Table 6 Regression results for the replacement variable.
From: ESG performance, digital transformation, and green innovation
(1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
Es | DT | Es | ESG | DT | ESG | |
GI | 0.314** | 0.025** | 0.291* | |||
(2.083) | (2.395) | (1.932) | ||||
GD | 0.250** | 0.069*** | 0.226** | |||
(2.349) | (5.695) | (2.117) | ||||
DT | 0.929*** | 0.349*** | ||||
(4.218) | (2.606) | |||||
Listdt | −0.983** | 0.073** | −1.051** | −1.234*** | 0.081** | −1.263*** |
(−2.147) | (2.328) | (−2.299) | (−4.443) | (2.574) | (−4.545) | |
Scale | 2.361*** | 0.177*** | 2.196*** | 1.555*** | 0.168*** | 1.497*** |
(6.680) | (7.297) | (6.188) | (7.144) | (6.789) | (6.842) | |
LEV | −4.324*** | −0.050 | −4.278*** | −5.534*** | −0.018 | −5.528*** |
(−3.496) | (−0.592) | (−3.465) | (−7.222) | (−0.204) | (−7.219) | |
TA | 4.405** | −0.419*** | 4.794** | 2.926** | −0.404*** | 3.067** |
(1.999) | (−2.763) | (2.178) | (2.202) | (−2.674) | (2.308) | |
ROA | −6.970*** | −0.457** | −6.546** | −0.666 | −0.335 | −0.549 |
(−2.600) | (−2.477) | (−2.445) | (−0.339) | (−1.499) | (−0.280) | |
NOPM | 1.673 | 0.174** | 1.511 | 1.934*** | 0.148* | 1.882*** |
(1.569) | (2.373) | (1.419) | (2.842) | (1.913) | (2.767) | |
Grown | −0.023 | 0.005** | −0.028 | −0.102*** | 0.005** | −0.104*** |
(−0.652) | (2.264) | (−0.798) | (−4.700) | (2.129) | (−4.785) | |
HHI | −0.137 | 0.053 | −0.186 | 1.417** | 0.037 | 1.405** |
(−0.138) | (0.784) | (−0.189) | (2.368) | (0.539) | (2.349) | |
TobinQ | 0.014 | 0.004 | 0.010 | 0.095 | 0.003 | 0.095 |
(0.139) | (0.601) | (0.100) | (1.516) | (0.377) | (1.502) | |
TR | −0.078*** | 0.002 | −0.079*** | −0.042*** | 0.002 | −0.043*** |
(−3.719) | (1.228) | (−3.804) | (−3.347) | (1.177) | (−3.395) | |
Betavals | −0.288 | −0.010 | −0.279 | −0.264** | −0.007 | −0.261** |
(−1.623) | (−0.807) | (−1.575) | (−2.463) | (−0.546) | (−2.442) | |
Shrcr | −0.013 | 0.004*** | −0.016 | −0.012 | 0.004*** | −0.014 |
(−0.640) | (2.943) | (−0.829) | (−1.016) | (3.310) | (−1.147) | |
Grant | 1.098 | 0.040 | 1.061 | 0.898** | 0.049 | 0.881** |
(1.593) | (0.844) | (1.542) | (2.127) | (1.031) | (2.087) | |
_cons | 9.908 | −1.057* | 10.890 | 41.444*** | −0.942 | 41.773*** |
(1.210) | (−1.878) | (1.332) | (8.220) | (−1.644) | (8.288) | |
Company FE | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 6512 | 6512 | 6512 | 6465 | 6465 | 6465 |
R2 | 0.073 | 0.417 | 0.077 | 0.067 | 0.422 | 0.068 |
F | 14.985 | 135.135 | 15.158 | 13.347 | 136.780 | 13.091 |
