4: Green Score Model 4 for Table 4.3.

Appendix 4.4: Green Score Model 4 for Table 4.3.

Dependent Variable: GSCORE Method: Least Squares Date: 08/23/11 Time: 12:33 Sample: 1 93 Included observations: 85

Variable Coefficient Std. Error t-Statistic Prob.

-1.965861 0.0533 LOG(SALES)

2.069041 0.0422 LOG(PROFITS)

-1.803225 0.0757 LOG(ASSETS)

LOG(MVALUE)

R-squared 0.891875 Mean dependent var 66.00647 Adjusted R-squared

0.870251 S.D. dependent var 19.54967 S.E. of regression

7.041939 Akaike info criterion 6.900429 Sum squared resid

3471.223 Schwarz criterion 7.331485 Log likelihood

-278.2682 Durbin-Watson stat 1.274502

Breusch-Godfrey Serial Correlation LM Test:

0.897276 Obs*R-squared

Test Equation: Dependent Variable: RESID Method: Least Squares Date: 08/23/11 Time: 13:14 Presample and interior missing value lagged residuals set to zero.

Variable Coefficient Std. Error t-Statistic Prob.

GIMPACT 0.001746 0.044357 0.039355 0.9687 GPOLICY

-0.018603 0.9852 LOG(SALES)

0.063426 0.9496 LOG(PROFITS)

0.037455 0.9702 LOG(ASSETS)

-0.022842 0.9818 LOG(MVALUE)

-0.033935 0.9730 RESID(-1)

-0.140386 0.8888 RESID(-2)

R-squared 0.003181 Mean dependent var 0.008962 Adjusted R-squared

-0.231365 S.D. dependent var 6.428375 S.E. of regression

7.133367 Akaike info criterion 6.944300 Sum squared resid

3460.174 Schwarz criterion 7.432830 Log likelihood

-278.1328 Durbin-Watson stat 1.250463

White Heteroskedasticity Test:

F-statistic

0.018330 Obs*R-squared

Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 08/23/11 Time: 13:14 Sample: 1 93 Included observations: 85

Variable

Coefficient

Std. Error

t-Statistic Prob.

C 43.02191 1059.929 0.040589 0.9678 GIMPACT

0.335982 0.7380 LOG(SALES)

-0.245594 0.8068 (LOG(SALES))^2

0.052677 0.9582 LOG(PROFITS)

-0.533756 0.5954 (LOG(PROFITS))^2

1.513003 0.1354 LOG(ASSETS)

0.389589 0.6982 (LOG(ASSETS))^2

-0.394202 0.6948 LOG(MVALUE)

0.384839 0.7017 (LOG(MVALUE))^2

R-squared 0.413217 Mean dependent var 40.83792 Adjusted R-squared

0.205004 S.D. dependent var 141.9978 S.E. of regression

126.6088 Akaike info criterion 12.74574 Sum squared resid

993847.2 Schwarz criterion 13.40669 Log likelihood

1.984587 Durbin-Watson stat

-518.6940 F-statistic

0.548693 Prob(F-statistic) 0.018330

Ramsey RESET Test:

F-statistic 2.536931 Probability 0.086575

Log likelihood ratio

6.116858 Probability

Test Equation: Dependent Variable: GSCORE Method: Least Squares Date: 08/23/11 Time: 13:14 Sample: 1 93 Included observations: 85

Variable

Coefficient

Std. Error

t-Statistic Prob.

-1.101091 0.2747 LOG(SALES)

1.285316 0.2030 LOG(PROFITS)

-1.182473 0.2411 LOG(ASSETS)

-0.827886 0.4106 LOG(MVALUE)

R-squared 0.899383 Mean dependent var 66.00647 Adjusted R-squared

0.875708 S.D. dependent var 19.54967 S.E. of regression

6.892237 Akaike info criterion 6.875525 Sum squared resid

3230.200 Schwarz criterion 7.364055 Log likelihood

-275.2098 Durbin-Watson stat 1.352964

Dependent Variable: GSCORE Method: Least Squares Date: 08/23/11 Time: 13:34 Sample: 1 93 Included observations: 86

Variable

Coefficient

Std. Error

t-Statistic Prob.

