Other robustness tests
| Explained variable one period ahead | Controlling for industry multiplier year fixed effects | Controlling for CEO individual fixed effects | Controlling for firm fixed effects | |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| ESG4 | ESG | ESG | ESG | |
| CEO_nar | −0.049** | −0.043*** | −0.222** | −0.136** |
| (−2.27) | (−2.62) | (−2.19) | (−2.25) | |
| Controls | Yes | Yes | Yes | Yes |
| Ind FE | Yes | Yes | No | No |
| Year FE | Yes | Yes | Yes | Yes |
| Year*Ind FE | No | Yes | No | No |
| CEO FE | No | No | Yes | No |
| Firm FE | No | No | No | Yes |
| Cluster by Firm | Yes | Yes | Yes | Yes |
| Observations | 7,447 | 10,987 | 10,987 | 10,987 |
| Adj. R2 | 0.14 | 0.12 | 0.44 | 0.44 |
| Explained variable one period ahead | Controlling for industry multiplier year fixed effects | Controlling for CEO individual fixed effects | Controlling for firm fixed effects | |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Controls | Yes | Yes | Yes | Yes |
| Ind FE | Yes | Yes | No | No |
| Year FE | Yes | Yes | Yes | Yes |
| Year*Ind FE | No | Yes | No | No |
| CEO FE | No | No | Yes | No |
| Firm FE | No | No | No | Yes |
| Cluster by Firm | Yes | Yes | Yes | Yes |
| Observations | 7,447 | 10,987 | 10,987 | 10,987 |
| Adj. | 0.14 | 0.12 | 0.44 | 0.44 |
Note(s): Column (1) reports the regression results for the explained variables one period ahead. Column (2) presents regression results controlling for year, industry and year multiplied by industry fixed effects. Column (3) reports the regression results controlling for CEO individual and year fixed effects. Column (4) reports regression results controlling for firm and year fixed effects. Other variables are defined in Table 1. All regressions are firm-level clustered robust standard errors. *, ** and *** denote significance at the 10%, 5% and 1% levels, respectively
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