Table 2. Descriptive statistics...

Table 2.

Descriptive statistics

Variables	ROIC	ROE	ROA	EPS	ESG	E	S	G	β	Firm leverage	Firm size	Unsystematic risk	Moder_ESG_ Fsize	Moder_ENV_ Fsize	Moder_SOC_ Fsize	Moder_ GOV_Fsize
Valid (N)	152	152	152	152	152	152	152	152	152	152	152	152	152	152	152	152
Missing	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Mean	2.622	3.374	1.374	3.123	48.859	42.467	51.835	50.209	0.831	295.429	25.418	0.335	0.307	0.379	0.264	0.191
Median	2.825	3.489	1.489	2.907	48.992	42.173	51.843	50.537	0.834	132.093	25.131	0.335	−0.004	0.008	0.000	−0.008
Std. Deviation	0.597	1.120	0.506	1.331	14.833	24.836	15.330	16.576	0.333	379.654	1.811	0.201	1.031	1.104	0.903	0.982
Skewness	−0.640	0.238	0.451	0.630	0.037	0.071	−0.287	0.079	1.358	2.412	0.572	0.327	2.013	1.472	1.859	2.055
Kurtosis	1.571	0.728	1.226	0.282	0.614	−0.820	0.606	0.535	5.886	6.987	0.160	−0.529	3.290	1.366	3.613	5.521
Minimum	0.447	0.300	0.200	0.445	3.830	0.000	2.187	7.087	0.205	1.048	20.220	0.008	−1.219	−1.244	−1.346	−1.705
Maximum	4.218	6.539	3.314	6.822	85.642	89.525	84.439	91.455	2.583	2070.446	29.412	0.823	3.801	3.970	3.571	4.028

Variables	ROIC	ROE	ROA	EPS	ESG	E	S	G	β	Firmleverage	Firmsize	Unsystematicrisk	Moder_ESG_Fsize	Moder_ENV_Fsize	Moder_SOC_Fsize	Moder_GOV_Fsize
Valid (N)	152	152	152	152	152	152	152	152	152	152	152	152	152	152	152	152
Missing	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Mean	2.622	3.374	1.374	3.123	48.859	42.467	51.835	50.209	0.831	295.429	25.418	0.335	0.307	0.379	0.264	0.191
Median	2.825	3.489	1.489	2.907	48.992	42.173	51.843	50.537	0.834	132.093	25.131	0.335	−0.004	0.008	0.000	−0.008
Std. Deviation	0.597	1.120	0.506	1.331	14.833	24.836	15.330	16.576	0.333	379.654	1.811	0.201	1.031	1.104	0.903	0.982
Skewness	−0.640	0.238	0.451	0.630	0.037	0.071	−0.287	0.079	1.358	2.412	0.572	0.327	2.013	1.472	1.859	2.055
Kurtosis	1.571	0.728	1.226	0.282	0.614	−0.820	0.606	0.535	5.886	6.987	0.160	−0.529	3.290	1.366	3.613	5.521
Minimum	0.447	0.300	0.200	0.445	3.830	0.000	2.187	7.087	0.205	1.048	20.220	0.008	−1.219	−1.244	−1.346	−1.705
Maximum	4.218	6.539	3.314	6.822	85.642	89.525	84.439	91.455	2.583	2070.446	29.412	0.823	3.801	3.970	3.571	4.028

Notes:

As shown in Table 2, the average ESG score of our sample firms is 48.859, which breaks down as 42.467 for EP, 51.835 for SP and 50.209 for corporate GP for 2015–2019. Nordic financial firms show higher scores for social and corporate GP than for EP. This is further confirmed with the high standard deviation compared to its peer variables S and G. Skewness and kurtosis show that the data of dependent variables are normally distributed, which is critical when running the FE regression. Furthermore, FP indicates a mean (median) of 2.622 (2.825) for ROIC, 3.374 (3.489) for ROE, 1.374 (1.489) for ROA and 3.123 (2.907) for EPS

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