-------------------------------------------------------------------------------

. /*===========================================================================
> ======
>  *     This code produces summary statistics used in the descriptive analysis
>      *
>  ============================================================================
> =====*/
.  
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. 
. summarize  kld_esg_str kld_esg_con kld_esg, detail 

                         kld_esg_str
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs              11,145
25%            0              0       Sum of wgt.      11,145

50%            0                      Mean           1.611306
                        Largest       Std. dev.      2.794534
75%            2             20
90%            5             20       Variance        7.80942
95%            8             22       Skewness       2.602108
99%           13             22       Kurtosis       10.71218

                         kld_esg_con
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs              11,145
25%            0              0       Sum of wgt.      11,145

50%            1                      Mean           1.477165
                        Largest       Std. dev.      1.580924
75%            2             14
90%            3             15       Variance       2.499321
95%            4             16       Skewness       1.965736
99%            7             16       Kurtosis        10.1586

                         ESG ratings
-------------------------------------------------------------
      Percentiles      Smallest
 1%           -4             -8
 5%           -3             -8
10%           -3             -8       Obs              11,145
25%           -2             -8       Sum of wgt.      11,145

50%            0                      Mean           .1341409
                        Largest       Std. dev.      2.747388
75%            1             17
90%            3             17       Variance       7.548139
95%            6             17       Skewness       1.607631
99%           10             19       Kurtosis       7.406962

. 
. ttest kld_esg, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313   -.0730146    .0243435    2.472149   -.1207325   -.0252967
       1 |     832    2.701923    .1481066    4.272048    2.411216     2.99263
---------+--------------------------------------------------------------------
Combined |  11,145    .1341409    .0260244    2.747388    .0831285    .1851532
---------+--------------------------------------------------------------------
    diff |           -2.774938    .0954674               -2.962071   -2.587805
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -29.0669
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest log_assets, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    7.131705    .0151868    1.542267    7.101936    7.161474
       1 |     832    9.281233    .0484515    1.397556    9.186131    9.376335
---------+--------------------------------------------------------------------
Combined |  11,145    7.292172     .015466    1.632746    7.261856    7.322488
---------+--------------------------------------------------------------------
    diff |           -2.149528    .0552115               -2.257753   -2.041304
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -38.9326
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest btm, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .5442082    .0083835    .8513714    .5277748    .5606415
       1 |     832    .3152373    .0103089    .2973548    .2950027    .3354719
---------+--------------------------------------------------------------------
Combined |  11,145     .527115    .0078165    .8251868    .5117933    .5424367
---------+--------------------------------------------------------------------
    diff |            .2289709    .0296619                .1708282    .2871135
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   7.7193
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest age, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    2.982152    .0073852    .7499917    2.967676    2.996629
       1 |     832    3.334934    .0245273    .7074763    3.286791    3.383076
---------+--------------------------------------------------------------------
Combined |  11,145    3.008488     .007129    .7526051    2.994514    3.022462
---------+--------------------------------------------------------------------
    diff |           -.3527812    .0269185               -.4055463   -.3000162
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -13.1055
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest leverage, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .2108498    .0018534    .1882137    .2072169    .2144828
       1 |     832    .2278849    .0053616    .1546524     .217361    .2384088
---------+--------------------------------------------------------------------
Combined |  11,145    .2121215    .0017615    .1859656    .2086686    .2155745
---------+--------------------------------------------------------------------
    diff |            -.017035    .0067006               -.0301694   -.0039007
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.5423
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0055         Pr(|T| > |t|) = 0.0110          Pr(T > t) = 0.9945

. ttest sales, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .4499641     .004434    .4502811    .4412727    .4586555
       1 |     832    .5699543    .0183498    .5292897    .5339368    .6059717
---------+--------------------------------------------------------------------
Combined |  11,145    .4589217    .0043356    .4577126    .4504231    .4674203
---------+--------------------------------------------------------------------
    diff |           -.1199901    .0164575               -.1522498   -.0877305
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -7.2909
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest roa, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .0143667     .001444     .146646    .0115361    .0171973
       1 |     832    .0819721    .0021151    .0610099    .0778204    .0861237
---------+--------------------------------------------------------------------
Combined |  11,145    .0194136     .001356    .1431531    .0167556    .0220716
---------+--------------------------------------------------------------------
    diff |           -.0676054    .0051196               -.0776407   -.0575701
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -13.2053
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest ret, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .2426402    .0052983    .5380628    .2322544     .253026
       1 |     832    .2597782    .0129036    .3721969    .2344507    .2851057
---------+--------------------------------------------------------------------
Combined |  11,145    .2439196    .0049966    .5274916    .2341254    .2537138
---------+--------------------------------------------------------------------
    diff |            -.017138     .019011               -.0544029     .020127
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.9015
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1837         Pr(|T| > |t|) = 0.3674          Pr(T > t) = 0.8163

. ttest capex, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .1185299    .0030476    .3094975    .1125559    .1245038
       1 |     832    .0975498    .0074125    .2138101    .0830003    .1120993
---------+--------------------------------------------------------------------
Combined |  11,145    .1169637    .0028743    .3034412    .1113295    .1225978
---------+--------------------------------------------------------------------
    diff |              .02098    .0109347                -.000454    .0424141
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.9187
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9725         Pr(|T| > |t|) = 0.0551          Pr(T > t) = 0.0275

. ttest rnd, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .1515894    .0066271    .6730024     .138599    .1645798
       1 |     832    .0584835    .0034506    .0995319    .0517105    .0652565
---------+--------------------------------------------------------------------
Combined |  11,145    .1446388    .0061421    .6484246    .1325991    .1566785
---------+--------------------------------------------------------------------
    diff |            .0931059    .0233537                .0473285    .1388832
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   3.9868
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0001          Pr(T > t) = 0.0000

. ttest rnd_dummy, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .3865994    .0047955    .4869942    .3771994    .3959995
       1 |     832    .2644231     .015299    .4412908    .2343938    .2944523
---------+--------------------------------------------------------------------
Combined |  11,145    .3774787     .004592    .4847779    .3684775    .3864798
---------+--------------------------------------------------------------------
    diff |            .1221764    .0174338                .0880029    .1563498
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   7.0080
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest dividends, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .0117841    .0002214    .0224843    .0113501    .0122181
       1 |     832    .0240018    .0009736    .0280843    .0220907    .0259129
---------+--------------------------------------------------------------------
Combined |  11,145    .0126961    .0002195    .0231717    .0122659    .0131264
---------+--------------------------------------------------------------------
    diff |           -.0122177    .0008271                -.013839   -.0105965
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -14.7720
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest cash_holding, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .1967087    .0020962    .2128703    .1925998    .2008176
       1 |     832    .1638534    .0052248    .1507054    .1535981    .1741086
---------+--------------------------------------------------------------------
Combined |  11,145     .194256    .0019801    .2090428    .1903746    .1981374
---------+--------------------------------------------------------------------
    diff |            .0328554    .0075278                .0180995    .0476112
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.3645
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest ad, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .0113231    .0002745    .0278723    .0107851    .0118611
       1 |     832    .0150317    .0008886    .0256302    .0132876    .0167758
---------+--------------------------------------------------------------------
Combined |  11,145       .0116    .0002626    .0277273    .0110852    .0121148
---------+--------------------------------------------------------------------
    diff |           -.0037086    .0009987               -.0056662   -.0017509
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.7133
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0001         Pr(|T| > |t|) = 0.0002          Pr(T > t) = 0.9999

. ttest ior, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .6700879    .0023412    .2377518    .6654987     .674677
       1 |     832    .7064673    .0067247    .1939699    .6932679    .7196667
---------+--------------------------------------------------------------------
Combined |  11,145    .6728037    .0022256    .2349528    .6684412    .6771662
---------+--------------------------------------------------------------------
    diff |           -.0363795    .0084611               -.0529647   -.0197942
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.2996
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest log_analyst_coverage, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    2.299871    .0078703    .7992554    2.284444    2.315299
       1 |     832     3.19778    .0216137    .6234355    3.155356    3.240204
---------+--------------------------------------------------------------------
Combined |  11,145    2.366902     .007787    .8220698    2.351638    2.382166
---------+--------------------------------------------------------------------
    diff |           -.8979087    .0283815               -.9535415   -.8422758
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -31.6371
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest Blue, by(sister)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |  10,313    .6040919    .0048159    .4890686    .5946518     .613532
       1 |     832    .6826923    .0161455    .4657083    .6510015    .7143831
---------+--------------------------------------------------------------------
Combined |  11,145    .6099596    .0046205    .4877809    .6009027    .6190165
---------+--------------------------------------------------------------------
    diff |           -.0786004    .0175647               -.1130303   -.0441705
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.4749
H0: diff = 0                                     Degrees of freedom =    11143

