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Table 1 Regression (1) Bloomberg ESG Disclosure = RobecoSAM + Control Variables
Model Unstandardized Coefficients Standardized Coefficients T Sig.
B Std. Error Beta
1 (Constant) 9.290 4.156 2.236 .026
RobecoSAM Ranking .308 .013 .616 24.414 .000
Size 1.150 .424 .069 2.713 .007
ESSI 7.545 .825 .228 9.146 .000
a. Dependent Variable: Bloomberg ESG Disclosure Score

Adjusted R square .455

 

Table 2 Regression (2) Bloomberg ESG Disclosure = Sustainalytics_Rank + Control Variables
Model Unstandardized Coefficients Standardized Coefficients T Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -2.167 4.809 -.451 .652
ESSI 6.783 .909 .202 7.466 .000 .976 1.025
Size 1.853 .487 .104 3.804 .000 .954 1.048
Sustainalytics Ranking .352 .015 .642 23.658 .000 .971 1.030
a. Dependent Variable: Bloomberg ESG Disclosure Score

 

Table 3

Regression (3) RobecoSAM = Sustainalytics_Rank + Control Variables

Model Unstandardized Coefficients Standardized Coefficients T Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -22.728 9.472 -2.400 .017
ESSI -.008 1.794 .000 -.004 .996 .977 1.024
Size 3.717 .959 .110 3.877 .000 .957 1.045
Sustainalytics Ranking .680 .029 .657 23.268 .000 .972 1.029
a. Dependent Variable: RobecoSAM Ranking

 

Table 4

Mean Value of the Scores

Descriptive Statistics
  N Mean
Bloomberg ESG Disclosure Score 925 38.49
RobecoSAM Ranking 918 52.00
Sustainalytics Ranking 695 62.37
Valid N (listwise) 619

 

Table 5

Difference in Means between Companies in the Top and Bottom of the Bloomberg ESG Disclosure Score

Bloomberg ESG Disclosure Score N Mean Std. Deviation Sig. (2-tailed)
 2016 Enterprise Value
(in millions)
≥ 38 445 32309.92 21628.892 .034
< 38 376 29208.77 19993.294  
2016 ROE ≥ 38 490 19.0876494 60.50105170 .322
< 38 411 15.8796389 27.86115626  

 

Table 6

Difference in Means between Companies in the Top and Bottom of the Sustainalytics Ranking

Sustainalytics Ranking N Mean Std. Deviation Sig. (2-tailed)
 2016 Enterprise Value
(in millions)
≥ 62 348 32719.53 21810.549 .933
  < 62 283 32574.73 21187.098
2016 ROE ≥ 62 381 22.4740402 69.171 .050
  < 62 296 14.3445301 19.819

 

Table 7

Difference in Means between Companies in the Top and Bottom of the RobecoSAM Ranking

RobecoSAM Ranking N Mean Std. Deviation Std. Error Mean Significance
2016 ROE ≥ 52 447 16.9669063 34.70615674 1.64154489  
< 52 442 19.3015344 57.50314449 2.73514566 0.463
 2016 Enterprise Value  (iIn Mmillions) ≥ 52 408 32469.51 21702.799 1074.449  
< 52 402 29203.98 19507.080 972.925 0.025