Table 5. Alternative measure of dependent variable.
| VARIABLES | (1) | (2) | (3) |
|---|---|---|---|
| diffESG | diffESG | diffESG | |
| PT | -0.0180** | ||
| (-1.978) | |||
| Mayor | -0.0192* | ||
| (-1.820) | |||
| Psecretary | -0.0034 | ||
| (-0.328) | |||
| Size | 0.0616** | 0.0618** | 0.0628** |
| (2.573) | (2.555) | (2.563) | |
| Lev | -0.0159 | -0.0161 | -0.0156 |
| (-0.810) | (-0.817) | (-0.794) | |
| ROA | 1.2161*** | 1.2159*** | 1.2175*** |
| (15.158) | (15.156) | (15.176) | |
| Growth | 0.0051 | 0.0052 | 0.0052 |
| (0.489) | (0.500) | (0.502) | |
| Indep | -0.0504 | -0.0508 | -0.0483 |
| (-0.781) | (-0.786) | (-0.748) | |
| TobinQ | -0.0040* | -0.0041* | -0.0041* |
| (-1.692) | (-1.702) | (-1.721) | |
| Duality | 0.0184** | 0.0184** | 0.0184** |
| (2.288) | (2.280) | (2.282) | |
| Top10 | 0.0536*** | 0.0539*** | 0.0545*** |
| (2.858) | (2.876) | (2.905) | |
| Age | 0.0154 | 0.0155 | 0.0155 |
| (1.103) | (1.110) | (1.107) | |
| Per capita GDP | -0.0002 | -0.0002 | -0.0001 |
| (-0.218) | (-0.245) | (-0.176) | |
| Constant | -0.2484* | -0.2500* | -0.2551* |
| (-1.841) | (-1.853) | (-1.889) | |
| Year & Firm | Yes | Yes | Yes |
| Observations | 30627 | 30627 | 30627 |
| R2 | 0.042 | 0.042 | 0.042 |
| Adj-R2 | 0.038 | 0.038 | 0.038 |
Note. This table reports the robustness tests from OLS regression. The dependent variable is diffESG, and the independent variables in column (1), column (2), and column (3) are PT, Mayor, and Psecretary respectively. 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. All variables are defined in Appendix A in S1 Table.