Table A2. Mann–Whitney Test Comparison...

Table A2.

Mann–Whitney Test

Comparison between Groups 1–2 (Case 1)
Ranks
Groups									Mean rank					Sum of ranks
Tobin’s Q		Before the covid pandemic							955.92					900477.00
		During covid							929.08					875193.00
ESG		Before the covid pandemic							912.98					860028.50
		During covid							972.02					915641.50
		Total							Obs. 942 × 2 groups = 1884
Test statistics^a
							Tobin’s Q					ESG
Mann–Whitney U							431040.000					415875.500
Wilcoxon W							875193.000					860028.500
Z							−1.071					−2.360
Asymp. Sig. (2-tailed)							0.284					0.018
Comparison between Groups 1–3 (Case 2)
Ranks
Groups								Mean rank					Sum of ranks
Tobin’s Q			Before the covid pandemic					989.34					931956,00
			During the Russia–Ukraine war					895.66					843714,00
ESG			Before the covid pandemic					878.91					827930,00
			During the Russia–Ukraine war					1006.09					947740,00
			Total					Obs. 942 × 2 groups = 1884
Test statistics^a
					Tobin’s Q						ESG
Mann–Whitney U					399561.000						383777.000
Wilcoxon W					843714.000						827930,000
Z					−3.737						−5.082
Asymp. Sig. (2-tailed)					0.000						0.000
Comparison between Groups 2–3 (Case 3)
Ranks
Groups										Mean rank					Sum of ranks
Tobin’s Q				During covid						971.75					915391.00
				During the Russia–Ukraine war						913.25					860279.00
ESG				During covid						917.57					864349.00
				During the Russia–Ukraine war						967.43					911321.00
				Total						Obs. 942 × 2 groups = 1884
Test statistics^a
	Tobin’s Q					ESG
Mann–Whitney U	416126.000					420196.000
Wilcoxon W	860279.000					864349.000
Z	−2.334					−1.989
Asymp. Sig. (2-tailed)	0.020					0.047

Note(s): ^aGrouping Variable: Groups

Source(s): Authors’ own work