Table 8 Estimation results for other robustness tests.
Variable | Corporate reputation | Corporate financial performance | Corporate sustainable growth | |||
|---|---|---|---|---|---|---|
| Â | Model (13) | Model (14) | Model (15) | Model (16) | Model (17) | Model (18) |
Constant | \({-1.781}^{*}\) (0.114) | \(-1.775\) (1.709) | 1.141 (0.778) | \({0.179}^{**}\) (0.085) | \(-1.338\) (0.341) | 0.661 (0.435) |
CGEN | -0.138 (0.453) | -1.078 (0.456) | \({0.209}^{*}\) (0.015) | \({0.040}^{**}\) (0.023) | \(0.060\) (0.113) | -0.058 (0.003) |
CAGE | -0.002 (0.009) | -0.022 (0.012) | -0.022 (0.019) | -0.000 (0.001) | \({0.293}^{*}\) (0.005) | \({-0.006}^{*}\) (0.025) |
CEDU | 0.395 (0.299) | 0.484 (0.388) | 0.726 (0.624) | 0.033 (0.019) | \(-0.032\) (0.034) | 0.037 (0.034) |
CDUA | \({-0.180}^{**}\) (0.002) | \({-0.496}^{**}\) (0.043) | 0.711 (0.388) | 0.008 (0.012) | -0.007 (0.027) | 0.013 (0.062) |
CREM | \({0.045}^{**}\) (0.059) | \({0.282}^{*}\) (0.049) | \({0.069}^{**}\) (0.078) | \({0.007}^{*}\) (0.002) | -0.009 (0.004) | 0.014 (0.012) |
CTEN | \({0.209}^{**}\) (0.014) | \({0.194}^{**}\) (0.058) | 0.172 (0.237) | 0.008 (0.007) | \({-0.060}^{**}\) (0.025) | \({0.032}^{**}\) (0.040) |
CNAT | -0.193 (0.438) | 0.074 (0.663) | -0.046 (0.311) | -0.004 (0.033) | 0.025 (0.084) | -0.021 (0.083) |
CBUS | \({-0.221}^{*}\) (0.031) | \({-0.201}^{*}\) (0.092) | \({-0.936}^{*}\) (0.006) | \({-0.013}^{**}\) (0.010) | \(0.012\) (0.017) | -0.003 (0.048) |
LEV | 0.012 (0.008) | 0.005 (0.010) | -0.006 (0.005) | \({-0.001}^{*}\) (0.001) | \({0.005}^{**}\) (0.003) | \({-0.006}^{*}\) (0.003) |
FS | \({1.788}^{*}\) (0.100) | \({3.120}^{*}\) (0.041) | \({0.151}^{*}\) (0.062) | \({0.013}^{**}\) (0.007) | \({-0.008}^{*}\) (0.010) | \({0.004}^{**}\) (0.036) |
TAN | \({1.477}^{*}\) (0.145) | \({1.918}^{*}\) (0.080) | \({-0.611}^{*}\) (0.075) | \({-0.124}^{*}\) (0.029) | \({0.122}^{*}\) (0.062) | \({-0.385}^{*}\) (0.148) |
PROD | \({0.644}^{*}\) (0.191) | \({2.179}^{*}\) (0.053) | \({0.329}^{*}\) (0.118) | \({0.046}^{*}\) (0.013) | -0.205 (0.026) | 0.021 (0.020) |
BS | Â | -0.026 (0.030) | Â | -0.000 (0.001) | Â | -0.004 (0.004) |
BD | Â | \({3.582}^{*}\) (0.078) | Â | -0.007 (0.039) | Â | -0.143 (0.150) |
BIND | Â | \({2.966}^{*}\) (0.090) | Â | -0.015 (0.019) | Â | -0.011 (0.099) |
FBM | Â | \({0.173}^{*}\) (0.045) | Â | \({0.004}^{**}\) (0.002) | Â | 0.005 (0.011) |
PFAMA | Â | 0.053 (0.341) | Â | -0.030 (0.017) | Â | \({0.076}^{*}\) (0.027) |
\({R}^{2} (\mathrm{within})\) | 0.456 | 0.674 | 0.127 | 0.118 | 0.081 | 0.051 |
\({R}^{2}\)(between) | 0.085 | 0.091 | 0.205 | 0.224 | 0.079 | 0.206 |
\({R}^{2}\)(overall) | 0.089 | 0.094 | 0.176 | 0.189 | 0.068 | 0.043 |
F-Statistic | \({68.130}^{*}\) | \({115.47}^{*}\) | \({77.510}^{*}\) | \({77.480}^{*}\) | \({72.820}^{*}\) | \({71.220}^{**}\) |
N | 1104 | 1104 | 1104 | 1104 | 1104 | 1104 |