| Variables | FE | RE |
| Constant | 0.09 | 0.0265 |
| Green | −0.007 | −0.003 |
| Size | −0.003 | −0.0004 |
| LEV | −0.003 | 0.0044 |
| ROA | 0.007 | 0.0018 |
| Inver | 0.013 | 0.0134 |
| Chi-square test value |
| 30.856 |
| P-value |
| 0.0000 |