International Journal of Corporate Social Responsibility

Table 9 Results of difference-in-differences estimation

From: When and where does it pay to be green? – A look into socially responsible investing and the cost of equity capital

Market Cap	\(-0.180^{***}\)
	(0.031)
Leverage	\(3.171^{***}\)
	(0.194)
Book-to-Market	\(1.143^{***}\)
	(0.056)
Dispersion	\(0.792^{***}\)
	(0.035)
Long-term Growth	\(0.086^{*}\)
	(0.050)
Beta	\(0.361^{***}\)
	(0.048)
Return	1.583
	(1.910)
SRI	0.138
	(0.086)
\(\Delta\)SRI	\(-0.880^{***}\)
	(0.132)
Year FE	Yes
Industry FE	Yes
State FE	Yes
Observations	7,678
R\(^{2}\)	0.443
Adjusted R\(^{2}\)	0.435
F Statistic	\(52.843^{***}\)

*, **, *** denote statistical significance at the 10%, 5%, and the 1% levels, respectively

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