Results of the FE model estimation on the regional data set of the ESG companies
| FE with robust s.e | FE with robust s.e | FE with robust s.e | |
|---|---|---|---|
| Variables | CSR Asia | CSR EU | CSR NA |
| d_ESG | −0.143** | 0.163 | −6.80e-05 |
| (0.0690) | (0.100) | (0.0673) | |
| ESG | 0.00532*** | −0.00745*** | −0.00577** |
| (0.00200) | (0.00217) | (0.00227) | |
| Beta | 0.0670** | −0.149*** | 0.0356 |
| (0.0285) | (0.0473) | (0.0271) | |
| BTM | −0.166*** | −0.642*** | −0.787*** |
| (0.0443) | (0.138) | (0.145) | |
| lnMVE | −0.318*** | −0.0792 | −0.123*** |
| (0.0463) | (0.0643) | (0.0474) | |
| Constant | 6.478*** | 2.646* | 3.180*** |
| (0.971) | (1.448) | (1.042) | |
| Observations | 4,528 | 1,120 | 1960 |
| Number of ids | 566 | 140 | 245 |
| FE with robust s.e | FE with robust s.e | FE with robust s.e | |
|---|---|---|---|
| Variables | CSR Asia | CSR EU | CSR NA |
| d_ESG | −0.143** | 0.163 | −6.80e-05 |
| (0.0690) | (0.100) | (0.0673) | |
| ESG | 0.00532*** | −0.00745*** | −0.00577** |
| (0.00200) | (0.00217) | (0.00227) | |
| Beta | 0.0670** | −0.149*** | 0.0356 |
| (0.0285) | (0.0473) | (0.0271) | |
| BTM | −0.166*** | −0.642*** | −0.787*** |
| (0.0443) | (0.138) | (0.145) | |
| lnMVE | −0.318*** | −0.0792 | −0.123*** |
| (0.0463) | (0.0643) | (0.0474) | |
| Constant | 6.478*** | 2.646* | 3.180*** |
| (0.971) | (1.448) | (1.042) | |
| Observations | 4,528 | 1,120 | 1960 |
| Number of ids | 566 | 140 | 245 |
Note(s): Robust standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Authors' calculations
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