Table 3 Baseline results.
From: Digital transformation as an ESG performance catalyst with insights from China’s external governance
Variables | ESG | E | S | G | ||
|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
DT | 0.072*** | 0.034*** | 0.022** | 0.033*** | 0.072*** | -0.008 |
(5.40) | (3.41) | (2.11) | (2.61) | (4.12) | (-0.59) | |
Size | 0.221*** | 0.123*** | 0.288*** | 0.218*** | ||
(10.88) | (4.55) | (11.29) | (9.20) | |||
Lev | -0.712*** | -0.180** | 0.185** | -1.531*** | ||
(-12.66) | (-2.44) | (2.00) | (-13.85) | |||
Roa | 0.144 | -0.216 | 0.639*** | 0.161 | ||
(1.22) | (-1.32) | (2.69) | (0.92) | |||
Tobinq | 0.000 | 0.003 | -0.001 | 0.014* | ||
(0.08) | (0.65) | (-0.13) | (1.97) | |||
Listage | -0.149*** | 0.007 | 0.068 | -0.401*** | ||
(-5.50) | (0.22) | (1.15) | (-18.44) | |||
Mfee | -0.953*** | -0.120 | -1.205 | -1.179*** | ||
(-6.22) | (-0.48) | (-1.60) | (-4.96) | |||
Indep | 0.918*** | 0.025 | 0.013 | 1.783*** | ||
(7.09) | (0.15) | (0.06) | (10.38) | |||
Top1 | 0.225** | -0.016 | -0.143 | 0.538*** | ||
(2.26) | (-0.11) | (-0.59) | (4.84) | |||
Bm | 0.006 | 0.000 | -0.150* | 0.019 | ||
(0.16) | (0.00) | (-1.76) | (0.34) | |||
Growth | -0.067*** | -0.054** | -0.060** | -0.053*** | ||
(-4.21) | (-2.45) | (-2.41) | (-2.72) | |||
Constant | 4.026*** | 4.077*** | -0.555 | -0.797 | -2.113*** | 1.232** |
(114.21) | (297.79) | (-1.40) | (-1.43) | (-3.86) | (2.52) | |
Firm FE | No | Yes | Yes | Yes | Yes | Yes |
Year FE | No | Yes | Yes | Yes | Yes | Yes |
Industry FE | No | Yes | Yes | Yes | Yes | Yes |
City FE | No | Yes | Yes | Yes | Yes | Yes |
Observations | 33187 | 33187 | 33187 | 33187 | 33187 | 33187 |
R-squared | 0.011 | 0.582 | 0.597 | 0.596 | 0.671 | 0.576 |
