Variable;"Base Model + Fixed Effects + Controls + R&D Intensity + Lag 1 + Lag 2 + Lag 3 Panel A: GREEN R&D Intensity"
"Panel A: GREEN R&D Intensity"
"Dependent Variable: Log ESG Ratings"
"R-squared (Adjusted)";0.810;0.798;0.812;0.813;0.815;0.815;0.816
LogLagged_ESG;0.254***;0.253***;0.230***;0.229***;0.230***;0.230***;0.230***
LogTotalAssets;-;-;0.033***;0.033***;0.033***;0.033***;0.033***
GDPG;-;-;0.017***;0.017***;0.017***;0.017***;0.017***
UNEM;-;-;0.015***;0.015***;0.015***;0.015***;0.015***
DER;-;-;-0.008**;-0.008**;-0.008**;-0.008**;-0.008**
EPS;-;-;0.003;0.003;0.003;0.003;0.003
TIE;-;-;0.000;0.000;0.000;0.000;0.000
LogGDP;-;-;-0.010***;-0.010***;-0.010***;-0.010***;-0.010***
"Green R&D Intensity";-;-;-;0.007**;0.032***;0.032***;0.032***
"Lag1 Green R&D Intensity";-;-;-;-;-0.027***;-0.027***;-0.027***
"Lag2 Green R&D Intensity";-;-;-;-;-;-0.002;-0.008
"Lag3 Green R&D Intensity";-;-;-;-;-;-;0.009
"Panel B: GENERAL R&D Intensity"
"Dependent Variable: Log ESG Ratings"
"R-squared (Adjusted)";0.810;0.798;0.812;0.812;0.812;0.812;0.812
LogLagged_ESG;0.254***;0.253***;0.230***;0.230***;0.230***;0.230***;0.230***
LogTotalAssets;-;-;0.033***;0.033***;0.033***;0.033***;0.033***
GDPG;-;-;0.017***;0.017***;0.017***;0.017***;0.017***
UNEM;-;-;0.015***;0.015***;0.015***;0.015***;0.015***
DER;-;-;-0.008**;-0.008**;-0.008**;-0.008**;-0.008**
EPS;-;-;0.003;0.003;0.003;0.003;0.003
TIE;-;-;0.000;0.000;0.000;0.000;0.000
LogGDP;-;-;-0.010***;-0.010***;-0.010***;-0.010***;-0.010***
"R&D Intensity";-;-;-;0.003;0.003;0.003;0.003
"Lag1 R&D Intensity";-;-;-;-;-0.005;-0.005;-
"Lag2 R&D Intensity";-;-;-;-;-;-0.000;-
"Lag3 R&D Intensity";-;-;-;-;-;-;-
"Lag1_3 R&D Intensity";-;-;-;-;-;-;-0.060