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. 
. tab sister

     Sister |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |     10,313       92.53       92.53
          1 |        832        7.47      100.00
------------+-----------------------------------
      Total |     11,145      100.00

. duplicates drop gvkey, force

Duplicates in terms of gvkey

(8,493 observations deleted)

. tab sister

     Sister |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      2,474       93.29       93.29
          1 |        178        6.71      100.00
------------+-----------------------------------
      Total |      2,652      100.00

-------------------------------------------------------------------------------

. /*===========================================================================
> ======
>  *    This code runs the baseline regression models used in the main analysis
>      *
>  ============================================================================
> =====*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reg kld_esg sister ,  cluster(gvkey)

Linear regression                               Number of obs     =     11,145
                                                F(1, 2651)        =     107.75
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0705
                                                Root MSE          =     2.6489

                              (Std. err. adjusted for 2,652 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   2.774938   .2673329    10.38   0.000     2.250736     3.29914
       _cons |  -.0730146     .04312    -1.69   0.091    -.1575669    .0115376
------------------------------------------------------------------------------

. reg kld_esg sister log_assets,  cluster(gvkey)

Linear regression                               Number of obs     =     11,145
                                                F(2, 2651)        =     326.60
                                                Prob > F          =     0.0000
                                                R-squared         =     0.2375
                                                Root MSE          =     2.3993

                              (Std. err. adjusted for 2,652 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   1.199373    .241125     4.97   0.000     .7265609    1.672185
  log_assets |   .7329816   .0295201    24.83   0.000     .6750968    .7908664
       _cons |  -5.300423   .1884128   -28.13   0.000    -5.669874   -4.930972
------------------------------------------------------------------------------

. reghdfe kld_esg sister log_assets btm age leverage sales roa ret capex rnd rn
> d_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs(indyrsi
> c2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      42.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4092
                                                  Adj R-squared   =     0.3896
                                                  Within R-sq.    =     0.3050
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1477

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .7954506   .2103471     3.78   0.000     .3829894    1.207912
  log_assets |   .7834751   .0500351    15.66   0.000     .6853633     .881587
         btm |  -.0547332   .0544298    -1.01   0.315    -.1614624    .0519959
         age |   .2886516   .0549991     5.25   0.000      .180806    .3964972
    leverage |  -.6998792   .2109575    -3.32   0.001    -1.113537    -.286221
       sales |   -.131329   .0994662    -1.32   0.187    -.3263684    .0637104
         roa |  -.2167915   .1895731    -1.14   0.253    -.5885179    .1549349
         ret |  -.1006602   .0345403    -2.91   0.004     -.168389   -.0329314
       capex |  -.0029259   .0889066    -0.03   0.974    -.1772594    .1714075
         rnd |   .0096661   .0413859     0.23   0.815    -.0714858     .090818
   rnd_dummy |  -.3018526   .0946414    -3.19   0.001    -.4874313    -.116274
   dividends |   10.07432   1.592406     6.33   0.000     6.951838    13.19681
cash_holding |     1.2169   .2237562     5.44   0.000      .778145    1.655654
          ad |   5.624458   1.579777     3.56   0.000     2.526735     8.72218
         ior |  -.6291248   .1720359    -3.66   0.000    -.9664632   -.2917864
log_analys~e |   .2218405   .0768305     2.89   0.004     .0711867    .3724944
        Blue |   .2939938   .0812758     3.62   0.000     .1346233    .4533643
       _cons |   -6.83752   .2983256   -22.92   0.000    -7.422495   -6.252545
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> =====================================
>  * Robustness test of baseline regressions using an alternative ownership cut
> off for defining large shareholders * 
>  ============================================================================
> ====================================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. * "output/regression_sample_4%blockholders.dta" is the regression sample base
> d on an alternative definition of large shareholders
. * See the "Sister_firms2.do" file for details on the construction
. use "$output/regression_sample_4%blockholders.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe kld_esg sister log_assets btm age leverage sales roa ret capex rnd rn
> d_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs(indyrsi
> c2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      41.43
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4089
                                                  Adj R-squared   =     0.3893
                                                  Within R-sq.    =     0.3047
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1482

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .7119042   .1808328     3.94   0.000     .3573163    1.066492
  log_assets |   .7807362    .050536    15.45   0.000     .6816421    .8798303
         btm |  -.0527189   .0538073    -0.98   0.327    -.1582275    .0527897
         age |   .2903304   .0549765     5.28   0.000     .1825292    .3981315
    leverage |  -.7059957   .2116511    -3.34   0.001    -1.121014   -.2909774
       sales |  -.1323306   .0993694    -1.33   0.183    -.3271801     .062519
         roa |  -.2195204   .1896766    -1.16   0.247    -.5914496    .1524088
         ret |  -.1020122   .0345351    -2.95   0.003    -.1697307   -.0342938
       capex |    .002513   .0891809     0.03   0.978    -.1723582    .1773843
         rnd |   .0062038   .0413371     0.15   0.881    -.0748526    .0872601
   rnd_dummy |   -.301031   .0949461    -3.17   0.002     -.487207    -.114855
   dividends |   10.07403   1.589788     6.34   0.000     6.956679    13.19138
cash_holding |   1.221507   .2245478     5.44   0.000     .7812004    1.661814
          ad |   5.616436   1.581275     3.55   0.000     2.515775    8.717096
         ior |   -.640804   .1728156    -3.71   0.000    -.9796713   -.3019367
log_analys~e |   .2236372   .0769801     2.91   0.004     .0726901    .3745844
        Blue |   .2937734   .0813406     3.61   0.000     .1342758    .4532709
       _cons |   -6.82538   .3006304   -22.70   0.000    -7.414874   -6.235886
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ============================
>  *  Test robustness of baseline results with an alternative ownership cutoff 
> for defining sister firms  * 
>  ============================================================================
> ===========================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. * "output/regression_sample_5%sistercutoff.dta" is the regression sample base
> d on an alternative definition of sister firms
. * See the "Sister_firms2.do" file for details on the construction
. use "$output/regression_sample_5%sistercutoff.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe kld_esg sister log_assets btm age leverage sales roa ret capex rnd rn
> d_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs(indyrsi
> c2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      39.97
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4066
                                                  Adj R-squared   =     0.3869
                                                  Within R-sq.    =     0.3019
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1525

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   1.773509   .7527022     2.36   0.019     .2975652    3.249453
  log_assets |   .8239457   .0507115    16.25   0.000     .7245076    .9233838
         btm |  -.0685667   .0577674    -1.19   0.235    -.1818404     .044707
         age |   .2860219   .0553233     5.17   0.000     .1775406    .3945032
    leverage |  -.7817443   .2126632    -3.68   0.000    -1.198747   -.3647415
       sales |  -.1332424   .1005037    -1.33   0.185     -.330316    .0638313
         roa |  -.1961277   .1915452    -1.02   0.306    -.5717212    .1794657
         ret |  -.0950723   .0346094    -2.75   0.006    -.1629365   -.0272081
       capex |  -.0000809   .0897158    -0.00   0.999     -.176001    .1758392
         rnd |    .011355   .0419633     0.27   0.787    -.0709292    .0936391
   rnd_dummy |  -.3271319   .0943149    -3.47   0.001    -.5120702   -.1421937
   dividends |   10.60425   1.615084     6.57   0.000     7.437293     13.7712
cash_holding |   1.250826   .2265803     5.52   0.000     .8065335    1.695118
          ad |    5.63982   1.598712     3.53   0.000     2.504968    8.774671
         ior |  -.6341764   .1710328    -3.71   0.000    -.9695479    -.298805
log_analys~e |   .2408266   .0770653     3.12   0.002     .0897124    .3919409
        Blue |   .3092887   .0812174     3.81   0.000     .1500328    .4685445
       _cons |  -7.105248   .3110098   -22.85   0.000    -7.715095   -6.495401
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. 
. /*===========================================================================
> ========
>  *  Test robustness of baseline results using an alternative measure of conne
> ction * 
>  ============================================================================
> ======*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. *Scale the connection measure (size_of_stake) by 100 for ease of coefficient 
> interpretation
. gen alternative_connection_measure=size_of_stake*100

. 
. reghdfe kld_esg alternative_connection_measure log_assets btm age leverage sa
> les roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_cov
> erage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      39.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4066
                                                  Adj R-squared   =     0.3869
                                                  Within R-sq.    =     0.3020
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1524

