Table 5.
Median regression results for model (1).
| ESG ≥ ESG median | ESG < ESG median | |
|---|---|---|
| Reputation | Reputation | |
| ESG | 0.529*** | 0.160* |
| (0.104) | (0.133) | |
| Clustering | −1.466** | −0.029** |
| (0.588) | (1.143) | |
| Cashflow | 0.147* | 0.100 |
| (0.080) | (0.125) | |
| PE | −1.082*** | −1.611*** |
| (0.253) | (0.271) | |
| Dividend | −6.949 | −4.122 |
| (4.953) | (5.424) | |
| Multipliers | −0.661 | −0.226 |
| (0.446) | (0.521) | |
| Structure | 0.297 | −0.669 |
| (3.620) | (5.508) | |
| Constant | 10.620*** | 12.110*** |
| (1.071) | (1.258) | |
| Year FE | YES | YES |
| Industry FE | YES | YES |
| Province FE | NO | NO |
| N | 28030 | 5960 |
| Adjusted R2 | 0.298 | 0.404 |
Notes: The standard errors for clustering at the provincial level are in parentheses. The Year, Industry and Province indicators are included in the corresponding models, but their coefficients are not in this table. ***, **and* represent significance at 1 %,5 % and 10 % levels, respectively.