Table 7 Sensitivity analysis.

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

 

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Model 7

Model 8

Model 9

Model 10

Main variable

GRI

−0.40***

−0.39***

−0.39***

−0.39***

−0.38***

−0.40***

−0.42***

−0.40***

−0.40***

−0.42***

 

[−2.65]

[−2.63]

[−2.64]

[−2.60]

[−2.58]

[−2.64]

[−2.76]

[−2.64]

[−2.67]

[−2.78]

Company-specific characteristics

FL

0.000055

0.000056

0.000055

0.000056

0.000056

0.000055

0.000055

0.000055

0.000054

0.000053

 

[1.42]

[1.44]

[1.43]

[1.44]

[1.45]

[1.42]

[1.41]

[1.42]

[1.40]

[1.37]

ROE

0.0010

0.0010

0.0010

0.001

0.001

0.001

0.001

0.001

0.001

0.001

 

[0.12]

[0.14]

[0.13]

[0.13]

[0.14]

[0.12]

[0.054]

[0.12]

[0.095]

[0.017]

CR

0.001**

0.001**

0.001**

0.001**

0.001**

0.001**

0.001**

0.001**

0.001**

0.001**

 

[2.27]

[2.40]

[2.31]

[2.39]

[2.38]

[2.29]

[2.20]

[2.27]

[2.26]

[2.14]

DPS

−0.0017**

−0.0017**

−0.0017**

−0.0017**

−0.0017**

−0.0017**

−0.0016**

−0.0017**

−0.0017**

−0.0016**

 

[−2.06]

[−2.06]

[−2.06]

[−2.06]

[−2.06]

[−2.06]

[−2.05]

[−2.06]

[−2.06]

[−2.05]

ID

−0.0075***

−0.0074***

−0.0075***

−0.0074***

−0.0074***

−0.0075***

−0.0077***

−0.0075***

−0.0075***

−0.0078***

 

[−8.02]

[−7.96]

[−7.99]

[−7.93]

[−7.95]

[−8.01]

[−8.18]

[−8.02]

[−8.02]

[−8.23]

ACM

−0.0068

−0.0072

−0.0069

−0.0075

−0.0073

−0.0068

−0.0048

−0.0067

−0.0065

−0.0050

 

[−0.92]

[−0.98]

[−0.95]

[−1.01]

[−0.99]

[−0.92]

[−0.65]

[−0.91]

[−0.88]

[−0.68]

CEO

−0.52***

−0.52***

−0.52***

−0.53***

−0.53***

−0.52***

−0.51***

−0.52***

−0.52***

−0.50***

 

[−6.69]

[−6.75]

[−6.72]

[−6.83]

[−6.78]

[−6.70]

[−6.49]

[−6.69]

[−6.68]

[−6.41]

WOB

−0.0042

−0.0043

−0.0043

−0.0043

−0.0043

−0.0042

−0.0043

−0.0042

−0.0042

−0.0041

 

[−1.48]

[−1.52]

[−1.50]

[−1.53]

[−1.53]

[−1.49]

[−1.49]

[−1.49]

[−1.49]

[−1.41]

CS

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

−0.011***

 

[−15.7]

[−15.9]

[−15.8]

[−15.9]

[−15.9]

[−15.7]

[−15.4]

[−15.7]

[−15.6]

[−15.4]

T

−0.34***

−0.26***

−0.32***

−0.36***

−0.35***

−0.34***

−0.31***

−0.39***

−0.34***

−0.36***

 

[−5.67]

[−4.67]

[−7.67]

[−8.67]

[−6.67]

[−4.67]

[−3.67]

[−9.67]

[−8.00]

[−9.67]

IOP

1.30***

1.32***

1.31***

1.32***

1.32***

1.31***

1.30***

1.30***

1.30***

1.28***

 

[40.6]

[40.9]

[40.5]

[40.9]

[40.7]

[40.7]

[40.6]

[40.6]

[40.5]

[40.2]

P

0.000015

0.000013

0.000014

0.000013

0.000013

0.000014

0.000016

0.000015

0.000015

0.000016

 

[0.54]

[0.46]

[0.52]

[0.47]

[0.48]

[0.53]

[0.58]

[0.54]

[0.54]

[0.57]

OP

−0.000012***

−0.0001**

−0.000011***

−0.0001**

−0.000011***

−0.000012***

−0.000013***

−0.000012***

−0.000012***

−0.000013***

 

[−2.80]

[−2.51]

[−2.73]

[−2.53]

[−2.63]

[−2.82]

[−2.94]

[−2.83]

[−2.85]

[−2.97]

D

0.0021***

0.0021***

0.0021***

0.0021***

0.0021***

0.0021***

0.0021***

0.0021***

0.0020***

0.0019***

 

[14.1]

[14.4]

[14.2]

[14.4]

[14.4]

[14.0]

[13.8]

[13.9]

[13.5]

[12.9]

F

0.013**

0.0097*

0.012**

0.0096*

0.011**

0.013**

0.016***

0.013**

0.013**

0.015***

 

[2.27]

[1.79]

[2.15]

[1.78]

