.1235964	+
	(0.3487315)	(0.4088659)	(0.3596524)		(0.4179846)
CPI	1.4269857^**	0.6496662^**	1.4396555^**	+	0.6536533^**	+
	(0.8087712)	(0.4796589)	(0.8235369)		(0.4913615)
ESI	1.5719654^**	0.7386598^**	1.5946537^**	+	1.7388961^**	+
	(0.8793254)	(0.5089656)	(0.8917366)		(0.5133497)
Country control	controlled	controlled
Robustness Check by regions			controlled		controlled
Pseudo R²	0.047	0.052
p-value	0.000	0.00

	Model 1	Model 2	Robustness check (Model 1)	Signs predicted	Robustness check (Model 2)	Signs predicted
Independent variables	SDGs	EXTASS	SDGs		EXTASS
FEM	0.1531223^*	0.1086442^**	0.1549532^*	+	0.1163569^**	+
	(0.0425299)	(0.5016859)	(0.0468549)		(0.5133716)
CEODUA	−0.0374401	0.0116731	−0.0348594	+	0.0119365	+
	(0.2938991)	(0.2799343)	(0.2924452)		(0.2801951)
EMP	0.1081344	0.0246532	0.1102573	+	0.0279931	+
	(0.1939226)	(0.1735671)	(0.1915472)		(0.1768955)
ASSET	0.0630528^*	0.0335867^*	0.0646879^**	+	0.0378566^*	+
	(0.1322854)	(0.1408563)	(0.1298745)		(0.1396596)
PM	0.0469957^**	0.0206862^**	0.0478865^**	+	0.0237994^**	+
	(0.0197352)	(0.0098756)	(0.0213547)		(0.0116589)
BSIZE	0.0096249	0.0248965^*	0.0102334^*	+	0.0256113^*	+
	(0.0141454)	(0.0049878)	(0.0168452)		(0.0085652)
ROA	−0.0941452^*	0.02493327	−0.0953201^*	−	0.0216569^*	−
	(0.0585094)	(0.0729844)	(0.0568514)		(0.0688965)
ROE	0.0484118^**	0.01496533^*	0.0492354^**	+	0.0186647^*	+
	(0.0235586)	(0.0399985)	(0.0245236)		(0.0423233)
TOBQ	0.1443527^*	0.1018957	0.1479653^*	+	0.0113236	+
	(0.1745933)	(0.1844965)	(0.1723265)		(0.1936536)
CAP	−0.0198818^*	0.0098659^*	−0.0199931^*	−	0.0081769^*	−
	(0.0123558)	(0.0103565)	(0.0135248)		(0.0196354)
AGE	0.0066081^**	0.01396589^*	0.0084502^**	+	0.0169941^*	+
	(0.0012564)	(0.0109663)	(0.0014569)		(0.0114963)
UNGC	0.8809067^**	0.55068863^*	0.8849866^**	+	0.5633989^*	+
	(0.2696426)	(0.3089665)	(0.2765438)		(0.3194318)
IFC	0.54368518	0.7768989	0.5513659	+	0.7956371	+
	(0.4168518)	(0.4846569)	(0.4054837)		(0.4996537)
ISO	−0.2998531	0.1186598	−0.2963251	+	0.1235964	+
	(0.3487315)	(0.4088659)	(0.3596524)		(0.4179846)
CPI	1.4269857^**	0.6496662^**	1.4396555^**	+	0.6536533^**	+
	(0.8087712)	(0.4796589)	(0.8235369)		(0.4913615)
ESI	1.5719654^**	0.7386598^**	1.5946537^**	+	1.7388961^**	+
	(0.8793254)	(0.5089656)	(0.8917366)		(0.5133497)
Country control	controlled	controlled
Robustness Check by regions			controlled		controlled
Pseudo R²	0.047	0.052
p-value	0.000	0.00

Notes:

p value < 0.1 and

p value < 0.05

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