Table 14 Subsample analysis: market capitalization and E-score

Panel A: Grouping by market capitalization

LOGGREEN

0.005**

0.005*

0.007***

0.005***

0.007***

0.003*

(2.38)

(1.92)

(4.17)

(2.81)

(4.11)

(1.78)

Constant

0.146***

0.185***

− 0.027

0.014

− 0.246***

− 0.233***

(3.70)

(4.57)

(-0.94)

(0.47)

(-21.20)

(-17.02)

Control

Y

Y

Y

Y

Y

Y

Industry F.E

N

Y

N

Y

N

Y

Year/month F.E

Y

Y

Y

Y

Y

Y

Observations

60,915

60,915

88,957

88,957

71,628

71,628

Adjusted R²

0.4118

0.4128

0.3866

0.3882

0.3308

0.3325

Panel B: Grouping by E-scores

LOGGREEN

0.007***

0.006**

0.014***

0.012***

0.005**

0.003

(2.75)

(2.49)

(6.36)

(5.36)

(2.21)

(1.24)

Constant

− 0.157***

− 0.125***

− 0.188***

− 0.176***

− 0.202***

− 0.176***

(− 8.45)

(− 5.89)

(− 15.15)

(− 13.12)

(− 17.40)

(− 12.78)

Control

Y

Y

Y

Y

Y

Y

Industry F.E

N

Y

N

Y

N

Y

Year/month F.E

Y

Y

Y

Y

Y

Y

Observations

58,274

58,274

95,743

95,743

67,483

67,483

Adjusted R²

0.3515

0.3534

0.3797

0.3809

0.3490

0.3502