Table 1 Regression (1) Bloomberg ESG Disclosure = RobecoSAM + Control Variables
ModelUnstandardized CoefficientsStandardized CoefficientsTSig.
BStd. ErrorBeta
1(Constant)9.2904.1562.236.026
RobecoSAM Ranking.308.013.61624.414.000
Size1.150.424.0692.713.007
ESSI7.545.825.2289.146.000
a. Dependent Variable: Bloomberg ESG Disclosure Score

Adjusted R square .455

 

Table 2 Regression (2) Bloomberg ESG Disclosure = Sustainalytics_Rank + Control Variables
ModelUnstandardized CoefficientsStandardized CoefficientsTSig.Collinearity Statistics
BStd. ErrorBetaToleranceVIF
1(Constant)-2.1674.809-.451.652
ESSI6.783.909.2027.466.000.9761.025
Size1.853.487.1043.804.000.9541.048
Sustainalytics Ranking.352.015.64223.658.000.9711.030
a. Dependent Variable: Bloomberg ESG Disclosure Score

 

Table 3

Regression (3) RobecoSAM = Sustainalytics_Rank + Control Variables

ModelUnstandardized CoefficientsStandardized CoefficientsTSig.Collinearity Statistics
BStd. ErrorBetaToleranceVIF
1(Constant)-22.7289.472-2.400.017
ESSI-.0081.794.000-.004.996.9771.024
Size3.717.959.1103.877.000.9571.045
Sustainalytics Ranking.680.029.65723.268.000.9721.029
a. Dependent Variable: RobecoSAM Ranking

 

Table 4

Mean Value of the Scores

Descriptive Statistics
 NMean
Bloomberg ESG Disclosure Score92538.49
RobecoSAM Ranking91852.00
Sustainalytics Ranking69562.37
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 ScoreNMeanStd. DeviationSig. (2-tailed)
 2016 Enterprise Value
(in millions)
≥ 3844532309.9221628.892.034
< 3837629208.7719993.294 
2016 ROE≥ 3849019.087649460.50105170.322
< 3841115.879638927.86115626 

 

Table 6

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

Sustainalytics RankingNMeanStd. DeviationSig. (2-tailed)
 2016 Enterprise Value
(in millions)
≥ 6234832719.5321810.549.933
 < 6228332574.7321187.098
2016 ROE≥ 6238122.474040269.171.050
 < 6229614.344530119.819

 

Table 7

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

RobecoSAM RankingNMeanStd. DeviationStd. Error MeanSignificance
2016 ROE≥ 5244716.966906334.706156741.64154489 
< 5244219.301534457.503144492.735145660.463
 2016 Enterprise Value  (iIn Mmillions)≥ 5240832469.5121702.7991074.449 
< 5240229203.9819507.080972.9250.025