Table 3. Open in new tab Unionization...

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
UNIONIZATION	0.0539**	0.1269**	0.0481**	0.1122***	−0.0331**	−0.0569**	−0.0731**	−0.0522**	−0.1090***	−0.0302**
	(2.1402)	(2.2241)	(2.5002)	(3.7973)	(−2.4914)	(−2.2271)	(−2.2856)	(−2.1714)	(−2.6902)	(−2.3565)
CAPEX	−0.0414	−0.0293	0.2270**	0.0896	0.0639	−0.4177**	−0.3322**	0.0426	−0.0317	0.0660
	(−0.2670)	(−0.0588)	(2.2188)	(0.5518)	(0.8641)	(−2.0320)	(−1.9957)	(0.3761)	(−0.0920)	(0.7946)
EBITDA	0.0257	−0.1872	0.0024	0.0623	0.0234	0.1197	−0.0324	−0.0224	−0.0308	−0.0550
	(0.2647)	(−0.8250)	(0.0336)	(0.7001)	(0.5675)	(1.2075)	(−0.2906)	(−0.3465)	(−0.2211)	(−1.0464)
SGA	−0.0960***	−0.0511	−0.0435	−0.0121	−0.0298*	0.0008	−0.0047	−0.0158	0.0159	−0.0071
	(−2.7832)	(−0.4603)	(−1.4700)	(−0.2943)	(−1.7182)	(0.0212)	(−0.1140)	(−0.5798)	(0.2739)	(−0.3585)
CHG_NOLCF	−0.1425	0.0555	−0.0616	0.0808	−0.0068	0.1773	−0.1731*	0.0159	0.1029	−0.0138
	(−1.5441)	(0.2724)	(−0.9039)	(0.9518)	(−0.1671)	(1.1989)	(−1.8523)	(0.2729)	(0.6864)	(−0.3453)
LEVERAGE	0.0127	0.1670	0.0738**	−0.0545	−0.0151	−0.0728	0.0048	0.0160	−0.0580	−0.0079
	(0.2997)	(1.3601)	(2.1907)	(−1.2145)	(−0.7993)	(−1.4668)	(0.1015)	(0.4294)	(−0.8304)	(−0.3674)
NOLCF	0.0288*	−0.0584	0.0101	−0.0126	0.0001	−0.0238	0.0382**	−0.0026	–0.0340	0.0083
	(1.6492)	(−1.5155)	(0.7328)	(−0.7278)	(0.0107)	(−0.9396)	(2.1670)	(−0.2316)	(−1.2431)	(1.1152)
SIZE	−0.0268*	−0.0450	−0.0043	−0.0104	0.0126*	0.0257*	0.0408**	0.0189	0.0332	−0.0144*
	(−1.7261)	(−1.3142)	(−0.3242)	(−0.6391)	(1.8243)	(1.6898)	(2.5539)	(1.6016)	(1.3226)	(−1.7517)
LOSS	0.0188	−0.0350	0.0068	−0.0018	−0.0011	−0.0142	−0.0083	0.0037	−0.0408	0.0032
	(1.0944)	(−0.9122)	(0.5179)	(−0.0969)	(−0.1354)	(−0.8692)	(−0.5170)	(0.3059)	(−1.6182)	(0.4184)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry × Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240
R²	0.69	0.68	0.73	0.75	0.66	0.73	0.80	0.66	0.70	0.73

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

Internal metrics

External metrics

S_Employment

S_Training

S_Diversity

S_Health

E_Emission

E_Resource

E_Product

S_Community

S_Human

S_Product

UNIONIZATION

0.0539**

0.1269**

0.0481**

0.1122***

−0.0331**

−0.0569**

−0.0731**

−0.0522**

−0.1090***

−0.0302**

(2.1402)

(2.2241)

(2.5002)

(3.7973)

(−2.4914)

(−2.2271)

(−2.2856)

(−2.1714)

(−2.6902)

(−2.3565)

CAPEX

−0.0414

−0.0293

0.2270**

0.0896

0.0639

−0.4177**

−0.3322**

0.0426

−0.0317

0.0660

(−0.2670)

(−0.0588)

(2.2188)

(0.5518)

(0.8641)

(−2.0320)

(−1.9957)

(0.3761)

(−0.0920)

(0.7946)

EBITDA

0.0257

−0.1872

0.0024

0.0623

0.0234

0.1197

−0.0324

−0.0224

−0.0308

−0.0550

(0.2647)

(−0.8250)

