Quantile regression
| Variables | Model 5 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EVA | ||||||||||
| OLS | Q25 | Q50 | Q75 | Q90 | ||||||
| Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | |
| ESG | 0.571*** | (0.089) | 0.179*** | (0.0197) | 0.133*** | (0.0114) | 0.143*** | (0.0109) | 0.283*** | (0.0355) |
| Beta | −29.40*** | (2.838) | −11.01*** | (0.802) | −8.647*** | (0.557) | −7.227*** | (0.664) | −6.633*** | (1.500) |
| Leverage | −0.175 | (0.127) | −0.0454 | (0.119) | −0.0151 | (0.0837) | −0.0278 | (0.0756) | −0.0231 | (0.0423) |
| Firm Size | −19.50*** | (0.885) | −7.503*** | (0.517) | −1.272*** | (0.309) | 3.286*** | (0.250) | 8.794*** | (0.447) |
| Eco Growth | 0.0322 | (0.349) | 0.296*** | (0.0795) | 0.110** | (0.0553) | 0.101* | (0.0574) | −0.00848 | (0.139) |
| GDP per capita | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) |
| Inflation | −0.718 | (0.927) | −0.788* | (0.471) | −0.0570 | (0.173) | 0.607* | (0.321) | 0.690* | (0.359) |
| R2 | 0.13 | |||||||||
| Variables | Model 5 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EVA | ||||||||||
| OLS | Q25 | Q50 | Q75 | Q90 | ||||||
| Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | |
| ESG | 0.571 | (0.089) | 0.179 | (0.0197) | 0.133 | (0.0114) | 0.143 | (0.0109) | 0.283 | (0.0355) |
| Beta | −29.40 | (2.838) | −11.01 | (0.802) | −8.647 | (0.557) | −7.227 | (0.664) | −6.633 | (1.500) |
| Leverage | −0.175 | (0.127) | −0.0454 | (0.119) | −0.0151 | (0.0837) | −0.0278 | (0.0756) | −0.0231 | (0.0423) |
| Firm Size | −19.50 | (0.885) | −7.503 | (0.517) | −1.272 | (0.309) | 3.286 | (0.250) | 8.794 | (0.447) |
| Eco Growth | 0.0322 | (0.349) | 0.296 | (0.0795) | 0.110 | (0.0553) | 0.101 | (0.0574) | −0.00848 | (0.139) |
| GDP per capita | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) |
| Inflation | −0.718 | (0.927) | −0.788 | (0.471) | −0.0570 | (0.173) | 0.607 | (0.321) | 0.690 | (0.359) |
| R2 | 0.13 | |||||||||
Notes:
Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1; N = 4,770; Constant is included (not reported for brevity)
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