Table 7 Robustness test (GMM)) Variables...

Table 7

Robustness test (GMM))

Variables	Coeff	p value
ESG(L1)	0.982***	0.024
FOWN	0.288*	0.63
BLOWN	−0.239	0.51
GOWN	0.404**	0.47
INSOWN	0.288**	0.02
SIZE	−9.50E−15	0.367
AGE	−0.19	0.657
ROA	0.15	0.371
LEV	−0.038	0.809
AR(1) (p value)		0.186
AR(2) (p value)		0.742
Sargan test (p value)		0.977
Obs		164

Variables	Coeff	p value
ESG(L1)	0.982***	0.024
FOWN	0.288*	0.63
BLOWN	−0.239	0.51
GOWN	0.404**	0.47
INSOWN	0.288**	0.02
SIZE	−9.50E−15	0.367
AGE	−0.19	0.657
ROA	0.15	0.371
LEV	−0.038	0.809
AR(1) (p value)		0.186
AR(2) (p value)		0.742
Sargan test (p value)		0.977
Obs		164

Note(s): Significance levels: *p ≤ 0.1, **p ≤ 0.05, ***p ≤ 0.01

Variable Definition: FOWN: Foreign Ownership, BLOWN: Blockholder Ownership, GOWN: Government Ownership, INSOWN: Institutional Ownership, FZ: Firm Size, AGE: Firm Age, ROA: Return on Assets, LEV: Leverage

Source(s): Created by authors

[ViewLarge]

Sharing Unavailable