(0.0336)

(0.7001)

(0.5675)

(1.2075)

(−0.2906)

(−0.3465)

(−0.2211)

(−1.0464)

SGA

−0.0960***

−0.0511

−0.0435

−0.0121

−0.0298*

0.0008

−0.0047

−0.0158

0.0159

−0.0071

(−2.7832)

(−0.4603)

(−1.4700)

(−0.2943)

(−1.7182)

(0.0212)

(−0.1140)

(−0.5798)

(0.2739)

(−0.3585)

CHG_NOLCF

−0.1425

0.0555

−0.0616

0.0808

−0.0068

0.1773

−0.1731*

0.0159

0.1029

−0.0138

(−1.5441)

(0.2724)

(−0.9039)

(0.9518)

(−0.1671)

(1.1989)

(−1.8523)

(0.2729)

(0.6864)

(−0.3453)

LEVERAGE

0.0127

0.1670

0.0738**

−0.0545

−0.0151

−0.0728

0.0048

0.0160

−0.0580

−0.0079

(0.2997)

(1.3601)

(2.1907)

(−1.2145)

(−0.7993)

(−1.4668)

(0.1015)

(0.4294)

(−0.8304)

(−0.3674)

NOLCF

0.0288*

−0.0584

0.0101

−0.0126

0.0001

−0.0238

0.0382**

−0.0026

–0.0340

0.0083

(1.6492)

(−1.5155)

(0.7328)

(−0.7278)

(0.0107)

(−0.9396)

(2.1670)

(−0.2316)

(−1.2431)

(1.1152)

SIZE

−0.0268*

−0.0450

−0.0043

−0.0104

0.0126*

0.0257*

0.0408**

0.0189

0.0332

−0.0144*

(−1.7261)

(−1.3142)

(−0.3242)

(−0.6391)

(1.8243)

(1.6898)

(2.5539)

(1.6016)

(1.3226)

(−1.7517)

LOSS

0.0188

−0.0350

0.0068

−0.0018

−0.0011

−0.0142

−0.0083

0.0037

−0.0408

0.0032

(1.0944)

(−0.9122)

(0.5179)

(−0.0969)

(−0.1354)

(−0.8692)

(−0.5170)

(0.3059)

(−1.6182)

(0.4184)

Firm FE

Yes

Industry × Year FE

Yes

Observations

4,240

R²

0.69

0.68

0.73

0.75

0.66

0.73

0.80

0.66

0.70

0.73

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
UNIONIZATION	0.0539**	0.1269**	0.0481**	0.1122***	−0.0331**	−0.0569**	−0.0731**	−0.0522**	−0.1090***	−0.0302**
	(2.1402)	(2.2241)	(2.5002)	(3.7973)	(−2.4914)	(−2.2271)	(−2.2856)	(−2.1714)	(−2.6902)	(−2.3565)
CAPEX	−0.0414	−0.0293	0.2270**	0.0896	0.0639	−0.4177**	−0.3322**	0.0426	−0.0317	0.0660
	(−0.2670)	(−0.0588)	(2.2188)	(0.5518)	(0.8641)	(−2.0320)	(−1.9957)	(0.3761)	(−0.0920)	(0.7946)
EBITDA	0.0257	−0.1872	0.0024	0.0623	0.0234	0.1197	−0.0324	−0.0224	−0.0308	−0.0550
	(0.2647)	(−0.8250)	(0.0336)	(0.7001)	(0.5675)	(1.2075)	(−0.2906)	(−0.3465)	(−0.2211)	(−1.0464)
SGA	−0.0960***	−0.0511	−0.0435	−0.0121	−0.0298*	0.0008	−0.0047	−0.0158	0.0159	−0.0071
	(−2.7832)	(−0.4603)	(−1.4700)	(−0.2943)	(−1.7182)	(0.0212)	(−0.1140)	(−0.5798)	(0.2739)	(−0.3585)
CHG_NOLCF	−0.1425	0.0555	−0.0616	0.0808	−0.0068	0.1773	−0.1731*	0.0159	0.1029	−0.0138
	(−1.5441)	(0.2724)	(−0.9039)	(0.9518)	(−0.1671)	(1.1989)	(−1.8523)	(0.2729)	(0.6864)	(−0.3453)
LEVERAGE	0.0127	0.1670	0.0738**	−0.0545	−0.0151	−0.0728	0.0048	0.0160	−0.0580	−0.0079
	(0.2997)	(1.3601)	(2.1907)	(−1.2145)	(−0.7993)	(−1.4668)	(0.1015)	(0.4294)	(−0.8304)	(−0.3674)
NOLCF	0.0288*	−0.0584	0.0101	−0.0126	0.0001	−0.0238	0.0382**	−0.0026	–0.0340	0.0083
	(1.6492)	(−1.5155)	(0.7328)	(−0.7278)	(0.0107)	(−0.9396)	(2.1670)	(−0.2316)	(−1.2431)	(1.1152)
SIZE	−0.0268*	−0.0450	−0.0043	−0.0104	0.0126*	0.0257*	0.0408**	0.0189	0.0332	−0.0144*
	(−1.7261)	(−1.3142)	(−0.3242)	(−0.6391)	(1.8243)	(1.6898)	(2.5539)	(1.6016)	(1.3226)	(−1.7517)
LOSS	0.0188	−0.0350	0.0068	−0.0018	−0.0011	−0.0142	−0.0083	0.0037	−0.0408	0.0032
	(1.0944)	(−0.9122)	(0.5179)	(−0.0969)	(−0.1354)	(−0.8692)	(−0.5170)	(0.3059)	(−1.6182)	(0.4184)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry × Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240
R²	0.69	0.68	0.73	0.75	0.66	0.73	0.80	0.66	0.70	0.73