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
alternativ~e |    .242312   .0840956     2.88   0.004     .0774123    .4072118
  log_assets |   .8195254   .0509554    16.08   0.000     .7196089    .9194419
         btm |  -.0653247   .0565741    -1.15   0.248    -.1762587    .0456092
         age |   .2877103   .0552756     5.21   0.000     .1793225    .3960981
    leverage |  -.7864026   .2132575    -3.69   0.000    -1.204571   -.3682345
       sales |   -.128441   .1000403    -1.28   0.199     -.324606    .0677239
         roa |  -.2160941    .191436    -1.13   0.259    -.5914734    .1592851
         ret |  -.0941823    .034569    -2.72   0.006    -.1619672   -.0263974
       capex |   .0010201   .0899779     0.01   0.991    -.1754139    .1774542
         rnd |   .0092063   .0418592     0.22   0.826    -.0728738    .0912865
   rnd_dummy |  -.3224081   .0948107    -3.40   0.001    -.5083186   -.1364976
   dividends |   10.60068   1.623157     6.53   0.000     7.417894    13.78346
cash_holding |    1.24648   .2280581     5.47   0.000     .7992895     1.69367
          ad |   5.678748   1.602557     3.54   0.000     2.536357    8.821139
         ior |  -.6479703   .1733274    -3.74   0.000     -.987841   -.3080996
log_analys~e |    .235905   .0769632     3.07   0.002     .0849908    .3868192
        Blue |   .3069757   .0813119     3.78   0.000     .1475343     .466417
       _cons |  -7.070604     .31038   -22.78   0.000    -7.679215   -6.461992
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ======
>  *      Perform baseline regression using a propensity score matched sample  
>      *
>  ============================================================================
> =====*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. *Set seed to an arbitrary value
. set seed 147483647                    

. gen random = runiform()              

. sort random                                 

. psmatch2 sister log_assets btm age leverage sales roa ret capex rnd rnd_dummy
>  dividends cash_holding ad ior log_analyst_coverage Blue  indyrsic2, n(1) com
>  logit

Logistic regression                                    Number of obs =  11,145
                                                       LR chi2(17)   = 2209.60
                                                       Prob > chi2   =  0.0000
Log likelihood = -1854.3095                            Pseudo R2     =  0.3734

------------------------------------------------------------------------------
      sister | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
  log_assets |    1.13322   .0507961    22.31   0.000     1.033662    1.232779
         btm |  -2.187251   .2252426    -9.71   0.000    -2.628719   -1.745784
         age |  -.2988426    .070274    -4.25   0.000    -.4365771    -.161108
    leverage |  -1.900993   .3247643    -5.85   0.000    -2.537519   -1.264466
       sales |   -.008391   .0988451    -0.08   0.932     -.202124    .1853419
         roa |   6.369021   .9155598     6.96   0.000     4.574557    8.163485
         ret |   .0389955   .1044222     0.37   0.709    -.1656682    .2436593
       capex |   .5753244   .2004591     2.87   0.004     .1824318     .968217
         rnd |   .3411835   .2191525     1.56   0.120    -.0883474    .7707145
   rnd_dummy |  -.4153396   .1082763    -3.84   0.000    -.6275573   -.2031219
   dividends |   6.446641   1.910098     3.38   0.001     2.702917    10.19037
cash_holding |   .0050868   .3678769     0.01   0.989    -.7159388    .7261124
          ad |   .8097652   1.586886     0.51   0.610    -2.300474    3.920005
         ior |   1.451482    .250747     5.79   0.000     .9600266    1.942937
log_analys~e |    .438783    .084972     5.16   0.000      .272241    .6053251
        Blue |   .3855304   .0961511     4.01   0.000     .1970777    .5739831
   indyrsic2 |   .0012513   .0005588     2.24   0.025      .000156    .0023466
       _cons |  -12.90507   .4954217   -26.05   0.000    -13.87608   -11.93406
------------------------------------------------------------------------------
Note: 19 failures and 0 successes completely determined.

. drop if missing(_weight)
(9,795 observations deleted)

. save "$wip/match_sample.dta",replace
(file /Volumes/T9/stata data/wip/match_sample.dta not found)
file /Volumes/T9/stata data/wip/match_sample.dta saved

. 
. use "$wip/match_sample.dta",clear

. keep if sister==0
(804 observations deleted)

. drop _n1 _nn _pdif

. rename _id _n1

. save "$wip/untreated.dta", replace
(file /Volumes/T9/stata data/wip/untreated.dta not found)
file /Volumes/T9/stata data/wip/untreated.dta saved

. 
. use "$wip/match_sample.dta",clear

. keep if sister==1
(546 observations deleted)

. save "$wip/treated.dta", replace
(file /Volumes/T9/stata data/wip/treated.dta not found)
file /Volumes/T9/stata data/wip/treated.dta saved

. 
. use "$wip/treated.dta", clear

. keep _n1

. merge m:1 _n1 using "$wip/untreated.dta"
(label _support already defined)
(label _treated already defined)

    Result                      Number of obs
    -----------------------------------------
    Not matched                             0
    Matched                               804  (_merge==3)
    -----------------------------------------

. keep if _merge==3
(0 observations deleted)

. drop _merge _n1

. save "$wip/control.dta", replace
(file /Volumes/T9/stata data/wip/control.dta not found)
file /Volumes/T9/stata data/wip/control.dta saved

. 
. use "$wip/treated.dta", clear 

. drop _id _n1 _nn _pdif

. append using "$wip/control.dta"
(label _treated already defined)
(label _support already defined)

. reghdfe kld_esg sister log_assets btm age leverage sales roa ret capex rnd rn
> d_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs(indyrsi
> c2 ) cluster(gvkey)
(dropped 67 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      1,541
Absorbing 1 HDFE group                            F(  17,    565) =      11.01
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4876
                                                  Adj R-squared   =     0.4072
                                                  Within R-sq.    =     0.2810
Number of clusters (gvkey)   =        566         Root MSE        =     3.0075

                                (Std. err. adjusted for 566 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .6661405   .2697197     2.47   0.014     .1363647    1.195916
  log_assets |   1.027122   .1537346     6.68   0.000     .7251611    1.329083
         btm |   -1.03142    .406394    -2.54   0.011    -1.829648   -.2331927
         age |   .7372299   .2303445     3.20   0.001     .2847938    1.189666
    leverage |    .994118   .9952792     1.00   0.318     -.960781    2.949017
       sales |  -.5078287   .2942863    -1.73   0.085    -1.085858    .0702002
         roa |   1.674506   2.593605     0.65   0.519    -3.419779    6.768792
         ret |  -.2860141   .3135995    -0.91   0.362    -.9019772    .3299491
       capex |   .4304344   .4529787     0.95   0.342    -.4592935    1.320162
         rnd |   1.248129   .6753634     1.85   0.065     -.078401    2.574658
   rnd_dummy |  -.0141647   .4744184    -0.03   0.976    -.9460038    .9176744
   dividends |   13.28511   5.501802     2.41   0.016     2.478631    24.09159
cash_holding |   1.392315   1.294235     1.08   0.282    -1.149785    3.934415
          ad |    21.3402   5.329299     4.00   0.000     10.87255    31.80786
         ior |  -.4371356   .7379025    -0.59   0.554    -1.886503    1.012231
log_analys~e |   .4327842   .2593583     1.67   0.096    -.0766401    .9422085
        Blue |   .1965874   .3648517     0.54   0.590     -.520044    .9132188
       _cons |  -11.62255   1.429787    -8.13   0.000     -14.4309   -8.814204
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       193           0         193     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> =======
>  *             Run difference-in-differences (DiD) regressions               
>       *
>  *     An  event window of one year before and after the rater-ownership chan
> ge    *
>  ============================================================================
> ======*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. merge 1:1 gvkey year using "$output/DID_sample.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        32,813
        from master                    32,750  (_merge==1)
        from using                         63  (_merge==2)

    Matched                               179  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(63 observations deleted)

. drop _merge

. replace treated=0 if treated==.
(32,750 real changes made)

. sort gvkey year

. gen sic2=substr(sic,1,2)

. keep if year<=2010 & year>=2009
(28,747 observations deleted)

. 
. *Exclude large investee firms added to the common owners' portfolios after th
> e acquisition
. merge 1:1 gvkey year using "$output/DID_sample_fiterout.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                         4,176
        from master                     4,143  (_merge==1)
        from using                         33  (_merge==2)

    Matched                                39  (_merge==3)
    -----------------------------------------

. keep if _merge==1
(72 observations deleted)

