Figure 1:
Results of the estimated model after the bootstrap method
| Source | SS | df | MS | Number of obs | = | 48 |
|---|---|---|---|---|---|---|
| Replications | = | 1000 | ||||
| Model | 219.472967 | 3 | 73.1576558 | Wald chi2(3) | = | 17.18 |
| Residual | 547.866824 | 44 | 12.4515187 | Prob > chi2 | = | 0.0006 |
| R-squared | = | 0.2860 | ||||
| Total | 767.339792 | 47 | 16.3263785 | Adj R-squared | = | 0.2373 |
| Root MSE | = | 3.5287 | ||||
| ESG | Coefficient | Bootstrap std. err. | t | P>|t| | [95% conf. interval] | |
| x3 | -1.464417 | 0.3656436 | -4.01 | 0.000 | -2.181066 | -0.7477691 |
| x7 | 44.90196 | 22.88734 | 1.96 | 0.050 | 0.0436008 | 89.76032 |
| x8 | -4.44254 | 2.527524 | -1.76 | 0.079 | -9.396396 | 0.5113168 |
| _cons | 30.98511 | 0.9925105 | 31.22 | 0.000 | 29.03983 | 32.9304 |
Variance inflation factor
| Variable | VIF | 1/VIF |
|---|---|---|
| X7 | 1.67 | 0.597577 |
| X8 | 1.51 | 0.664001 |
| X3 | 1.14 | 0.873558 |
Correlation matrix
| Variables | ESG | Mcap | x1 | x2 | x3 | x4 | x5 | x6 | x7 | x8 | x9 | x10 | x11 | x12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ESG | 1.000 | |||||||||||||
| Mcap | -0.717 | 1.000 | ||||||||||||
| x1 | -0.084 | 0.132 | 1.000 | |||||||||||
| x2 | -0.109 | 0.055 | 0.093 | 1.000 | ||||||||||
| x3 | -0.304 | 0.263 | 0.521 | 0.198 | 1.000 | |||||||||
| x4 | -0.024 | 0.155 | -0.028 | 0.061 | 0.241 | 1.000 | ||||||||
| x5 | -0.204 | 0.293 | 0.854 | 0.179 | 0.267 | -0.259 | 1.000 | |||||||
| x6 | -0.361 | 0.486 | 0.194 | 0.390 | 0.511 | 0.062 | 0.281 | 1.000 | ||||||
| x7 | -0.315 | 0.315 | 0.124 | 0.362 | 0.508 | -0.117 | 0.282 | 0.484 | 1.000 | |||||
| x8 | -0.313 | 0.132 | 0.096 | 0.818 | 0.163 | -0.400 | 0.233 | 0.225 | 0.578 | 1.000 | ||||
| x9 | -0.034 | 0.019 | -0.240 | 0.573 | -0.035 | 0.234 | -0.305 | 0.009 | -0.017 | 0.351 | 1.000 | |||
| x10 | 0.188 | -0.148 | 0.679 | -0.041 | -0.198 | -0.143 | 0.622 | -0.134 | -0.237 | -0.122 | -0.242 | 1.000 | ||
| x11 | 0.199 | -0.140 | -0.063 | -0.052 | -0.170 | -0.008 | 0.002 | -0.079 | -0.029 | 0.035 | -0.136 | -0.002 | 1.000 | |
| x12 | -0.012 | 0.058 | -0.464 | -0.006 | -0.230 | 0.047 | -0.462 | -0.042 | -0.080 | 0.057 | 0.617 | -0.391 | -0.313 | 1.000 |
Descriptive statistics
| ESG | Mcap | x1 | x2 | x3 | x4 | x5 | x6 | x7 | x8 | x9 | x10 | x11 | x12 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mean | 28.1 | 6209263153.7 | 2.4 | 20.7 | 2.8 | 13.3 | 0.1 | 0.2 | 0.0 | 0.2 | 3.6 | 1.3 | 130.6 | 1.3 |
| St. Error | 0.6 | 1524382351.7 | 0.4 | 16.9 | 0.2 | 1.4 | 0.0 | 0.0 | 0.0 | 0.1 | 0.7 | 0.2 | 56.2 | 0.1 |
| Median | 28.1 | 2339305764.0 | 1.5 | 2.2 | 2.4 | 10.5 | 0.1 | 0.2 | 0.0 | 0.1 | 1.6 | 0.9 | 10.3 | 1.2 |
| St. Dev. | 4.5 | 12099409816.8 | 2.9 | 123.0 | 1.8 | 10.2 | 0.2 | 0.2 | 0.0 | 0.4 | 4.7 | 1.5 | 413.3 | 0.7 |
| Min. | 17.0 | 78240000.0 | 0.1 | 0.4 | 0.2 | 0.5 | -0.2 | -0.7 | 0.0 | -0.8 | 0.0 | 0.2 | -13.5 | 0.2 |
| Max. | 38.1 | 71680000000.0 | 18.2 | 899.0 | 9.7 | 72.0 | 1.1 | 0.7 | 0.1 | 1.9 | 20.4 | 10.2 | 2522.2 | 3.0 |
| Count | 63.0 | 63.0 | 57.0 | 53.0 | 57.0 | 56.0 | 56.0 | 56.0 | 54.0 | 48.0 | 50.0 | 54.0 | 54.0 | 56.0 |
Results of the estimated model
| Source | SS | df | MS | Number of obs | = | 48 |
|---|---|---|---|---|---|---|
| F(3, 44) | = | 5.88 | ||||
| Model | 219.472967 | 3 | 73.1576558 | Prob > F | = | 0.0018 |
| Residual | 547.866824 | 44 | 12.4515187 | R-squared | = | 0.2860 |
| Adj R-squared | = | 0.2373 | ||||
| Total | 767.339792 | 47 | 16.3263785 | Root MSE | = | 3.5287 |
| ESG | Coefficient | Std. err. | t | P>|t| | [95% conf. interval] | |
| x3 | -1.464417 | 0.4480518 | -3.27 | 0.002 | -2.367407 | -0.5614283 |
| x7 | 44.90196 | 23.09605 | 1.94 | 0.058 | -1.645074 | 91.449 |
| x8 | -4.44254 | 1.631259 | -2.72 | 0.009 | -7.730126 | -1.154953 |
| _cons | 30.98511 | 1.194589 | 25.94 | 0.000 | 28.57758 | 33.39265 |