Table 1 Compounding effect of disclosure...

Table 1

Compounding effect of disclosure of GHG emissions and ESG on firm value

	Model 1	Model 2	Model 3
Dependent =	q (=Tobin’s Q)
ESGD	0.032^*		0.034^*
ESGD	(1.729)		(1.762)
GHGD		−0.160^***	−0.325^***
GHGD		(−6.817)	(−13.102)
ESGD × GHGD			0.222^***
ESGD × GHGD			(6.077)
size	0.144^***	0.146^***	0.146^***
size	(22.496)	(22.448)	(22.529)
roa	−0.376^***	−0.376^***	−0.379^***
roa	(−7.905)	(−7.908)	(−7.978)
lev	0.248^***	0.252^***	0.250^***
lev	(8.204)	(8.404)	(8.276)
cfo	0.148^***	0.145^***	0.146^***
cfo	(3.327)	(3.244)	(3.293)
rnd	2.514^***	2.497^***	2.509^***
rnd	(20.801)	(20.709)	(20.768)
capex	0.293^***	0.290^***	0.293^***
capex	(7.685)	(7.604)	(7.695)
adv	0.372	0.366	0.368
adv	(1.045)	(1.027)	(1.034)
growth	0.074^***	0.074^***	0.075^***
growth	(6.823)	(6.800)	(6.873)
Constant	−1.690^***	−1.734^***	−1.718^***
Constant	(−14.858)	(−14.928)	(−14.966)
Observations	25,968	25,968	25,968
Year fixed effect	Yes	Yes	Yes
Industry fixed effect	Yes	Yes	Yes
SE cluster	Firm	Firm	Firm
Adj R-squared	0.459	0.459	0.460

	Model 1	Model 2	Model 3
Dependent =	q (=Tobin’s Q)
ESGD	0.032^*		0.034^*
ESGD	(1.729)		(1.762)
GHGD		−0.160^***	−0.325^***
GHGD		(−6.817)	(−13.102)
ESGD × GHGD			0.222^***
ESGD × GHGD			(6.077)
size	0.144^***	0.146^***	0.146^***
size	(22.496)	(22.448)	(22.529)
roa	−0.376^***	−0.376^***	−0.379^***
roa	(−7.905)	(−7.908)	(−7.978)
lev	0.248^***	0.252^***	0.250^***
lev	(8.204)	(8.404)	(8.276)
cfo	0.148^***	0.145^***	0.146^***
cfo	(3.327)	(3.244)	(3.293)
rnd	2.514^***	2.497^***	2.509^***
rnd	(20.801)	(20.709)	(20.768)
capex	0.293^***	0.290^***	0.293^***
capex	(7.685)	(7.604)	(7.695)
adv	0.372	0.366	0.368
adv	(1.045)	(1.027)	(1.034)
growth	0.074^***	0.074^***	0.075^***
growth	(6.823)	(6.800)	(6.873)
Constant	−1.690^***	−1.734^***	−1.718^***
Constant	(−14.858)	(−14.928)	(−14.966)
Observations	25,968	25,968	25,968
Year fixed effect	Yes	Yes	Yes
Industry fixed effect	Yes	Yes	Yes
SE cluster	Firm	Firm	Firm
Adj R-squared	0.459	0.459	0.460

Note(s): For variable definitions, please refer to the note in Equation (1). Figures reported in parentheses are t-statistics. ^{***, **} and and ^* indicate statistical significance at 1, 5 and 10% level, respectively

Source(s): Table created by authors

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