LNMVt = β0 + β1ENVt + β2CASH_TAt + β3LNTRt + ɛt | |
LNMVt = β0 + β1SOCt + β2CASH_TAt + β3LNTRt + ɛt | |
LNMVt = β0 + β1GOVt + β2CASH_TAt + β3LNTRt + ɛt | |
Tobin's Qt = β0 + β1ENVt + β2CASH_TAt + β3LNTRt + ɛt | |
Tobin's Qt = β0 + β1SOCt + β2CASH_TAt + β3LNTRt + ɛt | |
Tobin's Qt = β0 + β1GOVt + β2CASH_TAt + β3LNTRt + ɛt |
LNMV | dependent | Natural logarithm of market value available on Refinitiv Eikon platform | |
Tobin's Q | dependent | Computed as the relation between market value and total assets | |
ESG | independent | Sustainability disclosure measured through ESG scores available on Refinitiv Eikon | |
ENV | independent | Environmental score available on Refinitiv Eikon | |
SOC | independent | Social score available on Refinitiv Eikon | |
GOV | independent | Corporate governance score available on Refinitiv Eikon | |
CASH_TA | control | Computed as the relationship between cash and cash equivalents value and total assets, both published on Refinitiv Eikon | |
LNTR | control | Natural logarithm of total revenues related to the business activities of the company, available on Refinitiv Eikon |
Coal | 2 |
Oil & Gas | 33 |
Oil- & Gas-Related Equipment and Services | 22 |
Renewable Energy | 4 |
Coal | 10 |
Oil & Gas | 165 |
Oil- & Gas-Related Equipment and Services | 110 |
Renewable Energy | 20 |
Biotechnology & Medical Research | 3 |
Health care Equipment & Supplies | 13 |
Health care Providers & Services | 7 |
Pharmaceuticals | 22 |
Biotechnology & Medical Research | 15 |
Health care Equipment & Supplies | 65 |
Health care Providers & Services | 35 |
Pharmaceuticals | 110 |
Energy | ESG | 1 | 0.895 |
0.905 |
0.676 |
0.483 |
0.050 | −0.213 |
0.618 |
ENV | 0.881 |
1 | 0.764 |
0.434 |
0.473 |
−0.036 | −0.171 |
0.652 |
|
SOC | 0.900 |
0.773 |
1 | 0.396 |
0.394 |
0.068 | −0.219 |
0.458 |
|
GOV | 0.655 |
0.405 |
0.379 |
1 | 0.360 |
0.117 |
−0.141 |
0.443 |
|
LNMV | 0.498 |
0.456 |
0.425 |
0.373 |
1 | 0.394 |
−0.250 |
0.763 |
|
Tobin's Q Ratio | 0.039 | 0.003 | 0.056 | 0.033 | 0.507 |
1 | 0.028 | −0.075 | |
CASH_TA | −0.123 |
−0.083 | −0.145 |
−0.104 | −0.008 | 0.094 | 1 | −0.214 |
|
LNTR | 0.587 |
0.609 |
0.453 |
0.430 |
0.779 |
0.135 | 0.046 | 1 | |
Health care | ESG | 1 | 0.781 |
0.913 |
0.710 |
0.667 |
−0.039 | 0.085 | 0.713 |
ENV | 0.777 |
1 | 0.745 |
0.250 |
0.689 |
0.014 | −0.186 |
0.707 |
|
SOC | 0.910 |
0.753 |
1 | 0.422 |
0.615 |
0.037 | −0.100 | 0.664 |
|
GOV | 0.724 |
