|
| 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 |