TABLE 4.

2SLS regression for moderator agency cost between cognitive CEO and sustainability.

Variables	SUSGR (1)	SUSGR (2)	MNGR (3)	MNGR (4)
EPS	0.236***	0.235***	0.0851*	0.0741*
	(0.0264)	(0.0264)	(0.0218)	(0.0223)
Leverage	−0.646***	−0.650***	−0.414**	−0.410**
	(0.173)	(0.173)	(0.228)	(0.227)
LNTA	0.0979*	0.0985*	0.133***	0.125***
	(0.0139)	(0.0139)	(0.0470)	(0.0464)
SOE	0.00553	0.00577	–0.106	–0.125
	(0.0653)	(0.0653)	(0.0846)	(0.0835)
Fage	0.000212	–0.000293	0.00405	0.00280
	(0.00762)	(0.00761)	(0.00946)	(0.00934)
Dual	–0.0455	–0.0445	–0.0541
	(0.0851)	(0.0852)	(0.109)
INDDIR	–0.0275		–0.0136
	(0.0263)		(0.0352)
LNEMP	–0.0173	–0.0177	−0.102**	−0.0897**
	(0.0308)	(0.0308)	(0.0409)	(0.0400)
CGCEO*Agency	−5.73e-05***	−5.71e-05***	−2.99e-05**	−2.56e-05**
cost	(1.94e-05)	(1.92e-05)	(1.39e-05)	(1.17e-05)
IndustryDummy	Included	Included	Included	Included
YearDummy	Included	Included	Included	Included
Constant	−1.445**	−1.527**	−2.249*	−2.154*
	(0.693)	(0.689)	(0.721)	(0.708)
Observations	1,380	1,380	1,290	1,290
R-squared	0.128	0.128	0.092	0.092

Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1.