Table 6.
Heterogeneity test of the location.
| Group | RGN = = 1 | RGN = = 0 | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| RET | RET | RET | RET | |
| ESG | 0.946*** | 0.906*** | −0.464 | −0.036 |
| (0.222) | (0.226) | (0.436) | (0.488) | |
| AGE | 12.155 | 40.313** | 31.641 | 46.488 |
| (15.633) | (17.074) | (30.684) | (36.671) | |
| TQ | 5.915*** | 3.949*** | 23.625*** | 18.894*** |
| (0.728) | (0.755) | (1.789) | (2.291) | |
| LEV | −0.938*** | −1.072*** | −1.524*** | −1.213*** |
| (0.086) | (0.090) | (0.164) | (0.211) | |
| TOP10 | 0.896*** | 0.779*** | 0.880*** | 0.891*** |
| (0.115) | (0.121) | (0.222) | (0.258) | |
| _cons | −24.535 | −89.367* | −56.659 | −114.915 |
| (47.716) | (51.654) | (92.631) | (110.487) | |
| Year | Yes | Yes | Yes | Yes |
| Ind | Yes | Yes | Yes | Yes |
| Year * Ind | No | Yes | No | Yes |
| N | 6106 | 6038 | 3099 | 2956 |
| adj. R2 | 0.625 | 0.684 | 0.725 | 0.744 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.