Table 10.
Regression results of threshold model.
| (3) | (4) | (5) | |
|---|---|---|---|
| Reputation | Reputation | Reputation | |
| Independent Variable | ESG | ESG | ESG |
| Threshold Variable | ESG | Attention | Attention |
| Clustering | −1.480*** | −1.560*** | −1.599*** |
| (0.273) | (0.271) | (0.269) | |
| Cashflow | 0.0624*** | 0.059*** | 0.058*** |
| (0.022) | (0.022) | (0.021) | |
| PE | −0.781*** | −0.786*** | −0.790*** |
| (0.054) | (0.054) | (0.053) | |
| Dividend | 1.623 | 2.779* | 2.679* |
| (1.592) | (1.584) | (1.570) | |
| Multipliers | 0.584*** | 0.488*** | 0.446*** |
| (0.088) | (0.088) | (0.088) | |
| Structure | −0.121 | −0.527 | −0.492 |
| (1.014) | (1.007) | (0.999) | |
| ESG(ESG≤5.000) | 0.008 | ||
| (0.030) | |||
| ESG(ESG＞5.000) | 0.079*** | ||
| (0.026) | |||
| ESG(Attention≤6.708) | 0.036 | 0.022 | |
| (0.027) | (0.027) | ||
| ESG(6.708＜Attention≤7.404) | 0.136*** | 0.115*** | |
| (0.027) | (0.027) | ||
| ESG(Attention＞7.404) | 0.210*** | ||
| (0.028) | |||
| Constant | 8.019*** | 8.009*** | 8.131*** |
| (0.223) | (0.217) | (0.216) | |
| F | 56.590 | 62.800 | 62.160 |
| N | 33990 | 33990 | 33990 |
| Adjusted R2 | 0.039 | 0.052 | 0.067 |
Notes: ***, **and* represent significance at 1 %,5 % and 10 % levels, respectively.