Pooled OLS and GMM estimations
| Before the covid pandemic | During covid | During the Russia-Ukraine war | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dependent | Tobin’s Q | ||||||||||||
| Pooled OLS | GMM | Pooled OLS | GMM | Pooled OLS | GMM | ||||||||
| Coeff. | S. E | Coeff. | Corrected S. E | Coeff. | S. E | Coeff. | Corrected S. E | Coeff. | Std. Dev. | Coeff. | CorrectedS. E | ||
| L. Dependent | - | 0.225* | (0.118) | 0.131 | (0.103) | - | −0.693*** | (0.161) | |||||
| ESG | 0.005* | (0.003) | 0.191 | (0.121) | 0.015*** | (0.004) | 0.239*** | (0.078) | 0.006 | (0.004) | 0.052 | (0.039) | |
| Beta | 0.272*** | (0.0823) | −0.056 | (0.513) | −0.187* | (0.108) | −10.375 | (6.361) | 0.277** | (0.121) | 0.400* | (0.237) | |
| Leverage | −0.001*** | (0.000) | −0.015*** | (0.005) | −0.000 | −0.000 | 0.000 | (0.000 | −0.000 | (0.000) | 0.000 | (0.001) | |
| Size | −0.277*** | (0.018) | −0.673* | (0.346) | −0.372*** | (0.029) | −2.632*** | (0.805) | −0.291*** | (0.0297) | −1.051*** | (0.297) | |
| R-squared | 0.26 | – | 0.19 | – | 0.13 | - | |||||||
| Mean VIF | 1.22 | – | 1.40 | – | 1.35 | - | |||||||
| Hansen p- value | – | 0.38 | – | 0.39 | - | 0.43 | |||||||
| Observations | 942 | 941 | 942 | 941 | 942 | 941 | |||||||
| Before the covid pandemic | During covid | During the Russia-Ukraine war | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dependent | Tobin’s Q | ||||||||||||
| Coeff. | S. E | Coeff. | Corrected S. E | Coeff. | S. E | Coeff. | Corrected S. E | Coeff. | Std. Dev. | Coeff. | CorrectedS. E | ||
| L. Dependent | - | 0.225 | (0.118) | 0.131 | (0.103) | - | −0.693 | (0.161) | |||||
| ESG | 0.005 | (0.003) | 0.191 | (0.121) | 0.015 | (0.004) | 0.239 | (0.078) | 0.006 | (0.004) | 0.052 | (0.039) | |
| Beta | 0.272 | (0.0823) | −0.056 | (0.513) | −0.187 | (0.108) | −10.375 | (6.361) | 0.277 | (0.121) | 0.400 | (0.237) | |
| Leverage | −0.001 | (0.000) | −0.015 | (0.005) | −0.000 | −0.000 | 0.000 | (0.000 | −0.000 | (0.000) | 0.000 | (0.001) | |
| Size | −0.277 | (0.018) | −0.673 | (0.346) | −0.372 | (0.029) | −2.632 | (0.805) | −0.291 | (0.0297) | −1.051 | (0.297) | |
| R-squared | 0.26 | – | 0.19 | – | 0.13 | - | |||||||
| Mean VIF | 1.22 | – | 1.40 | – | 1.35 | - | |||||||
| Hansen | – | 0.38 | – | 0.39 | - | 0.43 | |||||||
| Observations | 942 | 941 | 942 | 941 | 942 | 941 | |||||||
Note(s): Standard errors in parentheses ***p < 0.01. **p < 0.05. *p < 0.1; Constant is included (not reported for brevity)