Table 5 Panel regression results for...

Table 5

Panel regression results for predictors with robust standard errors

	Model 1 ESG_perf Coeff. (p-value) No lag	Model 2 ESG_perf Coeff. (p-value) One-year lag	Model 3 ESG_perf Coeff. (p-value) Two-years lag
B_size	0.0773(0.0398)	0.0548**(0.03687)	0.0665**(0.0356)
B_gend	0.1778*(0.0897)	0.2892**(0.1404)	0.4469**(0.1842)
B_mgend	−0.2189*(0.1626)	−0.3157*(0.1626)	0.6936*(0.3629)
B_age	0.0133(0.0177)	0.0136(0.0167)	0.0124(0.0165)
B_act	0.0584**(0.0175)	0.0752*(0.124)	0.0555*(0.1767)
B_ind	0.0554*(0.0306)	0.0593**(0.0299)	0.0625**(0.0307)
CSR_com	0.0339*(0.0234)	0.0386*(0.0223)	0.0368*(0.0237)
Size	0.0175***(0.0057)	0.0147***(0.0066)	0.0167***(0.0046)
Lev	−0.3905(0.7493)	−0.4077*(0.7534)	−0.3331*(0.7422)
Roe	0.0146**(0.0067)	0.0148**(0.0059)	0.0156**(0.0053)
Gdp	0.0155(0.1613)	0.0011(0.1383)	0.0057(0.1478)
RegressionF	18.73***	15.88***	17.25***
R2 within	0.4315	0.2369	0.1266
R2 between	0.5709	0.4986	0.0132
R2 overall	0.4599	0.3705	0.0017
Wald χ²	79.12**	–	–
Hausman χ²	23.68	29.97*	37.72
Fixed/Random effects	Fixed	Fixed	Fixed

	Model 1 ESG_perfCoeff. (p-value)No lag	Model 2 ESG_perfCoeff. (p-value)One-year lag	Model 3 ESG_perfCoeff. (p-value)Two-years lag
B_size	0.0773(0.0398)	0.0548**(0.03687)	0.0665**(0.0356)
B_gend	0.1778*(0.0897)	0.2892**(0.1404)	0.4469**(0.1842)
B_mgend	−0.2189*(0.1626)	−0.3157*(0.1626)	0.6936*(0.3629)
B_age	0.0133(0.0177)	0.0136(0.0167)	0.0124(0.0165)
B_act	0.0584**(0.0175)	0.0752*(0.124)	0.0555*(0.1767)
B_ind	0.0554*(0.0306)	0.0593**(0.0299)	0.0625**(0.0307)
CSR_com	0.0339*(0.0234)	0.0386*(0.0223)	0.0368*(0.0237)
Size	0.0175***(0.0057)	0.0147***(0.0066)	0.0167***(0.0046)
Lev	−0.3905(0.7493)	−0.4077*(0.7534)	−0.3331*(0.7422)
Roe	0.0146**(0.0067)	0.0148**(0.0059)	0.0156**(0.0053)
Gdp	0.0155(0.1613)	0.0011(0.1383)	0.0057(0.1478)
RegressionF	18.73***	15.88***	17.25***
R2 within	0.4315	0.2369	0.1266
R2 between	0.5709	0.4986	0.0132
R2 overall	0.4599	0.3705	0.0017
Wald χ²	79.12**	–	–
Hausman χ²	23.68	29.97*	37.72
Fixed/Random effects	Fixed	Fixed	Fixed

Note(s): N = 247 (number of Italian banks). Ʃ_iT_i.N = 1,482 (number of bank-year observations). The robust standard errors of the estimated coefficients reported in parentheses are clustered at the bank level. ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Table by authors

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