Skip to main content

View full-text article in PMC

. 2023 May 19;9(5):e16320. doi: 10.1016/j.heliyon.2023.e16320

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.