0.267 |
0.450 |
1 | 0.355 |
−0.157 |
0.053 | 0.386 |
|
LNMV | 0.679 |
0.684 |
0.653 |
0.368 |
1 | 0.175 |
−0.205 |
0.869 |
|
Tobin's Q Ratio | −0.097 | −0.001 | −0.027 | −0.162 |
0.193 |
1 | 0.146 |
−0.174 |
|
CASH_TA | −0.162 |
−0.169 |
−0.194 |
−0.041 | −0.195 |
0.272 |
1 | −0.292 |
|
LNTR | 0.731 |
0.725 |
0.690 |
0.396 |
0.840 |
−0.240 |
−0.356 |
1 |
ESG (scenario 2) | −0.0002 | |||
(0.0018) | ||||
ENV (scenario 2.1) | −0.0036** | |||
(0.0016) | ||||
SOC (scenario 2.2) | 0.0009 | |||
(0.0014) | ||||
GOV (scenario 2.3) | 0.0021 | |||
(0.0013) | ||||
CASH_TA | 0.2831 | 0.1847 | 0.3197 | 0.3304 |
(0.2632) | (0.2597) | (0.2621) | (0.2582) | |
LNTR | 0.0351*** | 0.0488*** | 0.0305*** | 0.0262*** |
(0.0080) | (0.0069) | (0.0065) | (0.0058) | |
Akaike | 1.4837 | 1.4667 | 1.4824 | 1.4756 |
Schwarz | 1.5203 | 1.5032 | 1.5190 | 1.5122 |
Hannan-Quinn | 1.4983 | 1.4813 | 1.4970 | 1.4903 |
Adj. R2 | −0.0027 | 0.0143 | −0.0013 | 0.0054 |
Log likelihood | −223.2661 | −220.6641 | −223.0603 | −222.0344 |
Durbin-Watson | 0.2033 | 0.2058 | 0.2052 | 0.2103 |
ESG (scenario 1) | −0.0056 | |||
(0.0052) | ||||
ENV (scenario 1.1) | −0.0129** | |||
(0.0045) | ||||
SOC (scenario 1.2) | 0.0023 | |||
(0.0039) | ||||
GOV (scenario 1.3) | −0.0006 | |||
(0.0037) | ||||
CASH_TA | −0.3105 | −0.5215 | −0.0692 | −0.1597 |
(0.7496) | (0.7375) | (0.7482) | (0.7399) | |
LNTR | 0.9976*** | 1.0265*** | 0.9648*** | 0.9767*** |
(0.0226) | (0.0195) | (0.0184) | (0.0166) | |
Akaike | 3.5774 | 3.5541 | 3.5801 | 3.5812 |
Schwarz | 3.6140 | 3.5907 | 3.6167 | 3.6178 |
Hannan-Quinn | 3.5920 | 3.5687 | 3.5948 | 3.5958 |
Adj. R2 | 0.5407 | 0.5513 | 0.5394 | 0.5389 |
Log likelihood | −542.5472 | −539.0004 | −542.9702 | −543.1288 |
Durbin-Watson | 0.2265 | 0.2386 | 0.2265 | 0.2254 |
LNMVt = β0 + β1ESG + β2CASH_TAt + β3LNTRt + ɛt | |
Tobin's Qt = β0 + β1ESGt + β2CASH_TAt + β3LNTRt + ɛt |
ESG (scenario 1) | −0.0038 | |||
(0.0040) | ||||
ENV (scenario 1.1) | −0.0004 | |||
(0.0029) | ||||
SOC (scenario 1.2) | −0.0031 | |||
(0.0033) | ||||
GOV (scenario 1.3) | −0.0017 | |||
(0.0027) | ||||
CASH_TA | 1.8217*** | 1.8113*** | 1.8187*** | 1.8659*** |
(0.5014) | (0.5123) | (0.5015) | (0.5059) | |
LNTR | 1.0734*** | 1.0588*** | 1.0719*** | 1.0635*** |
(0.0174) | (0.0121) | (0.0163) | (0.0111) | |
Akaike | 2.5312 | 2.5353 | 2.5314 | 2.5336 |
Schwarz | 2.5767 | 2.5808 | 2.5769 | 2.5791 |
Hannan-Quinn | 2.5496 | 2.5537 | 2.5498 | 2.5520 |
