ROAt-1

0.665 ^*** (−0.0351)

−0.606 ^*** (−0.0619)

0.647 ^*** (−0.0351)

−0.673 ^*** (−0.0596)

0.651 ^*** (−0.035)

−0.631 ^*** (−0.062)

0.652 ^*** (−0.0349)

−0.639 ^*** (−0.0636)

0.658 ^*** (−0.035)

−0.636 ^*** (−0.0604)

ProductResp._Scoret-1

0.112 (−0.203)

1.695 ^*** (−0.289)

CSRStrategy_Scoret

0.246 ^* (−0.145)

−0.873 ^*** (−0.332)

EnvInnovation_Scoret

0.447 ^*** (−0.109)

2.352 ^*** (−0.505)

Management Scoret

0.336 ^** (−0.147)

0.443 ^*** (−0.17)

ResourceUse_Scoret-1

0.312 ^** (−0.151)

−1.010 ^** (−0.411)

Overhead_Ratiot-1

0.428 (−15.18)

11.77 ^* (−6.647)

4.405 (−10.28)

−45.30 ^*** (−6.395)

3.906 (−5.006)

−10.12 ^* (−5.727)

9.68 (−8.647)

−1.744 (−8.708)

10.94 (−11.57)

−42.21 ^*** (−6.111)

CahsFlowSales_Ratiot-1

0.0999 (−0.183)

0.403 ^*** (−0.0848)

0.205 (−0.14)

0.560 ^*** (−0.0771)

0.249 ^*** (−0.070)

0.385 ^*** (−0.0787)

0.192 ^* (−0.114)

0.438 ^*** (−0.096)

0.177 (−0.145)

0.537 ^*** (−0.0783)

Quick Ratiot-1

−2.197 (−1.47)

−0.975 ^* (−0.503)

0.357 (−1.001)

−1.490 ^*** (−0.239)

−0.802 ^* (−0.416)

−1.004 ^** (−0.432)

−1.11 (−0.839)

−0.694 ^** (−0.346)

2.489 ^* (−1.396)

−1.497 ^*** (−0.239)

ProductResp. Score*Overhead Ratiot-1

−0.13 (−0.196)

−1.820 ^*** (−0.286)

CSRStrategy Score*Overhead Ratiot-1

−0.209 (−0.142)

1.019 ^*** (−0.327)

EnvInnovation Score*Overhead Ratiot-1

−0.425 ^*** (−0.107)

−2.492 ^*** (−0.502)

Management Score*Overhead Ratiot-1

−0.348 ^** (−0.144)

−0.470 ^*** (−0.172)

ResourceUse Score*Overhead Ratiot-1

−0.272 ^* (−0.147)

1.171 ^*** (−0.411)

ProductResp. Score*CahsFlowSales Ratiot-1

−0.0011 (−0.0025)

−0.00379 (−0.0038)

CSRStrategy Score*CahsFlowSales_Ratiot-1

−0.00274 (−0.0018)

−0.0110 ^*** (−0.004)

EnvInnovation Score*CahsFlowSales_Ratiot-1

−0.00607 ^*** (−0.0014)

−0.0113 ^** (−0.006)

Management Score*CahsFlowSales Ratiot-1

−0.00304 ^* (−0.0018)

0.00027 (−0.0024)

ResourceUse Score*CahsFlowSales Ratiot-1

−0.00215 (−0.002)

−0.0102 ^** (−0.005)

ProductResp. Score*Quick Ratiot-1

0.0238 (−0.0193)

−0.0089 (−0.016)

CSRStrategy Score*Quick Ratiot-1

−0.0123 (−0.0144)

0.039 (−0.025)

EnvInnovation Score*Quick Ratiot-1

0.0073 (−0.01)

−0.0088 (−0.022)

Management Score*Quick Ratiot-1

0.0115 (−0.0134)

−0.0454 ^** (−0.0196)

ResourceUse Score*Quick Ratiot-1

−0.0371 ^** (−0.017)

0.0278 (−0.027)

InTA1

−0.449 ^*** (−0.132)

−4.179 ^*** (−0.486)

−0.564 ^*** (−0.134)

−4.083 ^*** (−0.493)

−0.476 ^*** (−0.137)

−4.442 ^*** (−0.492)

−0.465 ^*** (−0.128)

−4.466 ^*** (−0.5)

−0.509 ^*** (−0.135)

−3.973 ^*** (−0.486)

Constant

10.6 (−15.85)

61.97 ^*** (−14.79)

4.741 (−10.83)

112.2 ^*** (−14.41)

5.379 (−5.998)

88.68 ^*** (−14.4)

1.064 (−9.189)

83.32 ^*** (−15.87)

−3.193 (−12.21)

110.2 ^*** (−14.26)

Observations

783

977

783

977

783

977

783

977

783

977

R-squared

0.524

0.234

0.53

0.236

0.536

0.211

0.527

0.188

0.528

0.238

Note(s): ^***p < 0.01, ^**p < 0.05, ^*p < 0.1

Standard errors in parentheses

: Variable not included in the model