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

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