Table 6 Sensitivity analysis.

From: Mitigating IPO withdrawal probability through voluntary sustainability reporting: a global analysis

 

Model 1 P2SLS

Model 2 clustering in industries

Model 3 clustering in years

Model 4 clustering in countries

Model 5 bootstrapping estimation

Model 6 HLM by countries

Model 7 HLM by industries

Model 8 HLM by years

Model 9 developing countries

Model 10 developed countries

Main variable

GRI

−0.58***

−0.34***

−0.34***

−0.34***

−0.40**

−0.41***

−0.36***

−0.48***

−0.47**

−0.21**

 

[−3.72]

[−3.18]

[−2.68]

[−2.83]

[−2.51]

[−3.15]

[−3.64]

[−3.94]

[−3.23]

[−02.85]

Company-specific characteristics

FL

0.000051

0.000055

0.000055

0.000055

0.000055

0.000059

0.000051

0.000039

−0.052***

0.000088

 

[1.56]

[1.45]

[1.59]

[1.62]

[0.028]

[1.12]

[1.26]

[0.77]

[−3.68]

[1.13]

ROE

0.001

0.001

0.001

0.001

0.001

−0.001

0.001

−0.001

0.0050***

0.001

 

[0.095]

[0.054]

[0.049]

[0.064]

[0.00078]

[−0.35]

[0.26]

[−0.28]

[5.74]

[0.73]

CR

0.0016**

0.001***

0.001***

0.001***

0.001

0.001***

0.001***

0.001***

0.001**

−0.00069

 

[2.31]

[6.11]

[3.29]

[3.85]

[1.50]

[11.3]

[4.50]

[4.54]

[2.49]

[−0.66]

DPS

−0.0014**

−0.0017**

−0.0017**

−0.0017**

−0.0017*

−0.0016**

−0.0014**

−0.0015**

−0.00082*

−0.0083***

 

[−1.99]

[−2.23]

[−1.99]

[−2.46]

[−1.74]

[−2.24]

[−2.06]

[−1.98]

[−1.79]

[−4.66]

ID

−0.0050***

−0.0075***

−0.0075***

−0.0075***

−0.0075***

−0.010***

−0.0072***

−0.0081***

−0.0050**

−0.0099***

 

[−3.50]

[−6.23]

[−4.66]

[−4.77]

[−7.73]

[−11.0]

[−6.37]

[−4.89]

[−2.05]

[−8.80]

ACM

0.0048

−0.0071

−0.0071

−0.0071

−0.0068

0.0069

−0.0078

−0.0091

−0.00017

0.013

 

[1.19]

[−0.75]

[−1.01]

[−0.79]

[−0.94]

[1.05]

[−0.75]

[−1.20]

[−0.012]

[1.41]

CEO

0.013

−0.55***

−0.55***

−0.55***

−0.52***

−0.50***

−0.49***

−0.51***

−0.65***

−0.43***

 

[1.32]

[−5.83]

[−5.13]

[−6.17]

[−6.17]

[−4.46]

[−5.45]

[−4.20]

[−4.22]

[−4.42]

WOB

−0.48***

−0.0045*

−0.0045*

−0.0045

−0.0042

−0.0044

−0.0050**

−0.0059**

−0.0090

0.00036

 

[−5.70]

[−1.85]

[−1.69]

[−1.51]

[−1.49]

[−1.62]

[−2.03]

[−2.23]

[−1.56]

[0.10]

CS

−0.0096***

−0.011***

−0.011***

−0.011***

−0.011***

−0.010***

−0.011***

−0.011***

−0.016***

−0.010***

 

[−8.54]

[−11.4]

[−7.16]

[−4.56]

[−14.7]

[−4.16]

[−12.6]

[−6.76]

[−9.64]

[−13.6]

IOP

−0.34***

1.33***

1.33***

1.33***

1.31***

−0.34***

−0.49

−0.30***

2.28***

0.90***

 

[−8.79]

[13.3]

[14.8]

[3.29]

[40.3]

[−3.99]

[−1.41]

[−5.71]

[22.9]

[22.9]

T

1.09***

−0.28***

−0.31***

−0.34***

−0.35***

−0.37***

−0.31***

−0.31***

−0.30***

−0.32***

 

[8.46]

[−5.60]

[−6.67]

[−6.67]

[−6.40]

[−5.84]

[−3.57]

[−4.49]

[−6.60]

[−4.67]

P

0.00020***

0.000012

0.000012

0.000012

0.000014

1.51***

1.36***

1.36***

−0.00015

0.000043**

 

[3.07]

[0.53]

[0.37]

[0.31]

[0.34]

[3.62]

[13.1]

[17.3]

[−1.08]

[2.21]

OP

−0.000010***

−0.0001**

−0.0010**

−0.00010

−0.000012**

0.0010

0.0010

0.0010

−0.000033**

−0.0010***

 

[−2.70]

[−2.07]

[−2.14]

[−0.96]

[−2.46]

[0.059]

[0.31]

[0.098]

[−2.11]

[−3.33]

D

0.0018***

0.0020***

0.0020***

0.0020***

0.0021***

−0.0010

−0.000011**

−0.000010**

0.0015***

0.0039***

 

[7.79]

[11.7]

[4.56]

[4.46]

[15.2]

[−0.98]

