Negative media coverage of ESG and ESG performance
| Dependent variable | ESG score(t) | ESG score(t) | ESG score(t) | ESG score (t + 1) | ESG score (t + 1) | ESG score (t + 1) |
|---|---|---|---|---|---|---|
| Constant | −0.939 (9.554) | −1.317 (9.566) | −1.101 (9.589) | 7.238 (9.859) | 4.653 (9.873) | 5.729 (9.901) |
| NegM_peak_FY | 0.151 (0.488) | 0.704 (0.557) | ||||
| NegM_peak_Q4 | 0.017 (0.448) | −0.209 (0.507) | ||||
| NegM_peak_Q4Q1 | 0.079 (0.419) | 0.129 (0.471) | ||||
| Size | 3.344*** (0.446) | 3.374*** (0.446) | 3.358*** (0.447) | 3.081*** (0.468) | 3.287*** (0.468) | 3.204*** (0.469) |
| Leverage | −2.323 (3.249) | −2.333 (3.249) | −2.339 (3.251) | 0.903 (3.591) | 0.800 (3.594) | 0.840 (3.595) |
| Profitability | 9.288** (4.198) | 9.292** (4.198) | 9.279** (4.197) | 4.441 (4.664) | 4.435 (4.666) | 4.463 (4.664) |
| Cash | −8.795** (3.762) | −8.801** (3.763) | −8.789** (3.762) | −6.059 (4.129) | −5.964 (4.132) | −6.022 (4.131) |
| MTBV | 0.119 (0.103) | 0.119 (0.103) | 0.119 (0.103) | 0.003 (0.113) | 0.003 (0.113) | 0.004 (0.113) |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Country FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,253 | 2,253 | 2,253 | 1,811 | 1,811 | 1,811 |
| R2 (overall) | 0.141 | 0.141 | 0.141 | 0.133 | 0.129 | 0.131 |
| Wald Chi2 | 387.2*** | 387.1*** | 387.2*** | 195.5*** | 193.8*** | 193.6*** |
| Max VIF | 1.80 | 1.86 | 1.84 | 1.80 | 1.86 | 1.84 |
| Constant | −0.939 ( | −1.317 ( | −1.101 ( | 7.238 ( | 4.653 ( | 5.729 ( |
| NegM_peak_FY | 0.151 ( | 0.704 ( | ||||
| NegM_peak_Q4 | 0.017 ( | −0.209 ( | ||||
| NegM_peak_Q4Q1 | 0.079 ( | 0.129 ( | ||||
| Size | 3.344*** ( | 3.374*** ( | 3.358*** ( | 3.081*** ( | 3.287*** ( | 3.204*** ( |
| Leverage | −2.323 ( | −2.333 ( | −2.339 ( | 0.903 ( | 0.800 ( | 0.840 ( |
| Profitability | 9.288** ( | 9.292** ( | 9.279** ( | 4.441 ( | 4.435 ( | 4.463 ( |
| Cash | −8.795** ( | −8.801** ( | −8.789** ( | −6.059 ( | −5.964 ( | −6.022 ( |
| MTBV | 0.119 ( | 0.119 ( | 0.119 ( | 0.003 ( | 0.003 ( | 0.004 ( |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Country FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| 2,253 | 2,253 | 2,253 | 1,811 | 1,811 | 1,811 | |
| 0.141 | 0.141 | 0.141 | 0.133 | 0.129 | 0.131 | |
| Wald Chi2 | 387.2*** | 387.1*** | 387.2*** | 195.5*** | 193.8*** | 193.6*** |
| Max VIF | 1.80 | 1.86 | 1.84 | 1.80 | 1.86 | 1.84 |
Notes:
Standard errors in parentheses. Size, Leverage, Profitability, Cash and MTBV are winsorised at the 1st and 99th percentiles; ***, ** and * indicate significance levels at 1, 5 and 10%, respectively
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