. *Include only firms with data available for both pre- and post-event years 
. sort gvkey year

. by gvkey: gen count=_N

. keep if count==2
(493 observations deleted)

. 
. egen indyrsic2=group(sic2 year)

. gen post=1 if  year>=2010
(1,825 missing values generated)

. replace post=0 if post==.
(1,825 real changes made)

. gen treated_post=treated*post

. reghdfe kld_esg treated_post treated log_assets btm age leverage sales roa re
> t capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue
>  , abs(indyrsic2 ) cluster(gvkey)
(dropped 6 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      3,644
Absorbing 1 HDFE group                            F(  18,   1821) =       8.68
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1832
                                                  Adj R-squared   =     0.1527
                                                  Within R-sq.    =     0.1126
Number of clusters (gvkey)   =      1,822         Root MSE        =     2.4476

                              (Std. err. adjusted for 1,822 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
treated_post |   1.269468   .3384791     3.75   0.000     .6056201    1.933316
     treated |  -.0716362   .3565578    -0.20   0.841    -.7709415    .6276692
  log_assets |    .321383   .0679779     4.73   0.000     .1880602    .4547058
         btm |  -.0598867   .0578649    -1.03   0.301    -.1733753    .0536019
         age |   .2742256   .0870033     3.15   0.002     .1035889    .4448624
    leverage |  -.1648253   .3425968    -0.48   0.630    -.8367492    .5070987
       sales |  -.1157371   .1580479    -0.73   0.464    -.4257112    .1942371
         roa |   .3367453   .2674468     1.26   0.208    -.1877895      .86128
         ret |  -.0961998   .0698989    -1.38   0.169    -.2332903    .0408906
       capex |   .2851617   .1714077     1.66   0.096    -.0510147    .6213382
         rnd |   -.013595    .066515    -0.20   0.838    -.1440488    .1168587
   rnd_dummy |  -.3503856   .1301575    -2.69   0.007    -.6056594   -.0951119
   dividends |   10.22736   2.546812     4.02   0.000     5.232381    15.22234
cash_holding |   .6040551    .315356     1.92   0.056    -.0144423    1.222553
          ad |   10.16498   2.274391     4.47   0.000     5.704293    14.62567
         ior |  -.5982723   .2678516    -2.23   0.026    -1.123601   -.0729437
log_analys~e |    .292471   .0932443     3.14   0.002     .1095941     .475348
        Blue |   .4441444   .1149323     3.86   0.000     .2187313    .6695574
       _cons |  -4.425092   .4039966   -10.95   0.000    -5.217437   -3.632747
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       114           0         114     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ========
>  *             Run difference-in-differences (DiD) regressions               
>        *
>  *     An  event window of two years before and after the rater-ownership cha
> nge    *
>  ============================================================================
> =======*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. merge 1:1 gvkey year using "$output/DID_sample_2year.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        32,785
        from master                    32,713  (_merge==1)
        from using                         72  (_merge==2)

    Matched                               216  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(72 observations deleted)

. drop _merge

. replace treated=0 if treated==.
(32,713 real changes made)

. sort gvkey year

. gen sic2=substr(sic,1,2)

. keep if year<=2011 & year>=2008
(24,713 observations deleted)

. 
. *Exclude large investee firms added to the common owners' portfolios after th
> e acquisition
. merge 1:1 gvkey year using "$output/DID_sample_fiterout_2year.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                         8,162
        from master                     8,142  (_merge==1)
        from using                         20  (_merge==2)

    Matched                                74  (_merge==3)
    -----------------------------------------

. keep if _merge==1
(94 observations deleted)

. *Include only firms with data available for both pre- and post-event years 
. sort gvkey year

. by gvkey: gen count=_N

. keep if count>3
(1,934 observations deleted)

. 
. egen indyrsic2=group(sic2 year)

. gen post=1 if  year>=2010
(3,104 missing values generated)

. replace post=0 if post==.
(3,104 real changes made)

. gen treated_post=treated*post

. reghdfe kld_esg treated_post treated log_assets btm age leverage sales roa re
> t capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue
>  , abs(indyrsic2 ) cluster(gvkey)
(dropped 16 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      6,192
Absorbing 1 HDFE group                            F(  18,   1547) =      10.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2225
                                                  Adj R-squared   =     0.1910
                                                  Within R-sq.    =     0.1468
Number of clusters (gvkey)   =      1,548         Root MSE        =     2.5914

                              (Std. err. adjusted for 1,548 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
treated_post |   2.025579   .5092379     3.98   0.000      1.02671    3.024449
     treated |   -.608836   .4082797    -1.49   0.136    -1.409676    .1920041
  log_assets |   .5137709   .0754598     6.81   0.000     .3657567    .6617852
         btm |    -.07256   .0641748    -1.13   0.258    -.1984388    .0533188
         age |    .234242   .0984225     2.38   0.017     .0411865    .4272976
    leverage |  -.4197453   .3739904    -1.12   0.262    -1.153327    .3138362
       sales |  -.1570254    .166797    -0.94   0.347    -.4841975    .1701466
         roa |   .4439467   .2558541     1.74   0.083    -.0579108    .9458042
         ret |  -.1681454   .0621672    -2.70   0.007    -.2900862   -.0462046
       capex |   .5218385   .1772158     2.94   0.003     .1742299    .8694471
         rnd |  -.0286563   .0774438    -0.37   0.711    -.1805623    .1232497
   rnd_dummy |  -.4362011   .1468689    -2.97   0.003    -.7242842    -.148118
   dividends |   12.41324   2.690146     4.61   0.000     7.136527    17.68996
cash_holding |   1.172125   .3525591     3.32   0.001     .4805807    1.863669
          ad |    11.7496   2.755461     4.26   0.000     6.344768    17.15444
         ior |  -.8003853   .3082365    -2.60   0.010    -1.404991   -.1957799
log_analys~e |   .2287917   .1023706     2.23   0.026     .0279919    .4295914
        Blue |   .4401723    .127622     3.45   0.001      .189842    .6905027
       _cons |  -5.521538   .4640462   -11.90   0.000    -6.431764   -4.611312
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       224           0         224     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> =========================================
>  *    This code examines the relation between sister firm status and ESG rati
> ngs across alternative rating agencies  *
>  ============================================================================
> ========================================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. gen esg_year=year

. merge 1:1 gvkey esg_year using "$output/bloomberg_esg.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        34,632
        from master                    22,830  (_merge==1)
        from using                     11,802  (_merge==2)

    Matched                            10,099  (_merge==3)
    -----------------------------------------

. keep if _merge==1|_merge==3
(11,802 observations deleted)

. drop _merge

. merge 1:1 gvkey esg_year using "$output/refinitiv_esg.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        33,548
        from master                    26,121  (_merge==1)
        from using                      7,427  (_merge==2)

    Matched                             6,808  (_merge==3)
    -----------------------------------------

. keep if _merge==1|_merge==3
(7,427 observations deleted)

. drop _merge

. merge 1:1 gvkey esg_year using "$output/sustainalytics_esg.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        70,663
        from master                    28,203  (_merge==1)
        from using                     42,460  (_merge==2)

    Matched                             4,726  (_merge==3)
    -----------------------------------------

. keep if _merge==1|_merge==3
(42,460 observations deleted)

. drop _merge

. merge 1:1 gvkey esg_year using "$output/tv_esg.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        54,034
        from master                    18,938  (_merge==1)
        from using                     35,096  (_merge==2)

    Matched                            13,991  (_merge==3)
    -----------------------------------------

. keep if _merge==1|_merge==3
(35,096 observations deleted)

. drop _merge

. 
. *Generate variables:
. *1)Relative ESG Rating, defined as the difference between KLD ESG rankings an
> d the average of the ESG rankings issued from the four alternative rating age
> ncies; and 2)Avg ESG Rating by Other Raters, which represents the average ESG
>  ratings issued by the four alternative rating agencies.
. generate relative_ESG_rating=kld_esg_pct_-(bloomberg_esg_pct_+refinitiv_esgc_
> pct_+sustainalytics_esg_pct_+tv_esg_pct_)/4
(29,700 missing values generated)

. generate avgESGrating_by_other_raters=(bloomberg_esg_pct_+refinitiv_esgc_pct_
> +sustainalytics_esg_pct_+tv_esg_pct_)/4
(29,700 missing values generated)

. 
. destring gvkey, replace
gvkey: all characters numeric; replaced as long

. gen id_=gvkey 

. xtset id_ year

Panel variable: id_ (unbalanced)
 Time variable: year, 1991 to 2015, but with gaps
         Delta: 1 unit