[−2.28]

[−1.99]

[9.96]

[6.68]

F

0.011**

0.0065

0.0065

0.0065

0.013**

0.0021***

0.0021***

0.0018***

−1.15***

−0.00067

 

[2.16]

[1.07]

[1.34]

[0.54]

[1.98]

[14.0]

[14.2]

[12.9]

[−3.76]

[−0.50]

B

−0.29***

−0.36***

−0.36***

−0.36***

−0.36***

0.0018

0.011

0.012

−0.42***

−0.29***

 

[−6.06]

[−5.69]

[−3.28]

[−6.77]

[−11.6]

[0.40]

[1.61]

[1.62]

[−5.74]

[−8.57]

VC

0.20***

0.22***

0.22**

0.22***

0.27***

−0.38***

−0.35***

−0.37***

0.26***

0.19***

 

[4.12]

[6.41]

[2.46]

[4.91]

[8.34]

[−6.30]

[−6.09]

[−3.69]

[4.87]

[3.99]

R

0.015

−0.031

−0.031

−0.031

0.0063

0.27***

0.27***

0.23***

0.10**

−0.054*

 

[0.79]

[−0.57]

[−0.78]

[−0.52]

[0.28]

[8.13]

[8.13]

[6.95]

[2.55]

[−1.92]

PAR

−1.40***

−1.62***

−1.62***

−1.62***

−1.61***

−0.030

0.097

0.13**

−1.40***

−1.58***

 

[−7.47]

[−7.23]

[−5.01]

[−23.5]

[−7.40]

[−0.61]

[1.42]

[2.26]

[−5.40]

[−10.5]

Market-specific characteristics

V

8.62***

9.47**

9.47

9.47

10.0***

9.87***

20.5***

19.2**

19.8***

8.28***

 

[4.76]

[2.31]

[0.93]

[1.33]

[5.80]

[2.58]

[6.70]

[2.12]

[6.65]

[3.82]

H

0.16***

0.21***

0.21

0.21***

0.19***

0.21***

0.14*

0.18

−0.10*

0.23***

 

[6.09]

[2.78]

[1.44]

[3.62]

[8.39]

[3.34]

[1.92]

[0.89]

[−1.92]

[8.44]

VOL

−0.0014***

−0.0015***

−0.0015***

−0.0015***

−0.0016***

−0.0014***

−0.0016***

−0.0015***

−0.00099***

−0.0014***

 

[−9.25]

[−4.61]

[−4.69]

[−5.66]

[−4.65]

[−5.62]

[−7.06]

[−5.05]

[−6.26]

[−16.2]

Country-specific characteristics

EL

0.25***

0.29***

0.29**

0.29

0.35***

0.11

0.0015

0.078

−0.80***

0.48***

 

[4.54]

[5.10]

[2.47]

[1.32]

[8.94]

[0.32]

[0.026]

[0.51]

[−11.0]

[9.38]

CL

0.42***

0.53***

0.53***

0.53*

0.38***

0.41

0.12

0.26*

−0.11

0.59***

 

[9.17]

[6.02]

[3.74]

[1.72]

[9.08]

[1.25]

[1.33]

[1.70]

[−0.90]

[9.70]

FDI

0.045***

0.044***

0.044

0.044

0.045***

0.055**

0.026***

0.019

0.095***

0.00076

 

[6.68]

[2.78]

[1.33]

[1.32]

[7.15]

[1.96]

[3.18]

[0.85]

[5.10]

[0.098]

GDP

−0.014*

−0.015***

−0.015

−0.015

−0.030***

−0.13***

−0.0013

0.050***

−0.0055

−0.037***

 

[−1.76]

[−3.40]

[−1.01]

[−0.45]

[−5.77]

[−5.24]

[−0.38]

[3.02]

[−0.45]

[−3.37]

I

−0.0098***

−0.0092

−0.0092

−0.0092

−0.013***

0.0055

−0.015***

−0.012*

0.032***

−0.036***

 

[−4.06]

[−1.55]

[−1.25]

[−0.69]

[−7.45]

[0.26]

[−3.24]

[−1.74]

[8.29]

[−7.61]

Dummy Effect

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

YE & IR & CE

Constant

−3.02***

−3.12***

−3.12***

−3.12***

−3.34***

−3.27***

−2.92***

−3.46***

−4.48***

−3.03***

 

[−15.9]

[−16.2]

[−8.42]

[−8.91]

[−47.3]

[−4.64]

[−8.41]

[−8.63]

[−20.2]

[−30.7]

Observations

33,536

33,536

33,536

33,536

33,536

33,536

33,536

33,536

11,271

22,265

Adjusted R-squared within countries

N/A

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.44

0.25

Adjusted R-squared between countries

N/A

N/A

N/A

N/A

N/A

0.26

0.25

0.21

N/A

N/A

VIF check

1.40

1.54

1.54

1.54

1.38

1.98

1.65

1.44

1.84

1.49

Durbin (score) χ2

4.08***

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Wu-Hausman F-statistics

18.90***

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Cragg–Donald Wald partial F-statistic

28***

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

  1. All variables are defined in Table 2. Every model uses robust Z-statistics adjusted for heteroscedasticity, indicating ***P < 0.01, **P < 0.05, and *P < 0.1 for two-tailed testing.
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