Table 5 Endogeneity correction terms test.
From: Interrelation between human capital management and ESG engagement: evidence from S&P 500 firms
Endogeneity correction terms | Endogenous switching regression | Endogeneity correction terms | Endogenous switching regression |
|---|---|---|---|
ή | −0.274 (0.085) | ||
ή Revenue per Employee * EBITDA per Employee | 0.016 (0.075) | ή Board Gender % * Revenue per Employee | 0.015 (0.068) |
ή Revenue per Employee * R&D per Employee | 0.069 (0.088) | ή Board Gender % * EBITDA per Employee | 0.002 (0.082) |
ή Revenue per Employee * Non-Executive % | 0.015 (0.083) | ή Board Gender % * R&D per Employee | 0.018 (0.030) |
ή Revenue per Employee * Board Gender % | 0.032 (0.085) | ή Board Gender % * Non-Executive % | 0.075 (0.092) |
ή Revenue per Employee * % Employee Gender Diversity | 0.034 (0.028) | ή Board Gender % * % Employee Gender Diversity | 0.039 (0.054) |
ή Revenue per Employee * CEO Pay Ratio | 0.011 (0.040) | ή Board Gender % * CEO Pay Ratio | 0.069 (0.029) |
ή Revenue per Employee * Employee Benefits Expense | 0.017 (0.017) | ή Board Gender % * Employee Benefits Expense | 0.007 (0.022) |
ή EBITDA per Employee * Revenue per Employee | 0.010 (0.019) | ή % Employee Gender Diversity * Revenue per Employee | 0.060 (0.052) |
ή EBITDA per Employee * R&D per Employee | 0.073 (0.025) | ή % Employee Gender Diversity * EBITDA per Employee | 0.014 (0.057) |
ή EBITDA per Employee * Non-executive % | 0.036 (0.090) | ή % Employee Gender Diversity * R&D per Employee | 0.022 (0.079) |
ή EBITDA per Employee * Board Gender % | 0.058 (0.040) | ή % Employee Gender Diversity * Non-Executive % | 0.062 (0.037) |
ή EBITDA per Employee * % Employee Gender Diversity | 0.033 (0.059) | ή % Employee Gender Diversity * Board Gender % | 0.019 (0.037) |
ή EBITDA per Employee * CEO Pay Ratio | 0.071 (0.041) | ή % Employee Gender Diversity * CEO Pay Ratio | 0.047 (0.063) |
ή EBITDA per Employee * Employee Benefits Expense | 0.071 (0.046) | ή % Employee Gender Diversity * Employee Benefits Expense | 0.053 (0.065) |
ή R&D per Employee * Revenue per Employee | 0.059 (0.078) | ή CEO Pay Ratio * Revenue per Employee | 0.020 (0.040) |
ή R&D per Employee * EBITDA per Employee | 0.051 (0.039) | ή CEO Pay Ratio * EBITDA per Employee | 0.013 (0.095) |
ή R&D per Employee * Non-excutive % | 0.071 (0.046) | ή CEO Pay Ratio * R&D per Employee | 0.055 (0.078) |
ή R&D per Employee * Board Gender % | 0.056 (0.062) | ή CEO Pay Ratio * Non-Executive % | 0.033 (0.092) |
ή R&D per Employee * % Employee Gender Diversity | 0.033 (0.042) | ή CEO Pay Ratio * Board Gender % | 0.038 (0.047) |
ή R&D per Employee * CEO Pay Ratio | 0.053 (0.096) | ή CEO Pay Ratio * % Employee Gender Diversity | 0.062 (0.088) |
ή R&D per Employee * Employee Benefits Expense | 0.063 (0.077) | ή CEO Pay Ratio * Employee Benefits Expense | 0.049 (0.028) |
ή Non-Executive % * Revenue per Employee | 0.004 (0.060) | ή Employee Benefits Expense * Revenue per Employee | 0.059 (0.078) |
ή Non-Executive % * EBITDA per Employee | 0.019 (0.074) | ή Employee Benefits Expense * EBITDA per Employee | 0.021 (0.065) |
ή Non-Executive % * R&D per Employee | 0.019 (0.088) | ή Employee Benefits Expense * R&D per Employee | 0.044 (0.087) |
ή Non-Executive % * Board Gender % | 0.051 (0.014) | ή Employee Benefits Expense * Non-Executive % | 0.021 (0.055) |
ή Non-Executive % * % Employee Gender Diversity | 0.023 (0.065) | ή Employee Benefits Expense * Board Gender % | 0.012 (0.045) |
ή Non-Executive % * CEO Pay Ratio | 0.062 (0.036) | ή Employee Benefits Expense * % Employee Gender Diversity | 0.033 (0.025) |
ή Non-Executive % * Employee Benefits Expense | 0.044 (0.027) | ή Employee Benefits Expense * CEO Pay Ratio | 0.001 (0.030) |
