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

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