Table 5 Main regression
Variables | (1) | (2) | (3) |
|---|---|---|---|
WoC | WC | Cluster | |
ESG | − 0.001* | − 0.002*** | − 0.002*** |
(− 1.91) | (− 3.55) | (− 3.57) | |
ESG*VI | 0.002*** | 0.001*** | 0.001*** |
(5.30) | (3.64) | (4.07) | |
FS | 0.016*** | 0.016** | |
(2.99) | (2.62) | ||
DR | − 0.164*** | − 0.164** | |
(− 6.85) | (− 2.44) | ||
FA | 0.005 | 0.005 | |
(1.00) | (1.06) | ||
RSP | 0.841*** | 0.841*** | |
(4.89) | (3.18) | ||
VOLT | − 0.518*** | − 0.518*** | |
(− 5.02) | (− 2.77) | ||
Constant | − 0.001 | 0.044 | 0.044 |
(− 0.03) | (0.95) | (0.80) | |
Observations | 585 | 581 | 581 |
Year & country fix | Yes | Yes | Yes |
Adj R2 | 0.236 | 0.399 | 0.399 |
F-stat | 13.56 | 20.74 | 19.77 |