Figure 1.
The figure displays three horizontally arranged line graphs that show the moderating effect of E S G score on financial metrics across quantiles. The left graph plots Tobin's Q, the centre graph shows Idiosyncratic Risk, and the right graph presents Total Risk. All three graphs have a common horizontal axis labelled Quantile, which ranges from 0 to 100. The vertical axes are specific to each metric and show the corresponding values. Each graph includes a single solid line tracking changes in the respective financial metric across quantiles, with a shaded region indicating the confidence interval around each trend line. The plots reflect how the relationship between E S G score and each financial metric shifts as quantile values increase.Moderating effect of ESG score on Tobin’Q, idiosyncratic risk, and total risk quantiles distribution
Note(s): The moderating effect of ESG score coefficients are represented on the Y-axis. Quantiles of Tobin’s Q, idiosyncratic risk, and total volatility are on the X-axis. The light blue area corresponds to the confidence interval
Source: Authors’ own work