Table 4 Endogenous treatment.
From: Digital transformation as an ESG performance catalyst with insights from China’s external governance
Variables | DT | ESG | DID | ||
|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | |
IV | 0.031*** | ||||
(21.38) | |||||
DT | 0.084*** | ||||
(4.24) | |||||
Digit | 0.321*** | 0.063** | 0.054** | ||
(7.15) | (2.60) | (2.47) | |||
Controls | Yes | Yes | No | No | Yes |
Firm FE | Yes | Yes | No | Yes | Yes |
Year FE | Yes | Yes | No | Yes | Yes |
Industry FE | Yes | Yes | No | Yes | Yes |
City FE | Yes | Yes | No | Yes | Yes |
LM statistic | 33.088*** | ||||
Wald F statistic | 457.07 | ||||
Observations | 33187 | 33187 | 21469 | 21469 | 21469 |
R-squared | 0.208 | 0.033 | 0.015 | 0.564 | 0.582 |