. gen avgESGrating_by_other_raters_f1=f1.avgESGrating_by_other_raters
(29,763 missing values generated)

. gen avgESGrating_by_other_raters_f2=f2.avgESGrating_by_other_raters
(29,808 missing values generated)

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe relative_ESG_rating sister log_assets btm age leverage sales roa ret 
> capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue ,
>  abs(indyrsic2 ) cluster(gvkey)
(dropped 41 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      2,882
Absorbing 1 HDFE group                            F(  17,    580) =       7.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3637
                                                  Adj R-squared   =     0.2906
                                                  Within R-sq.    =     0.1530
Number of clusters (gvkey)   =        581         Root MSE        =    10.9687

                                (Std. err. adjusted for 581 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
relative_E~g | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   2.661787   .9346888     2.85   0.005     .8259994    4.497574
  log_assets |   2.378498   .4576087     5.20   0.000     1.479726     3.27727
         btm |  -.2897106   .1495058    -1.94   0.053    -.5833493    .0039282
         age |   .9788812    .605849     1.62   0.107    -.2110442    2.168807
    leverage |  -.8058253   2.452217    -0.33   0.743    -5.622134    4.010483
       sales |  -.6192358   1.031181    -0.60   0.548     -2.64454    1.406069
         roa |   -.573168   3.660183    -0.16   0.876    -7.761996     6.61566
         ret |   -.317102   .6834499    -0.46   0.643     -1.65944    1.025236
       capex |   3.367443   1.887633     1.78   0.075    -.3399865    7.074872
         rnd |  -.3103153   1.382196    -0.22   0.822    -3.025035    2.404405
   rnd_dummy |   .0426337   .9360545     0.05   0.964    -1.795836    1.881103
   dividends |     38.535   15.69639     2.46   0.014     7.706311    69.36369
cash_holding |   11.56649   3.574674     3.24   0.001     4.545608    18.58737
          ad |   89.71418   14.27728     6.28   0.000     61.67272    117.7556
         ior |  -2.803081   2.553355    -1.10   0.273     -7.81803    2.211868
log_analys~e |   .9351513   .6766673     1.38   0.168    -.3938655    2.264168
        Blue |    1.79719   .7688171     2.34   0.020     .2871855    3.307195
       _cons |   -37.3357   4.349202    -8.58   0.000    -45.87781    -28.7936
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       281           0         281     |
-----------------------------------------------------+

. reghdfe avgESGrating_by_other_raters sister log_assets btm age leverage sales
>  roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_covera
> ge Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 41 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      2,882
Absorbing 1 HDFE group                            F(  17,    580) =      11.56
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3908
                                                  Adj R-squared   =     0.3208
                                                  Within R-sq.    =     0.2080
Number of clusters (gvkey)   =        581         Root MSE        =     7.0813

                                (Std. err. adjusted for 581 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
avgESGrati~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |  -.5545689   .5833487    -0.95   0.342    -1.700302    .5911644
  log_assets |   2.010861   .3549279     5.67   0.000     1.313761    2.707962
         btm |   .2132793   .1354326     1.57   0.116    -.0527189    .4792775
         age |   2.099954   .5086899     4.13   0.000     1.100855    3.099052
    leverage |   1.372917   2.030011     0.68   0.499    -2.614151    5.359985
       sales |   -.622449   .7666222    -0.81   0.417    -2.128143    .8832448
         roa |    5.14859   2.918322     1.76   0.078    -.5831768    10.88036
         ret |  -.4285722   .3789761    -1.13   0.259    -1.172905    .3157605
       capex |  -2.023149    1.83758    -1.10   0.271    -5.632271    1.585974
         rnd |   .2307105    .992823     0.23   0.816    -1.719256    2.180677
   rnd_dummy |  -2.103352   .9064724    -2.32   0.021    -3.883721   -.3229836
   dividends |   38.86328   13.56757     2.86   0.004     12.21573    65.51084
cash_holding |  -.3008625   2.887154    -0.10   0.917    -5.971414    5.369689
          ad |  -6.587721    11.8465    -0.56   0.578    -29.85498    16.67954
         ior |   .3317143   1.548166     0.21   0.830    -2.708981    3.372409
log_analys~e |   1.728763   .6122439     2.82   0.005     .5262776    2.931248
        Blue |   .8940118   .6404929     1.40   0.163    -.3639562     2.15198
       _cons |   14.94054    3.23051     4.62   0.000     8.595613    21.28546
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       281           0         281     |
-----------------------------------------------------+

. reghdfe avgESGrating_by_other_raters_f1 sister log_assets btm age leverage sa
> les roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_cov
> erage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 35 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      2,406
Absorbing 1 HDFE group                            F(  17,    567) =      11.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3876
                                                  Adj R-squared   =     0.3169
                                                  Within R-sq.    =     0.2173
Number of clusters (gvkey)   =        568         Root MSE        =     7.1523

                                (Std. err. adjusted for 568 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
avgESGrati~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |  -.8634036   .6120567    -1.41   0.159    -2.065579    .3387717
  log_assets |   2.248267   .3749082     6.00   0.000     1.511888    2.984645
         btm |   .1913728   .1285964     1.49   0.137    -.0612106    .4439563
         age |    1.94576   .5123011     3.80   0.000     .9395207       2.952
    leverage |   1.116666   2.188509     0.51   0.610    -3.181909    5.415241
       sales |  -.6976379   .7793373    -0.90   0.371    -2.228379    .8331027
         roa |    9.95411   4.635764     2.15   0.032     .8487438    19.05948
         ret |  -.3951003   .4242961    -0.93   0.352    -1.228484    .4382836
       capex |  -.9242278   1.824305    -0.51   0.613    -4.507448    2.658992
         rnd |   1.355821   1.321972     1.03   0.306    -1.240739    3.952382
   rnd_dummy |  -2.146894   .9257537    -2.32   0.021    -3.965219   -.3285686
   dividends |   31.01195   14.26396     2.17   0.030     2.995298     59.0286
cash_holding |   .2477207   3.045726     0.08   0.935    -5.734562    6.230003
          ad |  -9.000927   12.07394    -0.75   0.456    -32.71604    14.71418
         ior |   .3171547   1.579642     0.20   0.841    -2.785509    3.419819
log_analys~e |    1.77876   .6468771     2.75   0.006     .5081917    3.049328
        Blue |   .8518042   .6643656     1.28   0.200    -.4531138    2.156722
       _cons |   13.69354   3.300399     4.15   0.000     7.211041    20.17604
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       233           0         233     |
-----------------------------------------------------+

. reghdfe avgESGrating_by_other_raters_f2 sister log_assets btm age leverage sa
> les roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_cov
> erage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 28 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      1,925
Absorbing 1 HDFE group                            F(  17,    551) =      11.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3859
                                                  Adj R-squared   =     0.3134
                                                  Within R-sq.    =     0.2223
Number of clusters (gvkey)   =        552         Root MSE        =     7.2526

                                (Std. err. adjusted for 552 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
avgESGrati~2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |  -1.193216   .6372876    -1.87   0.062    -2.445026    .0585946
  log_assets |   2.335104   .3991471     5.85   0.000     1.551067     3.11914
         btm |   .1818214    .125959     1.44   0.149    -.0655972    .4292399
         age |    1.78083   .5309136     3.35   0.001     .7379674    2.823692
    leverage |   1.775167   2.368846     0.75   0.454    -2.877906    6.428241
       sales |  -.6223605   .8167483    -0.76   0.446    -2.226682    .9819608
         roa |   13.25702   5.793184     2.29   0.022     1.877588    24.63644
         ret |  -.4386935   .4566254    -0.96   0.337    -1.335633     .458246
       capex |  -1.455764    2.00592    -0.73   0.468     -5.39595    2.484422
         rnd |   1.796393   1.943391     0.92   0.356    -2.020969    5.613755
   rnd_dummy |  -2.078973   .9631085    -2.16   0.031    -3.970787   -.1871596
   dividends |   23.96702   15.07189     1.59   0.112    -5.638362    53.57241
cash_holding |  -1.031214    3.14228    -0.33   0.743    -7.203527    5.141099
          ad |   -7.96428   12.55161    -0.63   0.526    -32.61914    16.69058
         ior |   .3379303    1.61665     0.21   0.835    -2.837621    3.513482
log_analys~e |   2.148954   .6637609     3.24   0.001     .8451425    3.452765
        Blue |   1.169186    .703894     1.66   0.097    -.2134579     2.55183
       _cons |   12.75548   3.394009     3.76   0.000     6.088705    19.42226
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       187           0         187     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ====================
>  *    This code examines the relation between sister firm status and ESG rati
> ng disagreement    *
>  ============================================================================
> ===================*/
.  
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

