Table 5 OLS regression models Variables...

Table 5

OLS regression models

Variables	Model 1 Dependent variable BETA (HP1a)	Model 2 Dependent variable VOLATILITY (HP1b)	Model 3 Dependent variable BETA (HP2a)	Model 4 Dependent variable VOLATILITY (HP2b)
Independent variables
SER (HP1a; HP2a)	2.00330	−0.334014***	–	–
ENV (HP1b: HP2b)	–	–	0.809615	−0.0117164**
SOC (HP1b: HP2b)	–	–	1.63573	−0.0118367**
GOV (HP1b: HP2b)	–	–	0.593593	0.0576531
Control variables
TA	1.19753e-010	−4.19586e-013	1.09090e-010	1.82692e-012
PE	0.000107313	−0.000299401***	0.000121206	−0.000303409***
EMP	−2.26273e-07	3.97447e-09	−2.25108e-07	−5.55595e-010
CD	0.962508***	−0.0218872	0.945059***	−0.0144256
CS	0.496979***	−0.00356749	0.477417**	0.000217982
ES	0.673639***	0.00206031	0.643907***	0.00519251
FIN	0.853606***	−0.00160702	0.840404***	−0.000457210
HC	0.691709***	−0.0261151*	0.669643***	−0.0200388
IND	0.887219***	−0.00598573	0.872078***	−0.00333024
IT	0.646716***	−0.0175785	0.623260***	−0.0165293
MAT	1.16196***	−0.00719168	1.14502***	−0.00700385
RE	1.40157***	−0.00777673	1.40187***	−0.0121903
TS	0.284725	−0.00364110	0.269371***	0.000700993
R²	0.372122	0.326039	0.379762	0.352658
R²_Adj	0.288405	0.237025	0.283414	0.253067
Model F	4.445002***	3.662790***	−36.90004***	3.541068***

Variables	Model 1Dependent variableBETA (HP1a)	Model 2Dependent variableVOLATILITY (HP1b)	Model 3Dependent variableBETA (HP2a)	Model 4Dependent variableVOLATILITY (HP2b)
Independent variables
SER (HP1a; HP2a)	2.00330	−0.334014***	–	–
ENV (HP1b: HP2b)	–	–	0.809615	−0.0117164**
SOC (HP1b: HP2b)	–	–	1.63573	−0.0118367**
GOV (HP1b: HP2b)	–	–	0.593593	0.0576531
Control variables
TA	1.19753e-010	−4.19586e-013	1.09090e-010	1.82692e-012
PE	0.000107313	−0.000299401***	0.000121206	−0.000303409***
EMP	−2.26273e-07	3.97447e-09	−2.25108e-07	−5.55595e-010
CD	0.962508***	−0.0218872	0.945059***	−0.0144256
CS	0.496979***	−0.00356749	0.477417**	0.000217982
ES	0.673639***	0.00206031	0.643907***	0.00519251
FIN	0.853606***	−0.00160702	0.840404***	−0.000457210
HC	0.691709***	−0.0261151*	0.669643***	−0.0200388
IND	0.887219***	−0.00598573	0.872078***	−0.00333024
IT	0.646716***	−0.0175785	0.623260***	−0.0165293
MAT	1.16196***	−0.00719168	1.14502***	−0.00700385
RE	1.40157***	−0.00777673	1.40187***	−0.0121903
TS	0.284725	−0.00364110	0.269371***	0.000700993
R²	0.372122	0.326039	0.379762	0.352658
R²_Adj	0.288405	0.237025	0.283414	0.253067
Model F	4.445002***	3.662790***	−36.90004***	3.541068***

Notes:

Refer to Table 1. for the description of the variables; *p < 0.1; **p <0.05; ***p < 0.01; Model 1 tests HP1a; Model 2 tests HP1b; Model 3 tests HP2a; Model 4 tests HP2b

Source: Authors’ own creation

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