Note(s): This table presents ordinary-least-squares estimation results for regressing firm characteristics on profitability. The data set contains 129 energy firms representing 77 renewable firms and 52 conventional firms. Tobin's Q is the ratio of market value of assets to book value of assets. The natural logarithm of total assets (TA) is a proxy for the firm size, leverage (LEV) is the ratio between market value of debt divided by market value of equity, FS/TS is foreign sales divided by total sales, CAPEX/TS is the ratio between capital expenditures divided by total sales, EBIT/TS is the ratio between earnings before interest and taxes divided by total sales, GDP is the change in the gross domestic product, INFL is the change in the consumer price index, UK is a dummy variable with the value of 1 if the company is based in the UK and zero otherwise, IND is a dummy variable with a value of 1 if the firm is classified as a renewable energy firm and zero otherwise, Unrel. div. and Rel. div. are dummy variables with a value of 1 if the firms use unrelated or related diversification strategies, respectively, and zero otherwise, finally, Low, Moderate and High Segments are dummy variables with a value of 1 if the firms have low, moderate or high number of segments, respectively, and zero otherwise. All data are recorded at the end of each calendar year between 2009 and 2015. Standard errors are presented in parentheses. ^***, ^** and ^* denote significance at the 1%, 5 and 10% levels, respectively