Table 4 Changing the measurement of explanatory variables and the regression model.
Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
ESGdif | ESGdif | ESGdif | ESGdif | ESGdif | |
abGI | − 0.027*** | ||||
(− 2.92) | |||||
ablnGI | − 0.048*** | ||||
(− 6.25) | |||||
GIn | − 0.010*** | ||||
(− 7.24) | |||||
GI | − 0.034** | ||||
(− 2.49) | |||||
lnGI | − 0.050*** | ||||
(− 4.54) | |||||
Size | − 0.084*** | − 0.076*** | − 0.072*** | 0.016 | − 0.103*** |
(− 4.74) | (− 4.28) | (− 4.08) | (0.64) | (− 3.65) | |
Age | 0.361*** | 0.356*** | 0.344*** | 0.786*** | 0.839*** |
(12.78) | (12.63) | (12.20) | (17.15) | (18.86) | |
ROA | − 0.293*** | − 0.272*** | − 0.292*** | − 0.047 | − 0.142 |
(− 3.02) | (− 2.80) | (− 3.02) | (− 0.38) | (− 1.11) | |
Lev | 0.363*** | 0.357*** | 0.357*** | 0.383*** | 0.612*** |
(3.93) | (3.87) | (3.87) | (3.06) | (4.72) | |
Growth | 0.005 | 0.005 | 0.005 | − 0.003 | 0.003 |
(0.79) | (0.79) | (0.84) | (− 0.26) | (0.32) | |
CashFlow | 0.166** | 0.175** | 0.176** | 0.101 | 0.145 |
(2.27) | (2.39) | (2.41) | (0.96) | (1.39) | |
BM | − 0.032*** | − 0.036*** | − 0.038*** | − 0.044*** | − 0.050** |
(− 2.76) | (− 3.18) | (− 3.35) | (− 2.67) | (− 2.46) | |
Intan | 0.201 | 0.202 | 0.174 | − 0.017 | 0.098 |
(1.01) | (1.01) | (0.88) | (− 0.05) | (0.33) | |
SOE | 0.068* | 0.063 | 0.065* | 0.003 | 0.065 |
(1.73) | (1.61) | (1.65) | (0.06) | (1.18) | |
Indep | − 0.001 | − 0.001 | − 0.001 | 0.000 | − 0.002 |
(− 0.82) | (− 0.80) | (− 0.79) | (0.15) | (− 0.70) | |
Dual | − 0.025 | − 0.025 | − 0.024 | − 0.013 | − 0.031 |
(− 1.56) | (− 1.56) | (− 1.52) | (− 0.54) | (− 1.35) | |
Inst | − 0.001 | − 0.000 | − 0.000 | 0.000 | − 0.000 |
(− 1.07) | (− 0.31) | (− 0.61) | (0.13) | (− 0.13) | |
Board | − 0.065 | − 0.067 | − 0.068 | − 0.058 | − 0.108 |
(− 0.93) | (− 0.96) | (− 0.97) | (− 0.59) | (− 1.00) | |
Top1 | 0.002** | 0.002* | 0.002* | 0.005*** | 0.003** |
(2.12) | (1.94) | (1.91) | (3.96) | (2.05) | |
Salary | 0.025** | 0.025** | 0.025** | 0.003 | 0.032* |
(2.29) | (2.26) | (2.26) | (0.18) | (1.82) | |
Constant | 1.747*** | 1.565*** | 1.544*** | / | / |
(4.09) | (3.67) | (3.62) | / | / | |
N | 23,836 | 23,836 | 23,836 | 24,161 | 24,161 |
Firm fixed effect | YES | YES | YES | YES | YES |
Year fixed effect | YES | YES | YES | YES | YES |
Adjusted-R2 | 0.544 | 0.545 | 0.545 | / | / |
