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Environmental, Social And Governance (Esg) Disclosure And Financial Performance

Table 1:

Model (1)Pooled OLS Model (2)Random Effect Model (3)Fixed Effect Model (4)OLS with Hetero & Serial Correlation
Constant 2.83(0.005) 4.03 (0.000) 3.91 0.000 2.91 (0.005)
ESG 0.38(0.703) -3.10 (0.002)*** -2.07 (0.039)** -2.00 (0.050)**
EFC 11.92(0.000)*** 8.96 (0.000)*** 8.95 (0.000)*** 6.47 (0.000)***
LEV -3.17(0.002)*** -1.98 (0.048)*** -1.17 (0.242) 1.21 (0.231)
SIZE 4.23( 0.000)*** 3.30 (0.001)*** 1.96 (0.051)* 1.38 (0.171)
BP- LM Test 489.34(0.0000)*** - -
Hausman Test - 45.09(0.0000)*** -
Observation 483 483 483 483
r-square 0.2603 0.2427 0.2289 0.2289
Model Fit(F-Stat) 42.05(0.000)*** 26.59 (0.000)*** 12.65(0.000)***
Multicollinearity(mean VIF) 1.21 1.21 1.21 1.21
Heteroskedasticity ( ϰ 2 -Stat) - - 56571.71(0.000)*** -
Serial Correlation(F-Stat) - - 12.619(0.000)*** -
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