Main results of OLS regressions using model-1
| ROAt (DV) vs IVs and CVs | Model-1 | |
|---|---|---|
| “Top” | “Bottom” | |
| ROAt−1 | 0.620*** (−0.0364) | −0.581*** (−0.0638) |
| ENV_Scoret−1 | 0.360* (−0.212) | −4.107*** (−0.605) |
| SOC_Scoret−1 | 0.657** (−0.329) | 5.684*** (−0.735) |
| CGV_Scoret−1 | 0.464** (−0.199) | −0.878*** (−0.254) |
| Overhead_Ratiot−1 | 77.93*** (−23.05) | 0.48 (−9.85) |
| CahsFlowSales_Ratiot−1 | 0.900*** (−0.305) | 0.477*** (−0.0995) |
| Quick_Ratiot−1 | 2.106 (−2.441) | −1.091* (−0.569) |
| ENV_Score*Overhead_Ratiot−1 | −0.325 (−0.207) | 4.431*** (−0.607) |
| ENV_Score*CahsFlowSales_Ratiot−1 | −0.00345 (−0.00279) | 0.0104 (−0.00678) |
| ENV_Score*Quick_Ratiot−1 | −0.0487* (−0.0261) | −0.0328 (−0.0382) |
| SOC_Score*Overhead_Ratiot-1 | −0.625* (−0.321) | −5.957*** (−0.733) |
| SOC_Score*CahsFlowSales_Ratiot−1 | −0.00577 (−0.00398) | −0.0314*** (−0.0081) |
| SOC_Score*Quick_Ratiot−1 | 0.00708 (−0.0251) | 0.0523 (−0.0478) |
| CGV_Score*Overhead_Ratiot−1 | −0.453** (−0.193) | 0.841*** (−0.253) |
| CGV_Score*CahsFlowSales_Ratiot−1 | −0.00498** (−0.00248) | 0.0125*** (−0.00351) |
| CGV_Score*Quick_Ratiot−1 | 0.00579 (−0.0179) | −0.0469 (−0.0291) |
| lnTAt | −0.615*** (−0.142) | −3.766*** (−0.49) |
| Constant | −70.91*** (−23.72) | 67.28*** (−15.94) |
| Observations | 783 | 977 |
| R-squared | 0.541 | 0.285 |
| Model-1 | ||
|---|---|---|
| “Top” | “Bottom” | |
| 0.620*** (−0.0364) | −0.581*** (−0.0638) | |
| 0.360* (−0.212) | −4.107*** (−0.605) | |
| 0.657** (−0.329) | 5.684*** (−0.735) | |
| 0.464** (−0.199) | −0.878*** (−0.254) | |
| 77.93*** (−23.05) | 0.48 (−9.85) | |
| 0.900*** (−0.305) | 0.477*** (−0.0995) | |
| 2.106 (−2.441) | −1.091* (−0.569) | |
| −0.325 (−0.207) | 4.431*** (−0.607) | |
| −0.00345 (−0.00279) | 0.0104 (−0.00678) | |
| −0.0487* (−0.0261) | −0.0328 (−0.0382) | |
| −0.625* (−0.321) | −5.957*** (−0.733) | |
| −0.00577 (−0.00398) | −0.0314*** (−0.0081) | |
| 0.00708 (−0.0251) | 0.0523 (−0.0478) | |
| −0.453** (−0.193) | 0.841*** (−0.253) | |
| −0.00498** (−0.00248) | 0.0125*** (−0.00351) | |
| 0.00579 (−0.0179) | −0.0469 (−0.0291) | |
| −0.615*** (−0.142) | −3.766*** (−0.49) | |
| Constant | −70.91*** (−23.72) | 67.28*** (−15.94) |
| Observations | 783 | 977 |
| 0.541 | 0.285 | |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1
Standard errors in parentheses
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