Table 7.
Agency costs mechanism.
| Model 1 |
Model 2 |
Model 3 |
Model 4 |
|
|---|---|---|---|---|
| Agency One | ESG | Agency Two | ESG | |
| DF | −0.019** (−2.145) | 0.028*** (3.594) | 0.002 (0.620) | 0.029*** (3.694) |
| Agency One | −0.022** (−1.983) | |||
| Agency Two | −0.120*** (−4.816) | |||
| Controls | Yes | Yes | Yes | Yes |
| Constant | 0.203*** (8.564) | 0.169*** (7.822) | 0.002 (0.180) | 0.165*** (7.693) |
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| N | 7964 | 7964 | 7964 | 7964 |
| R2 | 0.131 | 0.262 | 0.035 | 0.265 |
Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.