Adj. R2 | 0.7208 | 0.7197 | 0.7207 | 0.7201 |
Log likelihood | −281.7581 | −282.2180 | −281.7816 | −282.0290 |
Durbin-Watson | 0.3088 | 0.3079 | 0.3106 | 0.3081 |
ESG | 305 | 4.9900 | 98.7500 | 58.8901 | 19.9855 | −0.5624 | 2.8215 | 16.4845 | 0.0003 | |
ENV | 305 | 1.0000 | 94.0000 | 57.3140 | 22.7409 | −0.5413 | 2.6507 | 16.4474 | 0.0003 | |
SOC | 305 | 2.0000 | 96.0000 | 61.3124 | 24.1545 | −0.6612 | 2.4189 | 26.5131 | 0.0000 | |
GOV | 305 | 7.0000 | 98.0000 | 57.3870 | 24.5517 | −0.2045 | 1.8332 | 19.4269 | 0.0000 | |
LNMV | 305 | 7.3267 | 18.7759 | 14.9135 | 2.1252 | −0.7117 | 3.9778 | 37.9005 | 0.0000 | |
Tobin's Q Ratio | 305 | 0.0004 | 4.6385 | 0.5617 | 0.5049 | 3.1138 | 19.3998 | 3910.8030 | 0.0000 | |
CASH_TA | 305 | 0.0007 | 0.9862 | 0.1197 | 0.1073 | 4.0459 | 29.0572 | 9460.8050 | 0.0000 | |
LNTR | 305 | 6.3882 | 19.6587 | 15.2608 | 2.1018 | −0.2113 | 3.3473 | 3.8024 | 0.1494 | |
Valid N (listwise) | 305 | |||||||||
ESG | 225 | 21.2300 | 94.1200 | 62.0992 | 18.4218 | −0.2477 | 2.1167 | 9.6149 | 0.0082 | |
ENV | 225 | 1.0000 | 93.0000 | 53.6667 | 23.9968 | −0.2606 | 2.1027 | 10.0964 | 0.0064 | |
SOC | 225 | 17.0000 | 97.0000 | 69.9067 | 21.4329 | −0.6036 | 2.3739 | 17.3373 | 0.0002 | |
GOV | 225 | 5.0000 | 94.0000 | 56.5333 | 22.6097 | −0.2024 | 2.0184 | 10.5684 | 0.0050 | |
LNMV | 225 | 11.4189 | 19.4157 | 15.9311 | 1.6129 | 0.1496 | 2.6102 | 2.2639 | 0.3224 | |
Tobin's Q Ratio | 225 | 0.0567 | 13.9959 | 2.2169 | 2.3912 | 2.8025 | 11.6745 | 999.9692 | 0.0000 | |
CASH_TA | 225 | 0.0001 | 0.7481 | 0.0859 | 0.1103 | 3.4578 | 16.8211 | 2239.2340 | 0.0000 | |
LNTR | 225 | 9.7116 | 17.9405 | 14.8934 | 1.6427 | −0.0520 | 3.0168 | 0.1042 | 0.9492 | |
Valid N (listwise) | 225 |
ESG (scenario 2) | −0.0016 | |||
(0.0112) | ||||
ENV (scenario 2.1) | 0.0066 | |||
(0.0081) | ||||
SOC (scenario 2.2) | 0.0124 | |||
(0.0093) | ||||
GOV (scenario 2.3) | −0.0179** | |||
(0.0076) | ||||
CASH_TA | 4.0859*** | 4.3167*** | 4.1180*** | 4.4996*** |
(1.4180) | (1.4440) | (1.4125) | (1.4118) | |
LNTR | 0.1288*** | 0.0964*** | 0.0628 | 0.1878*** |
(0.0492) | (0.0341) | (0.0460) | (0.0310) | |
Akaike | 4.6105 | 4.6076 | 4.6026 | 4.5862 |
Schwarz | 4.6560 | 4.6532 | 4.6481 | 4.6317 |
Hannan-Quinn | 4.6289 | 4.6260 | 4.6209 | 4.6046 |
Adj. R2 | −0.0159 | −0.0130 | −0.0079 | 0.0085 |
Log likelihood | −515.6781 | −515.3590 | −514.7872 | −512.9448 |
Durbin-Watson | 0.1602 | 0.1630 | 0.1637 | 0.1699 |