Table 9. Instrumental variable test.
| VARIABLES | Frist Stage | Second Stage | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| PT | Mayor | Psecretary | ESG_HZ | ESG_HZ | ESG_HZ | |
| PT | -0.0211*** | |||||
| (-3.017) | ||||||
| Mayor | -0.0162*** | |||||
| (-3.004) | ||||||
| Psecretary | -0.0115* | |||||
| (-1.784) | ||||||
| Tenure | 0.2975*** | 0.2011*** | 0.2004*** | |||
| (3.003) | (3.016) | (3.056) | ||||
| Age | -0.2020*** | -0.1988*** | -0.2013*** | |||
| (-3.039) | (-3.096) | (-3.126) | ||||
| Education | 0.2014*** | 0.2003*** | 0.2592*** | |||
| (3.007) | (3.206) | (2.927) | ||||
| asset | -0.0773 | -0.0633** | -0.0399 | 0.5537** | 0.5537** | 0.5537** |
| (-1.529) | (-2.044) | (-1.015) | (2.045) | (2.045) | (2.046) | |
| Lev | -0.0250 | -0.0291 | -0.0171 | 0.0863 | 0.0863 | 0.0864 |
| (-1.114) | (-1.625) | (-0.997) | (1.285) | (1.285) | (1.286) | |
| ROA | -0.0570 | -0.0722* | -0.0154 | 3.3834*** | 3.3834*** | 3.3834*** |
| (-1.141) | (-1.718) | (-0.369) | (21.505) | (21.505) | (21.509) | |
| Growth | -0.0060 | 0.0002 | -0.0031 | -0.0704*** | -0.0704*** | -0.0704*** |
| (-1.099) | (0.040) | (-0.667) | (-5.462) | (-5.460) | (-5.462) | |
| Indirector | -0.1206* | -0.1313** | -0.0752 | 0.0846 | 0.0846 | 0.0850 |
| (-1.729) | (-2.332) | (-1.388) | (0.408) | (0.408) | (0.410) | |
| TobinQ | 0.0025 | 0.0023 | 0.0005 | -0.0995*** | -0.0995*** | -0.0995*** |
| (1.083) | (1.196) | (0.276) | (-14.798) | (-14.797) | (-14.792) | |
| Duality | 0.0017 | 0.0037 | 0.0031 | -0.1092*** | -0.1092*** | -0.1092*** |
| (0.206) | (0.546) | (0.470) | (-4.756) | (-4.756) | (-4.755) | |
| Top10 | -0.0424** | -0.0257* | -0.0218 | 0.8584*** | 0.8584*** | 0.8583*** |
| (-2.442) | (-1.840) | (-1.625) | (16.193) | (16.193) | (16.190) | |
| Age | 0.0030 | 0.0036 | 0.0064 | 0.0766 | 0.0766 | 0.0767 |
| (0.157) | (0.241) | (0.456) | (1.378) | (1.378) | (1.380) | |
| GDP_PerCapita | -0.0010 | -0.0023*** | 0.0002 | 0.0086** | 0.0086** | 0.0086** |
| (-0.950) | (-2.613) | (0.245) | (2.393) | (2.393) | (2.395) | |
| Constant | 0.0452 | 0.0447 | -0.0161 | 4.9215*** | 4.9213*** | 4.9249*** |
| (0.243) | (0.308) | (-0.119) | (8.776) | (8.776) | (8.782) | |
| Year & Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 30,627 | 30,627 | 30,627 | 30,627 | 30,627 | 30,627 |
| R2 | 0.161 | 0.122 | 0.138 | 0.191 | 0.191 | 0.192 |
| Adj-R2 | 0.158 | 0.120 | 0.135 | 0.189 | 0.189 | 0.189 |
| Underidentification test | 4.626*** | 5.015*** | 4.218*** | |||
| Weak identification test | 14.601 | 14.311 | 12.108 | |||
Note. This table reports the results of instrumental variable test. 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.