Table 4 Empirical results of the...

Table 4

Empirical results of the statistical models

Statistical model	Model 1 SDG_Disclosure	Model 2 ROE	Model 3 ROE	Model 4 ROE
SDG_Disclosure			15.9323***	16.9254***
Std. err.			5.0352	5.2045
p-values			0.0020	0.0010
ESG_Combined_Score	0.0072***	0.0031		−0,1099
Std. err.	0.0021	0.1439		0.1457
p-values	0.0010	0.9830		0.4510
Size	0.1678***	−6.9969*	−9.9676**	−9.6364**
Std. err.	0.0616	4.0699	4.1070	4.1461
p-values	0.0060	0.0860	0.0150	0.0200
ENV_SENSITIVE	0.0847	1.9853	0.9313	0.4834
Std. err.	0.0606	4.0264	3.9658	4.0241
p-values	0.1620	0.6220	0.8140	0.9040
Market_Cap	0.0000	0.000***	0.0000***	0.0000***
Std. err.	0.0000	0.0000	0.0000	0.0000
p-values	0.4440	0.0000	0.0000	0.000
Leverage	62.7918	37,349.6900	37,590.1900	37,007.7700
Std. err.	353.7792	24,130.9200	23,587.0400	23.664.6700
p-values	0.8590	0.1220	0.1110	0.1180
Assets_Turnover	116,1813*	−541.2935	−1,381.2690	−2126.8440
Std. err.	66.4075	5,050.5160	4,917.5250	5.026,7560
p-values	0.0800	0.9150	0.7790	0.6720
FTSE_MIB	−0.0110	9.8453*	9.8505*	9.8122*
Std. err.	0.0815	5.4416	5.3667	5.3884
p-values	0.8930	0.0700	0.0660	0.0690
_cons	−1.6939***	70.7770*	92.6062**	96.7682**
Std. err.	0.5628	37.3641	37.5729	38.2074
p-values	0.0030	0.0580	0.0140	0.0110
R-sq:
Within	0.1514	0.0037	0.0722	0.0740
Between	0.2611	0.3982	0.3989	0.4040
Overall	0.1882	0.2145	0.2495	0.2530
p-value Wald chi²	0.0000	0.0007	0.0000	0.0000

Statistical model	Model 1SDG_Disclosure	Model 2ROE	Model 3ROE	Model 4ROE
SDG_Disclosure			15.9323***	16.9254***
Std. err.			5.0352	5.2045
p-values			0.0020	0.0010
ESG_Combined_Score	0.0072***	0.0031		−0,1099
Std. err.	0.0021	0.1439		0.1457
p-values	0.0010	0.9830		0.4510
Size	0.1678***	−6.9969*	−9.9676**	−9.6364**
Std. err.	0.0616	4.0699	4.1070	4.1461
p-values	0.0060	0.0860	0.0150	0.0200
ENV_SENSITIVE	0.0847	1.9853	0.9313	0.4834
Std. err.	0.0606	4.0264	3.9658	4.0241
p-values	0.1620	0.6220	0.8140	0.9040
Market_Cap	0.0000	0.000***	0.0000***	0.0000***
Std. err.	0.0000	0.0000	0.0000	0.0000
p-values	0.4440	0.0000	0.0000	0.000
Leverage	62.7918	37,349.6900	37,590.1900	37,007.7700
Std. err.	353.7792	24,130.9200	23,587.0400	23.664.6700
p-values	0.8590	0.1220	0.1110	0.1180
Assets_Turnover	116,1813*	−541.2935	−1,381.2690	−2126.8440
Std. err.	66.4075	5,050.5160	4,917.5250	5.026,7560
p-values	0.0800	0.9150	0.7790	0.6720
FTSE_MIB	−0.0110	9.8453*	9.8505*	9.8122*
Std. err.	0.0815	5.4416	5.3667	5.3884
p-values	0.8930	0.0700	0.0660	0.0690
_cons	−1.6939***	70.7770*	92.6062**	96.7682**
Std. err.	0.5628	37.3641	37.5729	38.2074
p-values	0.0030	0.0580	0.0140	0.0110
R-sq:
Within	0.1514	0.0037	0.0722	0.0740
Between	0.2611	0.3982	0.3989	0.4040
Overall	0.1882	0.2145	0.2495	0.2530
p-value Wald chi²	0.0000	0.0007	0.0000	0.0000

Notes:

N. of obs = 172; N. of groups = 44; *, **, *** indicate a significance degree between 0.10 and 0.05; 0.05 and 0.01, and 0.01 and 0, respectively

Source: Author's own work

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