C 60.86349 25.17386 2.417726 0.0179

-0.859946 0.3924 LOG(PROFITS)

LOG(SALES)

-1.366496 0.1756 LOG(ASSETS)

1.969289 0.0523 LOG(MVALUE)

R-squared 0.074118 Mean dependent var 65.74535 Adjusted R-squared

0.028396 S.D. dependent var 19.58461 S.E. of regression

19.30455 Akaike info criterion 8.814940 Sum squared resid

30185.92 Schwarz criterion 8.957634 Log likelihood

1.621043 Durbin-Watson stat

-374.0424 F-statistic

1.588445 Prob(F-statistic) 0.176910

Breusch-Godfrey Serial Correlation LM Test:

F-statistic 0.239415 Probability 0.787657 Obs*R-squared

0.518118 Probability

Test Equation: Dependent Variable: RESID Method: Least Squares Date: 08/23/11 Time: 13:47 Presample and interior missing value lagged residuals set to zero.

Variable

Coefficient

Std. Error

t-Statistic Prob.

0.210407 0.8339 LOG(SALES)

C 5.532779

-0.258992 0.7963 LOG(PROFITS)

0.219369 0.8269 LOG(ASSETS)

0.099174 0.9213 LOG(MVALUE)

-0.113080 0.9103 RESID(-1)

0.840147 0.4034 RESID(-2)

R-squared 0.006025 Mean dependent var -8.62E-15 Adjusted R-squared

-0.069467 S.D. dependent var 18.84485 S.E. of regression

19.48841 Akaike info criterion 8.855409 Sum squared resid

30004.06 Schwarz criterion 9.055181 Log likelihood

0.079805 Durbin-Watson stat

-373.7826 F-statistic

1.749254 Prob(F-statistic) 0.997966

White Heteroskedasticity Test:

F-statistic

0.123556 Obs*R-squared

Test Equation:

Dependent Variable: RESID^2 Method: Least Squares Date: 08/23/11 Time: 13:48 Sample: 1 93 Included observations: 86

Variable Coefficient Std. Error t-Statistic Prob.

C -2665.276 4209.550 -0.633150 0.5285 LOG(SALES)

0.389051 0.6983 (LOG(SALES))^2

-0.628439 0.5316 LOG(PROFITS)

-0.713950 0.4774 (LOG(PROFITS))^2

1.233187 0.2213 LOG(ASSETS)

1.777741 0.0794 (LOG(ASSETS))^2

-1.861806 0.0664 LOG(MVALUE)

-0.115029 0.9087 (LOG(MVALUE))^2

R-squared 0.146637 Mean dependent var 350.9991 Adjusted R-squared

0.057975 S.D. dependent var 598.1913 S.E. of regression

580.5922 Akaike info criterion 15.66473 Sum squared resid

25955721 Schwarz criterion 15.92159 Log likelihood

1.653900 Durbin-Watson stat

-664.5836 F-statistic

1.104519 Prob(F-statistic) 0.123556

Ramsey RESET Test:

F-statistic 1.699734 Probability 0.189346 Log likelihood ratio

3.623277 Probability

Test Equation: Dependent Variable: GSCORE Method: Least Squares Date: 08/23/11 Time: 13:48 Sample: 1 93 Included observations: 86

Variable Coefficient Std. Error t-Statistic Prob.

-0.142235 0.8873 LOG(SALES)

C -686.4959

0.113323 0.9101 LOG(PROFITS)

0.109773 0.9129 LOG(ASSETS)

-0.109821 0.9128 LOG(MVALUE)

-0.107873 0.9144 FITTED^2

0.177239 0.8598 FITTED^3

R-squared 0.112316 Mean dependent var 65.74535 Adjusted R-squared

0.044897 S.D. dependent var 19.58461 S.E. of regression

19.13992 Akaike info criterion 8.819320 Sum squared resid

28940.57 Schwarz criterion 9.019093 Log likelihood

1.665945 Durbin-Watson stat

-372.2308 F-statistic

1.630672 Prob(F-statistic) 0.140373

Appendix 4.5: Green Representative Survey fo

Dependent Variable: GREP Method: Least Squares Date: 08/23/11 Time: 15:00 Sample: 1 93 Included observations: 92

Variable Coefficient Std. Error t-Statistic Prob.

C 56.29620 5.752681 9.786081 0.0000 STECH

R-squared 0.443215 Mean dependent var 57.84065 Adjusted R-squared

0.358640 S.D. dependent var 19.61976 S.E. of regression

15.71248 Akaike info criterion 8.477055 Sum squared resid

19503.68 Schwarz criterion 8.833395 Log likelihood

5.240492 Durbin-Watson stat

-376.9445 F-statistic

2.129578 Prob(F-statistic) 0.000002

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