.  
. use "$output/rating_disagreement.dta",clear

. merge 1:1 gvkey year using "$output/regression_sample.dta"
(variable gvkey was str6, now str200 to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                        79,236
        from master                    79,236  (_merge==1)
        from using                          0  (_merge==2)

    Matched                            32,929  (_merge==3)
    -----------------------------------------

. drop if _merge==1
(79,236 observations deleted)

. gen disagreement= disagreement_group1/log_assets
(22,351 missing values generated)

. gen disagreement_f1= disagreement_group1_f1/log_assets
(20,785 missing values generated)

. gen alt_disagreement= disagreement_group2/log_assets
(16,095 missing values generated)

. gen alt_disagreement_f1= disagreement_group2_f1/log_assets
(15,116 missing values generated)

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe disagreement sister log_assets btm age leverage sales roa ret capex r
> nd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs(in
> dyrsic2 ) cluster(gvkey)
(dropped 21 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      8,651
Absorbing 1 HDFE group                            F(  17,   1963) =     307.50
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6910
                                                  Adj R-squared   =     0.6780
                                                  Within R-sq.    =     0.6581
Number of clusters (gvkey)   =      1,964         Root MSE        =     1.0814

                              (Std. err. adjusted for 1,964 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
disagreement | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .3123089    .070736     4.42   0.000     .1735832    .4510345
  log_assets |  -.9617858   .0242802   -39.61   0.000    -1.009403   -.9141682
         btm |   .0606604   .0396676     1.53   0.126    -.0171346    .1384555
         age |    .031164   .0375573     0.83   0.407    -.0424924    .1048205
    leverage |  -.0793934   .1436628    -0.55   0.581    -.3611411    .2023542
       sales |   .1933558    .061132     3.16   0.002     .0734653    .3132463
         roa |  -.2337194    .217475    -1.07   0.283    -.6602255    .1927867
         ret |  -.0025139   .0279508    -0.09   0.928    -.0573302    .0523024
       capex |    .011336   .0915035     0.12   0.901    -.1681183    .1907903
         rnd |  -.0749055   .0389867    -1.92   0.055    -.1513652    .0015542
   rnd_dummy |  -.0746226   .0630523    -1.18   0.237    -.1982791    .0490338
   dividends |  -1.932929   .9031779    -2.14   0.032    -3.704217   -.1616408
cash_holding |  -.4577386   .1709524    -2.68   0.007    -.7930059   -.1224713
          ad |  -.4094942   .8443685    -0.48   0.628    -2.065447    1.246459
         ior |  -.3963197   .1060565    -3.74   0.000    -.6043149   -.1883246
log_analys~e |  -.2542152   .0452372    -5.62   0.000    -.3429333   -.1654972
        Blue |   .0019391   .0471437     0.04   0.967    -.0905179     .094396
       _cons |   11.29479   .1718425    65.73   0.000     10.95778    11.63181
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       333           0         333     |
-----------------------------------------------------+

. reghdfe disagreement_f1 sister log_assets btm age leverage sales roa ret cape
> x rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , abs
> (indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      9,152
Absorbing 1 HDFE group                            F(  17,   2047) =     292.55
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6702
                                                  Adj R-squared   =     0.6570
                                                  Within R-sq.    =     0.6189
Number of clusters (gvkey)   =      2,048         Root MSE        =     1.0880

                              (Std. err. adjusted for 2,048 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
disagre~t_f1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .2766292   .0707654     3.91   0.000     .1378494     .415409
  log_assets |  -.9051004   .0225938   -40.06   0.000    -.9494097   -.8607911
         btm |   .0504467   .0361957     1.39   0.164    -.0205377     .121431
         age |   .0359176   .0337598     1.06   0.287    -.0302895    .1021248
    leverage |  -.0131858   .1312656    -0.10   0.920    -.2706139    .2442422
       sales |   .1902383   .0572465     3.32   0.001     .0779709    .3025058
         roa |   -.115668   .1948487    -0.59   0.553    -.4977903    .2664543
         ret |  -.0001679   .0255674    -0.01   0.995    -.0503088    .0499729
       capex |  -.0527725   .0823273    -0.64   0.522    -.2142265    .1086814
         rnd |  -.0469221   .0347129    -1.35   0.177    -.1149984    .0211542
   rnd_dummy |  -.0646014   .0573827    -1.13   0.260    -.1771359     .047933
   dividends |  -.7994121   .8383766    -0.95   0.340    -2.443572    .8447479
cash_holding |  -.5459105   .1521645    -3.59   0.000    -.8443239   -.2474971
          ad |  -.2624988   .7733787    -0.34   0.734     -1.77919    1.254192
         ior |  -.4841645   .0978998    -4.95   0.000    -.6761581   -.2921708
log_analys~e |  -.1941395   .0408006    -4.76   0.000    -.2741546   -.1141244
        Blue |  -.0023804   .0435261    -0.05   0.956    -.0877406    .0829797
       _cons |   10.56148   .1590273    66.41   0.000     10.24961    10.87335
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       334           0         334     |
-----------------------------------------------------+

. reghdfe alt_disagreement sister log_assets btm age leverage sales roa ret cap
> ex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , ab
> s(indyrsic2 ) cluster(gvkey)
(dropped 21 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,808
Absorbing 1 HDFE group                            F(  17,   2556) =     196.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5996
                                                  Adj R-squared   =     0.5861
                                                  Within R-sq.    =     0.5463
Number of clusters (gvkey)   =      2,557         Root MSE        =     0.8469

                              (Std. err. adjusted for 2,557 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
alt_disagr~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .1833739   .0453344     4.04   0.000      .094478    .2722697
  log_assets |  -.5958346   .0163704   -36.40   0.000    -.6279352   -.5637341
         btm |   .0052851   .0130866     0.40   0.686    -.0203763    .0309464
         age |    .065918    .023476     2.81   0.005      .019884     .111952
    leverage |  -.0588072   .0854808    -0.69   0.492    -.2264258    .1088115
       sales |   .1052723   .0394426     2.67   0.008     .0279297    .1826149
         roa |   -.404285   .1560523    -2.59   0.010    -.7102867   -.0982832
         ret |   .0198586   .0190868     1.04   0.298    -.0175686    .0572858
       capex |   .0233661   .0488304     0.48   0.632    -.0723851    .1191173
         rnd |  -.0679765   .0253277    -2.68   0.007    -.1176414   -.0183117
   rnd_dummy |  -.1170875   .0400186    -2.93   0.003    -.1955597   -.0386153
   dividends |  -1.014579   .5700062    -1.78   0.075      -2.1323    .1031416
cash_holding |   -.346726   .1079781    -3.21   0.001    -.5584595   -.1349925
          ad |  -1.150211   .5382368    -2.14   0.033    -2.205636   -.0947863
         ior |  -.1595404   .0715842    -2.23   0.026    -.2999092   -.0191715
log_analys~e |  -.1274377   .0237033    -5.38   0.000    -.1739173   -.0809581
        Blue |   .0013189   .0296738     0.04   0.965    -.0568682    .0595061
       _cons |   7.254014   .1214191    59.74   0.000     7.015924    7.492104
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       337           0         337     |
-----------------------------------------------------+

. reghdfe alt_disagreement_f1 sister log_assets btm age leverage sales roa ret 
> capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue ,
>  abs(indyrsic2 ) cluster(gvkey)
(dropped 21 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,310
Absorbing 1 HDFE group                            F(  17,   2391) =     230.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5913
                                                  Adj R-squared   =     0.5768
                                                  Within R-sq.    =     0.5367
Number of clusters (gvkey)   =      2,392         Root MSE        =     0.8483

