Table 4.
Robustness: control Year * Ind effect.
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| RET | RET | HPY | HPY | |
| ESG | 0.659*** | 0.456** | 0.678*** | 0.499** |
| (0.224) | (0.213) | (0.235) | (0.202) | |
| AGE | 34.811** | 29.847** | ||
| (15.338) | (14.563) | |||
| TQ | 8.489*** | 8.014*** | ||
| (0.780) | (0.741) | |||
| LEV | −1.125*** | −1.118*** | ||
| (0.085) | (0.081) | |||
| TOP10 | 0.804*** | 0.642*** | ||
| (0.113) | (0.108) | |||
| _cons | 37.579*** | −71.553 | 31.375*** | −53.700 |
| (4.692) | (46.552) | (4.923) | (44.208) | |
| Year | Yes | Yes | Yes | Yes |
| Ind | Yes | Yes | Yes | Yes |
| Year * Ind | Yes | Yes | Yes | Yes |
| N | 9633 | 9146 | 9604 | 9135 |
| adj. R2 | 0.653 | 0.705 | 0.618 | 0.693 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.