| MarketLeverage | BookLeverage | ||
| (1) | (2) | (3) | (4) |
HHI | −0.122*** |
| −0.089*** |
|
| (0.041) |
| (0.020) |
|
Top4 |
| −0.189*** |
| −0.090*** |
|
| (0.068) |
| (0.032) |
HighESG | 0.030*** | 0.118** | 0.017*** | 0.067*** |
| (0.011) | (0.047) | (0.005) | (0.022) |
HHIxHighESG | 0.053** |
| 0.029** |
|
| (0.026) |
| (0.012) |
|
Top4IxHighESG |
| 0.129** |
| 0.067** |
|
| (0.060) |
| (0.029) |
Profitability | −0.989*** | −0.982*** | −0.515*** | −0.482*** |
| (0.061) | (0.065) | (0.030) | (0.031) |
FirmSize | 0.096*** | 0.106*** | 0.074*** | 0.075*** |
| (0.009) | (0.010) | (0.005) | (0.005) |
Tangibility | 0.412*** | 0.389*** | 0.200*** | 0.171*** |
| (0.046) | (0.051) | (0.022) | (0.024) |
Growth | 0.008** | 0.011*** | 0.003* | 0.002 |
| (0.004) | (0.004) | (0.002) | (0.002) |
Capex | −0.056 | −0.133 | 0.071 | 0.044 |
| (0.105) | (0.117) | (0.050) | (0.055) |
EarningsVol | 0.036 | 0.083 | −0.016 | −0.028 |
| (0.138) | (0.145) | (0.066) | (0.068) |
Constant | −1.105*** | −1.337*** | −0.856*** | −0.899*** |
| (0.129) | (0.150) | (0.062) | (0.071) |
Observations | 5112 | 5112 | 5112 | 5112 |
R-squared | 0.791 | 0.791 | 0.882 | 0.886 |
Firm FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
ROBUST | YES | YES | YES | YES |