Table 9 Additional test (separating each...

Table 9

Additional test (separating each ESG pillar)

Variable	Environmental pillar		Social pillar		Governance pillar
Variable	Coeff	t-value	Coeff	t-value	Coeff	t-value
Independent Variable
FOWN	0.172***	4.474	0.164***	5.892	0.186***	5.395
BLOWN	−0.065**	−1.036	−0.325***	−11.065	−0.355***	−8.954
GOWN	0.311***	4.201	0.666***	9.977	0.205**	3.016
INSOWN	0.272***	5.582	0.343***	6.977	0.066*	2.366
Control Variable
SIZE	3.220***	2.744	3.544***	3.565	0.182	0.399
AGE	0.160***	4.398	0.054***	5.334	0.163***	6.467
ROA	−0.024	−0.155	0.11	1.042	−0.406**	−3.193
LEV	−0.533***	−11.234	−0.385***	−10.96	−0.483***	−18.529
R-square	0.586		0.827		0.591
F-stat	34.744		117.324		35.432
Prob	0.000		0.000		0.000
Obs.	205		205		205

Variable	Environmental pillar		Social pillar		Governance pillar
Variable	Coeff	t-value	Coeff	t-value	Coeff	t-value
Independent Variable
FOWN	0.172***	4.474	0.164***	5.892	0.186***	5.395
BLOWN	−0.065**	−1.036	−0.325***	−11.065	−0.355***	−8.954
GOWN	0.311***	4.201	0.666***	9.977	0.205**	3.016
INSOWN	0.272***	5.582	0.343***	6.977	0.066*	2.366
Control Variable
SIZE	3.220***	2.744	3.544***	3.565	0.182	0.399
AGE	0.160***	4.398	0.054***	5.334	0.163***	6.467
ROA	−0.024	−0.155	0.11	1.042	−0.406**	−3.193
LEV	−0.533***	−11.234	−0.385***	−10.96	−0.483***	−18.529
R-square	0.586		0.827		0.591
F-stat	34.744		117.324		35.432
Prob	0.000		0.000		0.000
Obs.	205		205		205

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, CS: Community Score, FZ: Firm Size, AGE: Firm Age, ROA: Return on Assets, LEV: Leverage

Source(s): Created by authors

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