Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business

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Table I Firms assessed by KLD each year This table shows the number of firms with ESG scores in each year from 1992 through 2007. Year Firms 1992 586 1993 577 1994 560 1995 563 1996 556 1997 550 1998 540 1999 527 2000 545 2001 554 2002 886 2003 1001 2004 2328 2005 2342 2006 2278 2007 2247 27
Table II Firm Operating Performance and ESG Net Scores This table shows the relation between a firm’s operating performance and its ESG net scores for each attribute separately, with the environmental net scores in column (1), the social responsibility net scores in column (2) and the governance net scores in column (3). The dependent variables are Earnings Before Interest and Taxes (EBIT)/Assets. All regressions include industry and year effects, where industry is defined using Fama-French (1993) 48-industry classification. Standard errors are clustered at the firm level. [1] [2] [3] EBIT/Assets EBIT/Assets EBIT/Assets Environmental net score 0.00771*** (4.62) Social responsibility net score 0.000687 (0.87) Governance net score 0.0115*** (5.81) ln (market equity) 0.0240*** 0.0231*** 0.0257*** (15.68) (15.07) (16.13) ln (book-to-market) -0.00233 -0.00288 -0.00223 (-0.61) (-0.75) (-0.58) Observations 20960 20960 20960 R-squared 0.07 0.07 0.07 t-statistics in parentheses *** p
Page 1 and 2: FIRMS’ ENVIRONMENTAL, SOCIAL AND
Page 3 and 4: that 31 of the top 50 institutional
Page 5 and 6: underlying meaning for everyone - s
Page 7 and 8: struggled with identification issue
Page 9 and 10: In aggregate our findings suggest t
Page 11 and 12: indicators in each of the three ESG
Page 13 and 14: esults that are consistent with the
Page 15 and 16: Recall that Benabou and Tirole’s
Page 17 and 18: On average, firms with 1 unit net E
Page 19 and 20: contrast, we find significant negat
Page 21 and 22: In Table VIII, we report the result
Page 23 and 24: The results of this analysis are re
Page 25 and 26: suggesting that institutional inves
Page 27: Fisher-Vanden, Karen, and Karin S.
Page 31 and 32: Panel C. Governance Net Score [1] [
Page 33 and 34: Panel B: Total Direct Compensation
Page 35 and 36: Table VI Relation between Fraction
Page 37 and 38: Table VII Changes in ESG Scores ove
Page 39 and 40: Table VIII Changes in ESG Scores an
Page 41 and 42: C. Governance (1) (2) (3) (4) (5) (
Page 43 and 44: Figure 1a: Histogram of Environment

Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business

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