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Table 8 Panel Data (FE) regression model (CSP- > CFP)

From: Analysis of corporate sustainability performance and corporate financial performance causal linkage in the Indian context

Observations N   2001 2001 2001 2001
Periods   11 11 11 11
Cross-Sections   284 284 284 284
Dependent Variable Label Model I (ESG) Model II (E) Model III (S) Model IV (G)
ROA C 8.8137*** 9.1119*** 8.0414*** 10.6819***
CSP −0.0407* −0.0311* −0.0196 − 0.0372
FAGE −0.6932*** −0.7123 − 0.6895*** −0.7217***
FSIZE 6.0380*** 6.0378*** 6.0620*** 6.0789***
R_D −0.0592 −0.0586*** − 0.0609 −0.0545
RISK 1.5837*** 1.5994*** 1.5290** 1.5492**
R2 0.7423 0.7423 0.7420 0.7420
Adj. R2 0.6990 0.6990 0.6987 0.6987
F-statistic 17.1264 17.1249 17.1003 17.1001
p-value 0.0000 0.0000 0.0000 0.0000
DW-stat 1.5120 1.5120 1.5083 1.5111
ROE Constant 42.3325*** 42.2195*** 41.7956*** 39.9914***
CSP 0.0006 −0.0079 −0.0070 0.0743
FAGE −2.1863*** −2.1797*** −2.1691*** −2.2139***
FSIZE 15.7360*** 15.7227*** 15.7263*** 15.7515***
R_D −0.1393 −0.1396 −0.1406 − 0.1454
RISK −5.2258** −5.2087** − 5.2272** − 5.2528**
R2 0.5951 0.5952 0.5952 0.5954
Adj. R2 0.5271 0.5271 0.5271 0.5273
F-statistic 8.7404 8.7406 8.7406 8.7459
p-value 0.0000 0.0000 0.0000 0.0000
DW-stat 1.8301 1.8302 1.8301 1.8306
Tobin’s Q Constant −6.9274*** −6.8780*** − 6.4816*** − 6.1930***
CSP −0.0123** −0.0126*** 0.0031 −0.0167**
FAGE −0.0324** −0.0358** − 0.0526*** −0.0389***
FSIZE 2.2471*** 2.2420*** 2.2659*** 2.2583***
R_D 0.0012 0.0012 0.0022 0.0030
RISK 0.0167 0.0279 0.0030 0.0083
R2 0.7970 0.7974 0.7965 0.7970
Adj. R2 0.7628 0.7633 0.7623 0.7629
F-statistic 23.3376 23.3964 23.2681 23.3416
p-value 0.0000 0.0000 0.0000 0.0000
DW-stat 1.3981 1.3999 1.3995 1.3997
  1. *,**,*** Significance at 10, 5 and 1% levels, respectively