(1) (2) (3) (4)

VARIABLES Reg_FE_Company Reg_FE_Company Reg_FE_Company Reg_FE_Company

1 2 3 4

Happening -8.075e+06*** -8.082e+06*** -8.077e+06*** -1.246e+07***

(512,789) (492,645) (491,462) (702,851)
Worried 9.385e+06*** 9.394e+06*** 9.762e+06*** 1.447e+07***
(558,276) (536,345) (541,269) (764,949)
ROIC 28,947 28,977 29,532
(55,623) (55,489) (54,984)

ROA -241,872* -243,192* -246,055*

(145,785) (145,435) (144,112)

esg_at_or_above_avg -643,970 4.309e+07*** 1.196e+07

(2.206e+06) (9.962e+06) (1.051e+07)

MktVal 28.14*** 28.15*** 28.16***

(1.681) (1.677) (1.662)

happening_esg_inter 8.422e+06***
(974,752)

worried_esg_inter -717,000*** -9.783e+06***

(159,277) (1.061e+06)

Constant 465,364 -6.062e+06 -2.886e+07*** -1.255e+07

(5.512e+06) (5.547e+06) (7.501e+06) (7.668e+06)

Observations 3,999 3,999 3,999 3,999

R-squared 0.074 0.146 0.150 0.166
Standard errors in parentheses
*** p<0.01, ** p<0.05, * p<0.1