| ROAt | Above the median | Below the median |
|---|---|---|
| ROAt−1 | 0.235** (0.093) | 0.204** (0.092) |
| ESG | 0.026 (0.018) | −0.031*** (0.011) |
| SQESG | −0.0003 (0.0002) | 0.0003** (0.0001) |
| COV | −0.574** (0.215) | −0.215** (0.09) |
| ESG*COV | 0.011** (0.005) | 0.004** (0.017) |
| CONST | 2.762 (2.073) | 0.696 (1.433) |
| Control variables | Yes | Yes |
| Observations | 1,375 | 1,442 |
| AR1 (p-value) | 0.000 | 0.002 |
| AR2 (p-value) | 0.284 | 0.831 |
| Hansen test (p-value) | 0.114 | 0.533 |
| ROA | Above the median | Below the median |
|---|---|---|
| 0.235** (0.093) | 0.204** (0.092) | |
| 0.026 (0.018) | −0.031*** (0.011) | |
| −0.0003 (0.0002) | 0.0003** (0.0001) | |
| COV | −0.574** (0.215) | −0.215** (0.09) |
| ESG*COV | 0.011** (0.005) | 0.004** (0.017) |
| CONST | 2.762 (2.073) | 0.696 (1.433) |
| Control variables | Yes | Yes |
| Observations | 1,375 | 1,442 |
| AR1 ( | 0.000 | 0.002 |
| AR2 ( | 0.284 | 0.831 |
| Hansen test ( | 0.114 | 0.533 |
Note(s): ROA, pre-tax return on assets; ESG, the ESG combined score; SQESG, the squared value of ESG; COV, dummy variable for the COVID-19 period of 2020–2021. Variables in italics and control variables are instrumented through the GMM procedure following Arellano and Bover (1995). Robust standard errors are in parentheses. *, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively
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