                              (Std. err. adjusted for 2,392 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
alt_disagr~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .2076641   .0430912     4.82   0.000     .1231642    .2921639
  log_assets |  -.5951308   .0153091   -38.87   0.000    -.6251513   -.5651103
         btm |    .035131   .0235207     1.49   0.135    -.0109922    .0812541
         age |   .0752683   .0221043     3.41   0.001     .0319229    .1186138
    leverage |  -.0282754    .087336    -0.32   0.746    -.1995375    .1429868
       sales |    .105642   .0394332     2.68   0.007     .0283153    .1829688
         roa |   -.269912   .1340909    -2.01   0.044    -.5328585   -.0069655
         ret |   .0177895   .0202044     0.88   0.379    -.0218304    .0574094
       capex |   -.014935    .051759    -0.29   0.773    -.1164322    .0865621
         rnd |  -.0290162   .0251779    -1.15   0.249    -.0783889    .0203565
   rnd_dummy |  -.1060399   .0387523    -2.74   0.006    -.1820315   -.0300484
   dividends |  -.4383129   .6137973    -0.71   0.475    -1.641943    .7653171
cash_holding |  -.2905692   .1053385    -2.76   0.006    -.4971335    -.084005
          ad |  -.9182686   .5435426    -1.69   0.091    -1.984132    .1475948
         ior |   -.249678   .0707515    -3.53   0.000    -.3884187   -.1109374
log_analys~e |  -.1392486   .0250753    -5.55   0.000    -.1884202   -.0900769
        Blue |  -.0176024   .0294412    -0.60   0.550    -.0753353    .0401306
       _cons |    7.24785    .117505    61.68   0.000     7.017427    7.478272
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       337           0         337     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> =====================================
>  *    Examine the relationship between ESG ratings, sister firm status, and t
> hree business complexity proxies    *
>  ============================================================================
> ====================================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. *1.organizational complexity
. use "$output/regression_sample.dta", clear

. merge m:m gvkey year using "$output/organization_segments.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                       299,322
        from master                     2,755  (_merge==1)
        from using                    296,567  (_merge==2)

    Matched                            30,174  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(296,567 observations deleted)

. drop _merge

. 
. *organization_complex is as an indicator variable that equals one if a firm's
>  number of industry segments in a given year is above the 90th percentile and
>  zero otherwise
. sort year

. by year : egen orgsegment_90= pctile(num_segment_industries),p(90)

. gen organization_complex=1 if num_segment_industries>orgsegment_90
(27,986 missing values generated)

. replace organization_complex=0 if organization_complex==.
(27,986 real changes made)

. gen sister_organization_complex=sister*organization_complex

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe kld_esg sister organization_complex  sister_organization_complex log_
> assets btm age leverage sales roa ret capex rnd rnd_dummy dividends cash_hold
> ing ad ior log_analyst_coverage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  19,   2648) =      38.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4095
                                                  Adj R-squared   =     0.3898
                                                  Within R-sq.    =     0.3053
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1473

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .7493639   .2483879     3.02   0.003       .26231    1.236418
organizati~x |  -.1539053   .1174896    -1.31   0.190    -.3842861    .0764754
sister_org~x |   .1792304   .4628678     0.39   0.699    -.7283887     1.08685
  log_assets |   .7930734   .0507088    15.64   0.000     .6936405    .8925064
         btm |  -.0522866   .0552367    -0.95   0.344     -.160598    .0560248
         age |   .2930163   .0548588     5.34   0.000     .1854459    .4005868
    leverage |  -.7031474   .2112665    -3.33   0.001    -1.117411   -.2888834
       sales |  -.1350541   .0994342    -1.36   0.175    -.3300306    .0599224
         roa |  -.2271027   .1887452    -1.20   0.229    -.5972058    .1430003
         ret |  -.1004875   .0345401    -2.91   0.004    -.1682158   -.0327592
       capex |  -.0105344    .088741    -0.12   0.906    -.1845432    .1634743
         rnd |   .0099107   .0413653     0.24   0.811    -.0712009    .0910222
   rnd_dummy |  -.3028913   .0947825    -3.20   0.001    -.4887464   -.1170361
   dividends |    10.1228   1.598725     6.33   0.000     6.987923    13.25767
cash_holding |   1.211329    .222649     5.44   0.000     .7747455    1.647913
          ad |   5.576036   1.587422     3.51   0.000     2.463323    8.688748
         ior |  -.6308596   .1711602    -3.69   0.000    -.9664809   -.2952384
log_analys~e |   .2166627   .0769421     2.82   0.005       .06579    .3675353
        Blue |   .2945466   .0811157     3.63   0.000     .1354901     .453603
       _cons |  -6.878553   .3003053   -22.91   0.000     -7.46741   -6.289696
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. 
. 
. *2. geographical complexity
. use "$output/regression_sample.dta", clear

. merge m:m gvkey year using "$output/geographical_segments.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                       263,581
        from master                     3,681  (_merge==1)
        from using                    259,900  (_merge==2)

    Matched                            29,248  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(259,900 observations deleted)

. drop _merge

. 
. *geographical_complex is an indicator variable that equals one if a firm's nu
> mber of geographical segments in a year is above the 90th percentile and zero
>  otherwise
. sort year

. by year : egen geosegment_90= pctile(num_segments),p(90)

. gen geographical_complex=1 if num_segments>geosegment_90
(27,079 missing values generated)

. replace geographical_complex=0 if geographical_complex==.
(27,079 real changes made)

. gen sister_geographical_complex=sister*geographical_complex

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe kld_esg sister geographical_complex  sister_geographical_complex log_
> assets btm age leverage sales roa ret capex rnd rnd_dummy dividends cash_hold
> ing ad ior log_analyst_coverage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  19,   2648) =      38.29
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4094
                                                  Adj R-squared   =     0.3897
                                                  Within R-sq.    =     0.3053
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1474

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .8583549   .2260097     3.80   0.000     .4151815    1.301528
geographic~x |  -.0399952   .0782738    -0.51   0.609    -.1934792    .1134888
sister_geo~x |  -.3731049   .5192996    -0.72   0.473    -1.391379     .645169
  log_assets |   .7843697   .0499067    15.72   0.000     .6865096    .8822298
         btm |  -.0538455   .0541684    -0.99   0.320    -.1600622    .0523711
         age |   .2870461   .0548144     5.24   0.000     .1795628    .3945293
    leverage |  -.7054228   .2104025    -3.35   0.001    -1.117993   -.2928528
       sales |  -.1309827   .0995262    -1.32   0.188    -.3261396    .0641743
         roa |  -.2307722   .1906541    -1.21   0.226    -.6046182    .1430738
         ret |  -.0993962   .0345181    -2.88   0.004    -.1670813   -.0317111
       capex |  -.0024559    .088995    -0.03   0.978    -.1769626    .1720508
         rnd |    .009372   .0413785     0.23   0.821    -.0717654    .0905094
   rnd_dummy |  -.3043556   .0944894    -3.22   0.001     -.489636   -.1190752
   dividends |   10.06688   1.592264     6.32   0.000     6.944678    13.18909
cash_holding |   1.216894   .2233603     5.45   0.000     .7789156    1.654872
          ad |   5.562356   1.586236     3.51   0.000     2.451968    8.672743
         ior |  -.6307297   .1719229    -3.67   0.000    -.9678465   -.2936129
log_analys~e |   .2209417   .0768908     2.87   0.004     .0701695    .3717139
        Blue |   .2918488   .0813558     3.59   0.000     .1323214    .4513762
       _cons |  -6.824107   .2989138   -22.83   0.000    -7.410235   -6.237979
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. 
. 
. *3.10-K filing size 
. use "$output/regression_sample.dta", clear

. merge m:m gvkey year using "$output/10k_firm_complexity_.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        92,142
        from master                     5,669  (_merge==1)
        from using                     86,473  (_merge==2)

    Matched                            27,260  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(86,473 observations deleted)

. drop _merge

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. * Large 10-K Filing Size is as an indicator variable that equals one if the l
> og of a firm's net 10-K file size in a given year is above the 90th percentil
> e and zero otherwise.
. sort year

. by year : egen log_netfilesize_90= pctile(log_netfilesize),p(90)

. gen  large10k_filing_size=1 if log_netfilesize>log_netfilesize_90&log_netfile
> size!=.
(10,126 missing values generated)

. replace large10k_filing_size=0 if large10k_filing_size==.
(10,126 real changes made)

. gen sister_large10k_filing_size=sister*large10k_filing_size

. 
. reghdfe kld_esg sister large10k_filing_size  sister_large10k_filing_size log_
> assets btm age leverage sales roa ret capex rnd rnd_dummy dividends cash_hold
> ing ad ior log_analyst_coverage Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  19,   2648) =      37.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4094
                                                  Adj R-squared   =     0.3897
                                                  Within R-sq.    =     0.3052
Number of clusters (gvkey)   =      2,649         Root MSE        =     2.1476

