Table 5

2SLS: first-stage regression

Model 1
Dependent variable
ModelsESG
Independent variables
Enviromental score0.90531***  
(0.053)  
Social score 1.038*** 
 (0.079) 
Governance score  1.025166***
  (0.057)
Control variablesYESYESYES
Year FEYESYESYES
Company FEYESYESYES
Underidentification test26.954***19.487***19.804***
Weak identification test333.85184.77335.99
Observations1,6851,6851,685
Model 2
Dependent variable
ModelsESG
Independent variables
Enviromental score0.599***  
(0.108)  
Social score 0.897*** 
 (0.0844) 
Governance score  0.911***
  (0.0753)
Control variablesYESYESYES
Year FEYESYESYES
Company FEYESYESYES
Underidentification test27.644***17.415***19.245***
Weak identification test158.58169.07222.88
Observations1,4071,4071,407

Note(s): ***, **, and * indicates statistically significant levels of 1%, 5% and 10%, respectively

Source(s): Authors’ own work

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