Table 3.

Open in new tab

Unionization rate and E&S score changes.

This table presents the OLS regression results with fixed effects. The dependent variables are the percentage change of equal-weighted E&S indicators in the next year (year t + 1) and are defined in Table 1. The independent variable of interest is the firm–year unionization rate. Industry × Year fixed effects, firm fixed effects, and firm–year controls, including LEVERAGE, SIZE, CHG_NOLCF, NOLCF, LOSS, SGA, CAPEX, and EBITDA, are included in all regressions. Standard errors are clustered by firm. Robust t-statistics are in parentheses. ***, **, and * indicate significance at 1 percent, 5 percent, and 10 percent.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Internal metrics				External metrics
	S_Employment	S_Training	S_Diversity	S_Health	E_Emission	E_Resource	E_Product	S_Community	S_Human	S_Product
UNIONIZATION	0.0539**	0.1269**	0.0481**	0.1122***	−0.0331**	−0.0569**	−0.0731**	−0.0522**	−0.1090***	−0.0302**
	(2.1402)	(2.2241)	(2.5002)	(3.7973)	(−2.4914)	(−2.2271)	(−2.2856)	(−2.1714)	(−2.6902)	(−2.3565)
CAPEX	−0.0414	−0.0293	0.2270**	0.0896	0.0639	−0.4177**	−0.3322**	0.0426	−0.0317	0.0660
	(−0.2670)	(−0.0588)	(2.2188)	(0.5518)	(0.8641)	(−2.0320)	(−1.9957)	(0.3761)	(−0.0920)	(0.7946)
EBITDA	0.0257	−0.1872	0.0024	0.0623	0.0234	0.1197	−0.0324	−0.0224	−0.0308	−0.0550
	(0.2647)	(−0.8250)	(0.0336)	(0.7001)	(0.5675)	(1.2075)	(−0.2906)	(−0.3465)	(−0.2211)	(−1.0464)
SGA	−0.0960***	−0.0511	−0.0435	−0.0121	−0.0298*	0.0008	−0.0047	−0.0158	0.0159	−0.0071
	(−2.7832)	(−0.4603)	(−1.4700)	(−0.2943)	(−1.7182)	(0.0212)	(−0.1140)	(−0.5798)	(0.2739)	(−0.3585)
CHG_NOLCF	−0.1425	0.0555	−0.0616	0.0808	−0.0068	0.1773	−0.1731*	0.0159	0.1029	−0.0138
	(−1.5441)	(0.2724)	(−0.9039)	(0.9518)	(−0.1671)	(1.1989)	(−1.8523)	(0.2729)	(0.6864)	(−0.3453)
LEVERAGE	0.0127	0.1670	0.0738**	−0.0545	−0.0151	−0.0728	0.0048	0.0160	−0.0580	−0.0079
	(0.2997)	(1.3601)	(2.1907)	(−1.2145)	(−0.7993)	(−1.4668)	(0.1015)	(0.4294)	(−0.8304)	(−0.3674)
NOLCF	0.0288*	−0.0584	0.0101	−0.0126	0.0001	−0.0238	0.0382**	−0.0026	–0.0340	0.0083
	(1.6492)	(−1.5155)	(0.7328)	(−0.7278)	(0.0107)	(−0.9396)	(2.1670)	(−0.2316)	(−1.2431)	(1.1152)
SIZE	−0.0268*	−0.0450	−0.0043	−0.0104	0.0126*	0.0257*	0.0408**	0.0189	0.0332	−0.0144*
	(−1.7261)	(−1.3142)	(−0.3242)	(−0.6391)	(1.8243)	(1.6898)	(2.5539)	(1.6016)	(1.3226)	(−1.7517)
LOSS	0.0188	−0.0350	0.0068	−0.0018	−0.0011	−0.0142	−0.0083	0.0037	−0.0408	0.0032
	(1.0944)	(−0.9122)	(0.5179)	(−0.0969)	(−0.1354)	(−0.8692)	(−0.5170)	(0.3059)	(−1.6182)	(0.4184)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry × Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240
R²	0.69	0.68	0.73	0.75	0.66	0.73	0.80	0.66	0.70	0.73

