Table 3.
Robustness: replacement index.
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| HPY | HPY | HPY | HPY | |
| ESG | 1.419*** | 1.669*** | 0.835*** | 0.577*** |
| (0.168) | (0.161) | (0.227) | (0.197) | |
| AGE | 14.650*** | 15.109 | ||
| (3.727) | (13.863) | |||
| TQ | 8.836*** | 9.914*** | ||
| (0.750) | (0.689) | |||
| LEV | −0.677*** | −1.246*** | ||
| (0.059) | (0.075) | |||
| TOP10 | 0.963*** | 0.658*** | ||
| (0.072) | (0.101) | |||
| _cons | 15.900*** | −74.718*** | 27.968*** | −10.805 |
| (3.662) | (13.009) | (4.755) | (42.155) | |
| Year | No | No | Yes | Yes |
| Ind | No | No | Yes | Yes |
| N | 9671 | 9211 | 9657 | 9195 |
| adj. R2 | 0.007 | 0.067 | 0.599 | 0.675 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.