Table 7. Linear mixed-effects multilevel... | Emerald Publishing

Table 7.

Linear mixed-effects multilevel regression for IQ and CSP

	Linear mixed-effects multilevel regression
Relationship between IQ and CSP.	Model 6		Model 7		Model 8
	ESG
	Coeff	SE	Coeff	SE	Coeff	SE
Political stability	0.151***	(0.0223)
Rule of law			0.252***	(0.0191)
Control of corruption					0.202***	(0.0176)
Beta	0.826*	(0.454)	0.945**	(0.448)	0.887**	(0.450)
Leverage	0.0122	(0.0194)	0.0151	(0.019)	0.0153	(0.0192)
Firm size	6.331***	(0.133)	6.497***	(0.132)	6.513***	(0.133)
Eco growth	−0.670***	(0.053)	−0.624***	(0.052)	−0.596***	(0.052)
GDP per capita	−0.000***	(0.000)	−0.000***	(0.000)	−0.000***	(1.72e-05)
Inflation	−0.669***	(0.153)	−0.385***	(0.149)	−0.501***	(0.149)
Variance of random intercept	2.20***		2.20***		2.20***
LR test versus linear regression	χ²(1) = 614.52 p-value<0.01		χ²(1) = 591.22 p-value<0.01		χ²(1) =596.47 p-value<0.01
Observations	4,770		4,770		4,770

	Linear mixed-effects multilevel regression
Relationship betweenIQ and CSP.	Model 6		Model 7		Model 8
	ESG
	Coeff	SE	Coeff	SE	Coeff	SE
Political stability	0.151***	(0.0223)
Rule of law			0.252***	(0.0191)
Control of corruption					0.202***	(0.0176)
Beta	0.826*	(0.454)	0.945**	(0.448)	0.887**	(0.450)
Leverage	0.0122	(0.0194)	0.0151	(0.019)	0.0153	(0.0192)
Firm size	6.331***	(0.133)	6.497***	(0.132)	6.513***	(0.133)
Eco growth	−0.670***	(0.053)	−0.624***	(0.052)	−0.596***	(0.052)
GDP per capita	−0.000***	(0.000)	−0.000***	(0.000)	−0.000***	(1.72e-05)
Inflation	−0.669***	(0.153)	−0.385***	(0.149)	−0.501***	(0.149)
Variance of random intercept	2.20***		2.20***		2.20***
LR test versus linear regression	χ²(1) = 614.52p-value<0.01		χ²(1) = 591.22p-value<0.01		χ²(1) =596.47p-value<0.01
Observations	4,770		4,770		4,770

Notes:

Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1; Constant is included (not reported for brevity); Level 2: company data

Source: Authors’ own creation