Two-step system GMM for moderation effect on ESG and FP
| Two-step system GMM | ||||||
|---|---|---|---|---|---|---|
| Variables | Model 18 | Model 19 | Model 20 | |||
| ESG | EVA | Tobin’s Q | ||||
| Coeff | SE | Coeff | SE | Coeff | SE | |
| IQ_INT_Economic Growth | 1.651 | (1.144) | −1.033 | (5.180) | 0.010*** | (0.004) |
| Beta | 17.115 | (69.586) | −152.493 | (509.927) | −1.880** | (0.775) |
| Leverage | −0.346 | (12.156) | 3.054 | (31.441) | −0.001 | (0.011) |
| Firm size | 12.312* | (7.139) | −12.592 | (11.708) | −0.303*** | (0.083) |
| Eco growth | −134.084 | (90.257) | 81.801 | (412.242) | −0.825*** | (0.310) |
| GDP per capita | 0.011* | (0.006) | −0.000 | (0.002) | 0.000 | (0.000) |
| Inflation | 19.124* | (11.544) | −42.334 | (173.786) | −0.031 | (0.064) |
| Arellano–Bond: AR2 | 0.178 | 0.671 | 0.183 | |||
| Sargan test p value | 0.394 | 0.184 | 0.461 | |||
| Observations | 4,762 | 3,975 | 4,770 | |||
| Two-step system GMM | ||||||
|---|---|---|---|---|---|---|
| Variables | Model 18 | Model 19 | Model 20 | |||
| ESG | EVA | Tobin’s Q | ||||
| Coeff | SE | Coeff | SE | Coeff | SE | |
| IQ_INT_Economic Growth | 1.651 | (1.144) | −1.033 | (5.180) | 0.010 | (0.004) |
| Beta | 17.115 | (69.586) | −152.493 | (509.927) | −1.880 | (0.775) |
| Leverage | −0.346 | (12.156) | 3.054 | (31.441) | −0.001 | (0.011) |
| Firm size | 12.312 | (7.139) | −12.592 | (11.708) | −0.303 | (0.083) |
| Eco growth | −134.084 | (90.257) | 81.801 | (412.242) | −0.825 | (0.310) |
| GDP per capita | 0.011 | (0.006) | −0.000 | (0.002) | 0.000 | (0.000) |
| Inflation | 19.124 | (11.544) | −42.334 | (173.786) | −0.031 | (0.064) |
| Arellano–Bond: AR2 | 0.178 | 0.671 | 0.183 | |||
| Sargan test | 0.394 | 0.184 | 0.461 | |||
| Observations | 4,762 | 3,975 | 4,770 | |||
Notes:
Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1; Constant is included (not reported for brevity)
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