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Table 9 Panel Data (FE) regression model (CFP- > CSP)

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

Observations N   2001 2001 2001
Periods   11 11 11
Cross-Sections   284 284 284
Dependent Variable Label Model V (ROA) Model VI (ROE) Model VII (TobinsQ)
ESG Constant −16.7046*** −17.2191*** −18.709***
CFP coefficient −0.0537* 0.0001 −0.2223**
FAGE 1.0081*** 1.0478*** 1.0376***
FSIZE −0.880608 −1.2089** −0.7049
R_D −0.042774 −0.0397 − 0.0393
RISK 1.2747* 1.1925* 1.1926*
R2 0.8343 0.8339 0.8343
Adj. R2 0.8064 0.8059 0.8065
F-statistic 29.9207 29.8423 29.9404
p-value 0.0000 0.0000 0.0000
DW-stat 0.8418 0.8377 0.8377
E Constant −12.2810*** −12.8643*** −15.4612***
CFP coefficient −0.0682* −0.0016 −0.3769***
FAGE 0.7074*** 0.7542*** 0.7405***
FSIZE −1.1685 −1.5594** −0.7314
R_D −0.0382 −0.0345 − 0.0337
RISK 2.1680** 2.0541** 2.0630**
R2 0.8112 0.8108 0.8117
Adj. R2 0.779474 0.7790 0.7801
F-statistic 25.5459 25.4794 25.6285
p-value 0.0000 0.0000 0.0000
DW-stat 0.8278 0.8237 0.8255
S Constant −74.7562*** −75.1955*** −74.4829***
CFP coefficient −0.0539 −0.0017 0.1170
FAGE 2.3296*** 2.3655*** 2.3746***
FSIZE −0.9572 −1.2579 −1.5498*
R_D −0.1746** −0.1718** − 0.1717**
RISK −0.2346 −0.3263 − 0.3175
R2 0.8105 0.8103 0.8104
Adj. R2 0.7786 0.7784 0.7785
F-statistic 25.4279 25.3951 25.4061
p-value 0.0000 0.0000 0.0000
DW-stat 0.9156 0.9151 0.9166
G Constant 31.6267*** 31.1452*** 30.2018***
ROA/ROE/TobinsQ −0.0282 0.0050 −0.1723**
FAGE 0.3600*** 0.3917*** 0.3729***
FSIZE −0.0478 −0.298613 0.1705
R_D 0.0798* 0.0821* 0.0817*
RISK 0.4172 0.4003 0.3743
R2 0.7672 0.7671 0.7676
Adj. R2 0.7281 0.7279 0.7286
F-statistic 19.5918 19.5746 19.6384
p-value 0.0000 0.0000 0.0000
DW-stat 1.0735 1.0707 1.0719
  1. *,**,*** Significance at 10, 5 and 1% levels, respectively