[1.96]

[2.27]

[2.59]

[2.29]

[2.34]

[2.58]

B

−0.37***

−0.36***

−0.36***

−0.36***

−0.36***

−0.36***

−0.37***

−0.36***

−0.36***

−0.36***

 

[−12.8]

[−12.5]

[−12.8]

[−12.5]

[−12.6]

[−12.8]

[−13.1]

[−12.8]

[−12.7]

[−12.6]

VC

0.27***

0.27***

0.27***

0.26***

0.27***

0.27***

0.29***

0.28***

0.28***

0.28***

 

[8.19]

[7.89]

[8.11]

[7.82]

[7.94]

[8.19]

[8.67]

[8.22]

[8.26]

[8.45]

R

0.0067

−0.0019

0.0044

−0.0043

0.000070

0.0057

0.022

0.0080

0.0084

0.022

 

[0.31]

[−0.089]

[0.20]

[−0.20]

[0.0032]

[0.27]

[1.04]

[0.37]

[0.39]

[1.01]

PAR

−1.61***

−1.61***

−1.61***

−1.61***

−1.61***

−1.61***

−1.63***

−1.61***

−1.61***

−1.63***

 

[−10.9]

[−10.9]

[−10.9]

[−10.9]

[−10.9]

[−10.9]

[−11.1]

[−10.9]

[−10.9]

[−11.1]

Market-specific characteristics

V

10.0***

10.4***

10.1***

10.5***

10.5***

9.97***

9.09***

9.91***

9.37***

8.79***

 

[5.85]

[6.00]

[5.86]

[6.06]

[6.06]

[5.79]

[5.28]

[5.76]

[5.46]

[5.17]

H

0.19***

0.20***

0.19***

0.20***

0.20***

0.19***

0.20***

0.19***

0.19***

0.19***

 

[8.52]

[8.69]

[8.52]

[8.75]

[8.64]

[8.54]

[8.61]

[8.39]

[8.55]

[8.49]

VOL

−0.0016***

−0.0015***

−0.0016***

−0.0015***

−0.0016***

−0.0016***

−0.0015***

−0.0016***

−0.0015***

−0.0015***

 

[−23.6]

[−23.3]

[−23.5]

[−23.4]

[−23.5]

[−23.6]

[−23.6]

[−23.6]

[−23.6]

[−23.5]

Country-specific characteristics

EL

0.36***

0.31***

0.34***

0.31***

0.32***

0.36***

0.40***

0.36***

0.38***

0.42***

 

[11.4]

[10.1]

[10.9]

[10.0]

[10.2]

[11.4]

[12.8]

[11.4]

[12.0]

[13.1]

CL

0.39***

0.37***

0.38***

0.38***

0.38***

0.38***

0.30***

0.38***

0.36***

0.29***

 

[7.97]

[7.64]

[7.97]

[7.84]

[7.96]

[7.88]

[6.17]

[7.81]

[7.45]

[5.90]

FDI

0.046***

0.040***

0.044***

0.041***

0.042***

0.047***

0.051***

0.047***

0.052***

0.057***

 

[6.50]

[5.69]

[6.25]

[5.77]

[5.98]

[6.48]

[7.25]

[6.60]

[7.08]

[7.92]

GDP

−0.033***

−0.019***

−0.027***

−0.019***

−0.018***

−0.032***

−0.043***

−0.034***

−0.042***

−0.070***

 

[−5.17]

[−3.27]

[−4.31]

[−3.17]

[−2.82]

[−5.60]

[−7.88]

[−5.41]

[−6.61]

[−10.5]

I

−0.012***

−0.012***

−0.013***

−0.012***

−0.013***

−0.012***

−0.014***

−0.013***

−0.013***

−0.017***

 

[−5.54]

[−5.86]

[−6.05]

[−5.87]

[−6.09]

[−5.89]

[−6.75]

[−6.22]

[−6.02]

[−8.00]

Controlling variations in formal institutional quality

VC

−0.93

         
 

[−0.67]

         

RQ

 

6.03***

        
  

[4.10]

        

CC

  

1.46

       
   

[0.97]

       

GE

   

7.18***

      
    

[4.61]

      

RL

    

5.86***

     
     

[3.32]

     

ESR

     

−0.023

    
      

[−0.75]

    

TGP

      

−0.19***

   
       

[−7.57]

   

CIR

       

−0.035

  
        

[−1.11]

  

SRAP

        

−0.094***

 
         

[−3.11]

 

EBF

         

−0.20***

          

[−9.57]

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

−3.33***

−3.43***

−3.37***

−3.47***

−3.44***

−3.22***

−2.37***

−3.14***

−2.79***

−2.08***

 

[−46.6]

[−46.2]

[−44.1]

[−45.5]

[−44.7]

[−18.5]

[−16.3]

[−16.5]

[−14.9]

[−14.2]

Observations

33,536

33,536

33,536

33,536

33,536

33,536

33,536

33,536

33,536

33,536

Adjusted R-squared

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

VIF check

1.84

1.87

1.91

1.88

1.92

1.74

1.82

1.77

1.94

1.78

  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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