| Profitt | Tobin’s Q (full sample) | ROA (non-US banks only) |
|---|---|---|
| Profitt−1 | 0.525** (0.218) | 0.309** (0.127) |
| ESG | 0.018 (0.012) | −0.009 (0.029) |
| SQESG | −0.0002 (0.0001) | 0.0001 (0.0003) |
| COV | −0.115** (0.052) | −0.715*** (0.233) |
| ESG*COV | 0.002* (0.001) | 0.009* (0.005) |
| CONST | −0.777** (0.825) | −3.641 (3.752) |
| Control variables | Yes | Yes |
| Observations | 3,347 | 2035 |
| AR1 (p-value) | 0.008 | 0.000 |
| AR2 (p-value) | 0.727 | 0.199 |
| Hansen test (p-value) | 0.536 | 0.493 |
| Profit | Tobin’s | ROA (non-US banks only) |
|---|---|---|
| 0.525** (0.218) | 0.309** (0.127) | |
| 0.018 (0.012) | −0.009 (0.029) | |
| −0.0002 (0.0001) | 0.0001 (0.0003) | |
| COV | −0.115** (0.052) | −0.715*** (0.233) |
| ESG*COV | 0.002* (0.001) | 0.009* (0.005) |
| CONST | −0.777** (0.825) | −3.641 (3.752) |
| Control variables | Yes | Yes |
| Observations | 3,347 | 2035 |
| AR1 ( | 0.008 | 0.000 |
| AR2 ( | 0.727 | 0.199 |
| Hansen test ( | 0.536 | 0.493 |
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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