Table 3 Results of baseline and IV regressions
FE | IV (1) | IV (2) | |||
|---|---|---|---|---|---|
First Stage | Second Stage | First Stage | Second Stage | ||
Market Cap | \(-0.030^{***}\) | \(0.426^{***}\) | -0.016 | \(0.426^{***}\) | -0.017 |
(0.011) | (0.079) | (0.013) | (0.079) | (0.013) | |
Leverage | \(2.565^{***}\) | -0.349 | \(2.537^{***}\) | -0.359 | \(2.539^{***}\) |
(0.104) | (0.323) | (0.105) | (0.323) | (0.105) | |
Book-to-Market | \(1.436^{***}\) | \(0.160^{**}\) | \(1.433^{***}\) | \(0.161^{**}\) | \(1.433^{***}\) |
(0.028) | (0.080) | (0.028) | (0.080) | (0.028) | |
Dispersion | \(0.370^{***}\) | 0.017 | \(0.367^{***}\) | 0.017 | \(0.367^{***}\) |
(0.017) | (0.041) | (0.017) | (0.041) | (0.017) | |
Long-term Growth | \(-0.057^{***}\) | 0.032 | \(-0.055^{***}\) | 0.033 | \(-0.055^{***}\) |
(0.021) | (0.073) | (0.021) | (0.073) | (0.021) | |
Beta | \(0.397^{***}\) | -0.017 | \(0.395^{***}\) | -0.025 | \(0.395^{***}\) |
(0.026) | (0.056) | (0.027) | (0.057) | (0.026) | |
Return | \(0.044^{***}\) | \(-0.067^{***}\) | \(0.038^{***}\) | \(-0.068^{***}\) | \(0.038^{***}\) |
(0.012) | (0.023) | (0.012) | (0.023) | (0.012) | |
SRI | 0.071 | \(-0.574^{**}\) | \(-0.530^{*}\) | ||
(0.073) | (0.280) | (0.279) | |||
Affiliation | \(0.971^{***}\) | \(0.953^{***}\) | |||
(0.171) | (0.171) | ||||
Sierra Club | 0.270 | ||||
(0.173) | |||||
Year FE | Yes | Yes | Yes | ||
Industry FE | Yes | Yes | Yes | ||
State FE | Yes | Yes | Yes | ||
Observations | 12,134 | 12,134 | 12,134 | 12,134 | 12,134 |
R\(^{2}\) | 0.653 | 0.651 | 0.651 | ||
Adjusted R\(^{2}\) | 0.650 | 0.648 | 0.648 | ||
\(F-\)Statistic | 228.78 | 232.19 | |||