| Variable | Tobin Q 1 | ENV | Tobin Q 3 | |||
| α | p | β | p | γ | p | |
| STR | −0.119 | 0.028* | 0.334 | 0.000** | −0.101 | 0.093 |
| ENV |
|
|
|
| −0.13 | 0.023* |
| LEVERAGE | −0.521 | 0.000** | 0.010* | 0.881 | −0.482 | 0.000** |
| GROWTH | 0.002** | 0.966 | −0.049* | 0.425 | −0.012* | 0.83 |
| R2 | 0.316 | 0.108 | 0.303 | |||