Table 3. Baseline results.
| VARIABLES | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| ESG | ESG | ESG | ESG | |
| PT | -0.0740*** | -0.0519*** | ||
| (-3.691) | (-2.797) | |||
| Mayor | -0.0549*** | |||
| (-3.178) | ||||
| Psecretary | -0.0316* | |||
| (-1.783) | ||||
| Size | 0.5521** | 0.5526** | 0.5548** | |
| (2.044) | (2.040) | (2.045) | ||
| Lev | 0.0874 | 0.0871 | 0.0882 | |
| (1.302) | (1.297) | (1.313) | ||
| ROA | 3.3668*** | 3.3660*** | 3.3704*** | |
| (21.389) | (21.377) | (21.419) | ||
| Growth | -0.0712*** | -0.0709*** | -0.0709*** | |
| (-5.518) | (-5.494) | (-5.499) | ||
| Indep | 0.0923 | 0.0908 | 0.0968 | |
| (0.444) | (0.437) | (0.466) | ||
| TobinQ | -0.0992*** | -0.0993*** | -0.0994*** | |
| (-14.816) | (-14.822) | (-14.815) | ||
| Duality | 0.0929*** | 0.0927*** | 0.0928*** | |
| (4.635) | (4.627) | (4.631) | ||
| Top10 | 0.8616*** | 0.8626*** | 0.8634*** | |
| (16.294) | (16.299) | (16.302) | ||
| Age | 0.0811 | 0.0813 | 0.0813 | |
| (1.461) | (1.464) | (1.463) | ||
| Per capita GDP | 0.0083** | 0.0083** | 0.0084** | |
| (2.315) | (2.300) | (2.329) | ||
| Constant | 5.8246*** | 4.7084*** | 4.7053*** | 4.6933*** |
| (23.530) | (8.399) | (8.393) | (8.369) | |
| Year & Firm | Yes | Yes | Yes | Yes |
| Observations | 30627 | 30627 | 30627 | 30627 |
| R2 | 0.111 | 0.192 | 0.192 | 0.191 |
| Adj-R2 | 0.108 | 0.189 | 0.189 | 0.189 |
Note. This table reports the baseline results from OLS regression, with the first column without control variables and the other columns with all the variables. The dependent variable is ESG, and the independent variables in column (2), column (3), and column (4) are PT, Mayor, and Psecretary. Firm-fixed effects and year-fixed effects are also included. The t values reported in parentheses are adjusted based on robust standard errors clustered by firm, where *, **, and *** denote significance levels of 0.01, 0.05, and 0.10 respectively.