Table 7. Individual measure of the ESG.
| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| E | S | G | E | S | G | E | S | G | |
| PT | -0.3190** | -0.3214** | -0.2986*** | ||||||
| (-2.447) | (-2.056) | (-2.983) | |||||||
| Mayor | -0.3087** | -0.3578** | -0.2636*** | ||||||
| (-2.555) | (-2.385) | (-2.707) | |||||||
| Psecretary | -0.2271* | -0.2931* | -0.2047* | ||||||
| (-1.684) | (-1.901) | (-1.814) | |||||||
| Size | 2.7037*** | 3.8656*** | 2.3736** | 2.6979*** | 3.8532*** | 2.3804** | 2.6945*** | 3.8575*** | 2.3864** |
| (2.589) | (3.118) | (2.021) | (2.598) | (3.130) | (2.017) | (2.587) | (3.116) | (2.022) | |
| Lev | 3.1938*** | 2.2251*** | -8.5168*** | 3.1950*** | 2.2230*** | -8.5172*** | 3.1904*** | 2.2221*** | -8.5124*** |
| (6.744) | (3.852) | (-20.920) | (6.748) | (3.847) | (-20.909) | (6.737) | (3.847) | (-20.893) | |
| ROA | 9.7492*** | 22.2052*** | 25.0296*** | 9.7515*** | 22.1966*** | 25.0297*** | 9.7291*** | 22.1855*** | 25.0503*** |
| (8.708) | (16.512) | (24.128) | (8.711) | (16.501) | (24.120) | (8.692) | (16.506) | (24.154) | |
| Growth | -0.8099*** | -0.3104** | -0.5646*** | -0.8115*** | -0.3122** | -0.5631*** | -0.8110*** | -0.3113** | -0.5632*** |
| (-9.428) | (-2.266) | (-5.615) | (-9.448) | (-2.279) | (-5.598) | (-9.433) | (-2.273) | (-5.602) | |
| Indep | -1.6955 | -2.7226 | 18.2542*** | -1.6922 | -2.7369 | 18.2549*** | -1.7135 | -2.7386 | 18.2787*** |
| (-1.168) | (-1.602) | (16.295) | (-1.166) | (-1.610) | (16.284) | (-1.180) | (-1.611) | (16.301) | |
| TobinQ | -0.8195*** | -0.7115*** | -0.5860*** | -0.8193*** | -0.7109*** | -0.5863*** | -0.8192*** | -0.7112*** | -0.5866*** |
| (-16.550) | (-10.771) | (-12.135) | (-16.545) | (-10.762) | (-12.134) | (-16.541) | (-10.770) | (-12.132) | |
| Duality | -0.5835*** | 0.1505 | -0.4715*** | -0.5841*** | 0.1506 | -0.4712*** | -0.5837*** | 0.1502 | -0.4717*** |
| (-3.307) | (0.762) | (-3.619) | (-3.310) | (0.762) | (-3.616) | (-3.306) | (0.760) | (-3.620) | |
| Top10 | 2.6162*** | 1.4229*** | 1.6075*** | 2.6094*** | 1.4125*** | 1.6146*** | 2.6095*** | 1.4170*** | 1.6166*** |
| (7.296) | (3.336) | (5.424) | (7.282) | (3.315) | (5.442) | (7.281) | (3.325) | (5.448) | |
| Age | -0.3194 | -2.6769*** | -0.8930*** | -0.3204 | -2.6775*** | -0.8922*** | -0.3207 | -2.6783*** | -0.8922*** |
| (-0.807) | (-5.980) | (-2.983) | (-0.810) | (-5.979) | (-2.978) | (-0.811) | (-5.982) | (-2.978) | |
| Per capita GDP | 0.0184 | 0.0122 | 0.0799*** | 0.0187 | 0.0123 | 0.0797*** | 0.0180 | 0.0118 | 0.0803*** |
| (0.722) | (0.414) | (4.128) | (0.734) | (0.417) | (4.116) | (0.706) | (0.401) | (4.142) | |
| Constant | 66.3466*** | 81.9536*** | 90.6284*** | 66.3762*** | 82.0165*** | 90.5936*** | 66.4244*** | 82.0285*** | 90.5436*** |
| (18.143) | (19.472) | (27.833) | (18.147) | (19.481) | (27.788) | (18.159) | (19.486) | (27.767) | |
| Year & Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 30627 | 30627 | 30627 | 30627 | 30627 | 30627 | 30627 | 30627 | 30627 |
| R2 | 0.193 | 0.264 | 0.263 | 0.193 | 0.264 | 0.263 | 0.193 | 0.264 | 0.263 |
| Adj-R2 | 0.191 | 0.261 | 0.260 | 0.190 | 0.261 | 0.260 | 0.191 | 0.261 | 0.260 |
Note. This table reports the tests of Individual measure of the ESG. 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.