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Internal metrics				External metrics
	S_Employment	S_Training	S_Diversity	S_Health	E_Emission	E_Resource	E_Product	S_Community	S_Human	S_Product
UNIONIZATION	0.0539**	0.1269**	0.0481**	0.1122***	−0.0331**	−0.0569**	−0.0731**	−0.0522**	−0.1090***	−0.0302**
	(2.1402)	(2.2241)	(2.5002)	(3.7973)	(−2.4914)	(−2.2271)	(−2.2856)	(−2.1714)	(−2.6902)	(−2.3565)
CAPEX	−0.0414	−0.0293	0.2270**	0.0896	0.0639	−0.4177**	−0.3322**	0.0426	−0.0317	0.0660
	(−0.2670)	(−0.0588)	(2.2188)	(0.5518)	(0.8641)	(−2.0320)	(−1.9957)	(0.3761)	(−0.0920)	(0.7946)
EBITDA	0.0257	−0.1872	0.0024	0.0623	0.0234	0.1197	−0.0324	−0.0224	−0.0308	−0.0550
	(0.2647)	(−0.8250)	(0.0336)	(0.7001)	(0.5675)	(1.2075)	(−0.2906)	(−0.3465)	(−0.2211)	(−1.0464)
SGA	−0.0960***	−0.0511	−0.0435	−0.0121	−0.0298*	0.0008	−0.0047	−0.0158	0.0159	−0.0071
	(−2.7832)	(−0.4603)	(−1.4700)	(−0.2943)	(−1.7182)	(0.0212)	(−0.1140)	(−0.5798)	(0.2739)	(−0.3585)
CHG_NOLCF	−0.1425	0.0555	−0.0616	0.0808	−0.0068	0.1773	−0.1731*	0.0159	0.1029	−0.0138
	(−1.5441)	(0.2724)	(−0.9039)	(0.9518)	(−0.1671)	(1.1989)	(−1.8523)	(0.2729)	(0.6864)	(−0.3453)
LEVERAGE	0.0127	0.1670	0.0738**	−0.0545	−0.0151	−0.0728	0.0048	0.0160	−0.0580	−0.0079
	(0.2997)	(1.3601)	(2.1907)	(−1.2145)	(−0.7993)	(−1.4668)	(0.1015)	(0.4294)	(−0.8304)	(−0.3674)
NOLCF	0.0288*	−0.0584	0.0101	−0.0126	0.0001	−0.0238	0.0382**	−0.0026	–0.0340	0.0083
	(1.6492)	(−1.5155)	(0.7328)	(−0.7278)	(0.0107)	(−0.9396)	(2.1670)	(−0.2316)	(−1.2431)	(1.1152)
SIZE	−0.0268*	−0.0450	−0.0043	−0.0104	0.0126*	0.0257*	0.0408**	0.0189	0.0332	−0.0144*
	(−1.7261)	(−1.3142)	(−0.3242)	(−0.6391)	(1.8243)	(1.6898)	(2.5539)	(1.6016)	(1.3226)	(−1.7517)
LOSS	0.0188	−0.0350	0.0068	−0.0018	−0.0011	−0.0142	−0.0083	0.0037	−0.0408	0.0032
	(1.0944)	(−0.9122)	(0.5179)	(−0.0969)	(−0.1354)	(−0.8692)	(−0.5170)	(0.3059)	(−1.6182)	(0.4184)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry × Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240	4,240
R²	0.69	0.68	0.73	0.75	0.66	0.73	0.80	0.66	0.70	0.73

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