Table 6. Measurement the dependent variable based on other data provider.
| VARIABLES | (1) | (2) | (3) |
|---|---|---|---|
| HXESG | HXESG | HXESG | |
| PT | -0.1405*** | ||
| (-2.763) | |||
| Mayor | -0.2577** | ||
| (-2.325) | |||
| Psecretary | -0.0452* | ||
| (-1.740) | |||
| Size | 3.4196*** | 3.4156*** | 3.4279*** |
| (2.622) | (2.620) | (2.621) | |
| Lev | 0.2840 | 0.2779 | 0.2878 |
| (0.510) | (0.500) | (0.517) | |
| ROA | 96.8812*** | 96.8637*** | 96.8938*** |
| (68.708) | (68.690) | (68.734) | |
| Growth | 0.0195 | 0.0197 | 0.0192 |
| (0.124) | (0.125) | (0.122) | |
| Indep | -0.9606 | -0.9771 | -0.9444 |
| (-0.578) | (-0.588) | (-0.568) | |
| TobinQ | -0.9812*** | -0.9807*** | -0.9819*** |
| (-14.786) | (-14.789) | (-14.790) | |
| Duality | -0.1996 | -0.1985 | -0.2005 |
| (-1.051) | (-1.046) | (-1.056) | |
| Top10 | 5.3069*** | 5.3083*** | 5.3110*** |
| (12.055) | (12.057) | (12.057) | |
| Age | 0.3030 | 0.3062 | 0.3009 |
| (0.768) | (0.776) | (0.763) | |
| Per capita GDP | 0.1282*** | 0.1274*** | 0.1281*** |
| (5.052) | (5.031) | (5.052) | |
| Constant | 11.2273*** | 11.2009*** | 11.2219*** |
| (2.824) | (2.819) | (2.824) | |
| Year & Firm | Yes | Yes | Yes |
| Observations | 21,751 | 21,751 | 21,751 |
| R2 | 0.404 | 0.404 | 0.404 |
| Adj-R2 | 0.401 | 0.401 | 0.401 |
Note. This table reports the tests of the measurement the dependent variable based on other data provider. 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.