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .7665935   .2205426     3.48   0.001     .3341402    1.199047
large10k_f~e |   -.151668   .1022089    -1.48   0.138    -.3520854    .0487494
sister_lar~e |   .1980695   .4750762     0.42   0.677    -.7334884    1.129627
  log_assets |   .7885466   .0506313    15.57   0.000     .6892658    .8878274
         btm |  -.0519341   .0552213    -0.94   0.347    -.1602153    .0563471
         age |   .2870743   .0549441     5.22   0.000     .1793366     .394812
    leverage |  -.6908487   .2105877    -3.28   0.001    -1.103782   -.2779157
       sales |  -.1299968   .0995426    -1.31   0.192    -.3251859    .0651922
         roa |  -.2280196   .1895187    -1.20   0.229    -.5996393    .1436001
         ret |  -.0991128   .0344725    -2.88   0.004    -.1667086   -.0315171
       capex |  -.0034582   .0890503    -0.04   0.969    -.1780735     .171157
         rnd |   .0088902   .0415195     0.21   0.830    -.0725236    .0903041
   rnd_dummy |  -.3006172   .0945152    -3.18   0.001    -.4859483   -.1152861
   dividends |   10.01743   1.588319     6.31   0.000     6.902959     13.1319
cash_holding |   1.228151   .2241336     5.48   0.000     .7886564    1.667646
          ad |   5.629118   1.578382     3.57   0.000     2.534132    8.724104
         ior |  -.6353163   .1718655    -3.70   0.000    -.9723204   -.2983121
log_analys~e |   .2223061   .0766834     2.90   0.004     .0719405    .3726716
        Blue |    .294116   .0812544     3.62   0.000     .1347876    .4534445
       _cons |   -6.85901   .3005414   -22.82   0.000     -7.44833    -6.26969
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ===============
>  *      Analyze how sister firm status relates to material vs. immaterial ESG
>  ratings      *
>  ============================================================================
> ==============*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. *ESG_materiality is data that manually maps ESG indicators to financially mat
> erial or immaterial categories based on SASB sector-specific standards, follo
> wing Khan, Serafeim, and Yoon (2016)
. merge 1:1 gvkey year using "$input/ESG_materiality.dta" , keepusing(material_
> ratings immaterial_ratings alt_material_ratings alt_immaterial_ratings)

    Result                      Number of obs
    -----------------------------------------
    Not matched                        11,014
        from master                         0  (_merge==1)
        from using                     11,014  (_merge==2)

    Matched                            32,929  (_merge==3)
    -----------------------------------------

. keep if _merge==3
(11,014 observations deleted)

. drop _merge

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe material_ratings sister log_assets btm age leverage sales roa ret cap
> ex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , ab
> s(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =       8.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2809
                                                  Adj R-squared   =     0.2570
                                                  Within R-sq.    =     0.0861
Number of clusters (gvkey)   =      2,649         Root MSE        =     1.0436

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
material_r~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .1573531   .0963428     1.63   0.103    -.0315617    .3462678
  log_assets |   .1537672   .0193796     7.93   0.000     .1157666    .1917678
         btm |   -.046312   .0198456    -2.33   0.020    -.0852264   -.0073976
         age |   .0714206   .0249588     2.86   0.004     .0224799    .1203612
    leverage |  -.2970884   .1043425    -2.85   0.004    -.5016895   -.0924874
       sales |  -.0251872   .0495617    -0.51   0.611    -.1223707    .0719963
         roa |  -.1594713   .0948593    -1.68   0.093    -.3454771    .0265345
         ret |  -.0413842   .0152725    -2.71   0.007    -.0713315   -.0114369
       capex |  -.0585697   .0418142    -1.40   0.161    -.1405615     .023422
         rnd |  -.0409401   .0179417    -2.28   0.023    -.0761214   -.0057588
   rnd_dummy |   -.044124   .0486334    -0.91   0.364    -.1394874    .0512393
   dividends |   2.236905   .7846164     2.85   0.004     .6983818    3.775428
cash_holding |   .0346743    .097219     0.36   0.721    -.1559586    .2253073
          ad |   2.061346   .8466631     2.43   0.015     .4011576    3.721534
         ior |  -.2359676   .0689465    -3.42   0.001    -.3711621   -.1007731
log_analys~e |   .0800918   .0257485     3.11   0.002     .0296026    .1305809
        Blue |   .1282326   .0385352     3.33   0.001     .0526704    .2037949
       _cons |  -1.360709   .1445826    -9.41   0.000    -1.644215   -1.077202
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe immaterial_ratings sister log_assets btm age leverage sales roa ret c
> apex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , 
> abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      41.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3822
                                                  Adj R-squared   =     0.3617
                                                  Within R-sq.    =     0.2759
Number of clusters (gvkey)   =      2,649         Root MSE        =     1.8024

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
immaterial~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .6380975   .1782385     3.58   0.000     .2885968    .9875983
  log_assets |   .6297079   .0424226    14.84   0.000     .5465231    .7128928
         btm |  -.0084212    .058975    -0.14   0.886     -.124063    .1072206
         age |    .217231   .0452791     4.80   0.000      .128445     .306017
    leverage |  -.4027907   .1754071    -2.30   0.022    -.7467396   -.0588419
       sales |  -.1061418   .0778319    -1.36   0.173    -.2587592    .0464756
         roa |  -.0573202   .1607116    -0.36   0.721    -.3724533    .2578129
         ret |   -.059276   .0301193    -1.97   0.049    -.1183358   -.0002163
       capex |   .0556438   .0730602     0.76   0.446     -.087617    .1989046
         rnd |   .0506062   .0357571     1.42   0.157    -.0195085    .1207209
   rnd_dummy |  -.2577286   .0797447    -3.23   0.001    -.4140968   -.1013604
   dividends |   7.837418   1.249414     6.27   0.000     5.387492    10.28734
cash_holding |   1.182225   .1896455     6.23   0.000      .810357    1.554094
          ad |   3.563112   1.093087     3.26   0.001     1.419722    5.706502
         ior |  -.3931572   .1501072    -2.62   0.009    -.6874965   -.0988179
log_analys~e |   .1417488   .0662426     2.14   0.032     .0118564    .2716412
        Blue |   .1657611   .0676223     2.45   0.014     .0331632     .298359
       _cons |  -5.476811   .2476727   -22.11   0.000    -5.962463    -4.99116
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe alt_material_ratings sister log_assets btm age leverage sales roa ret
>  capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue 
> , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      23.30
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3709
                                                  Adj R-squared   =     0.3500
                                                  Within R-sq.    =     0.1762
Number of clusters (gvkey)   =      2,649         Root MSE        =     1.1205

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
alt_materi~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .1319088   .0966021     1.37   0.172    -.0575144     .321332
  log_assets |   .2734385   .0208246    13.13   0.000     .2326044    .3142727
         btm |  -.0573895   .0188014    -3.05   0.002    -.0942565   -.0205226
         age |   .1214116   .0279384     4.35   0.000     .0666283     .176195
    leverage |  -.3326413   .1120342    -2.97   0.003    -.5523247   -.1129579
       sales |  -.0355467    .055574    -0.64   0.522    -.1445196    .0734261
         roa |  -.2444628   .1112006    -2.20   0.028    -.4625116   -.0264141
         ret |  -.0606113   .0172483    -3.51   0.000    -.0944328   -.0267899
       capex |  -.0921448   .0511801    -1.80   0.072    -.1925019    .0082122
         rnd |  -.0350846   .0248659    -1.41   0.158    -.0838432    .0136741
   rnd_dummy |  -.1134117   .0498696    -2.27   0.023     -.211199   -.0156245
   dividends |   3.748298   .8647622     4.33   0.000      2.05262    5.443976
cash_holding |  -.0031781   .1039253    -0.03   0.976     -.206961    .2006049
          ad |   3.008626   1.009559     2.98   0.003     1.029022     4.98823
         ior |  -.2141367    .079926    -2.68   0.007    -.3708603   -.0574131
log_analys~e |   .0910391   .0293269     3.10   0.002     .0335332    .1485451
        Blue |   .1525348   .0414758     3.68   0.000     .0712065    .2338631
       _cons |  -2.835146   .1450435   -19.55   0.000    -3.119556   -2.550736
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe alt_immaterial_ratings sister log_assets btm age leverage sales roa r
> et capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blu
> e , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      30.06
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3332
                                                  Adj R-squared   =     0.3111
                                                  Within R-sq.    =     0.2418
Number of clusters (gvkey)   =      2,649         Root MSE        =     1.6277

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
alt_immate~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .6635418   .1683434     3.94   0.000      .333444    .9936396
  log_assets |   .5100366   .0386924    13.18   0.000     .4341662     .585907
         btm |   .0026563   .0517412     0.05   0.959     -.098801    .1041137
         age |     .16724   .0406067     4.12   0.000     .0876159    .2468641
    leverage |  -.3672379   .1559172    -2.36   0.019    -.6729698    -.061506
       sales |  -.0957823   .0706738    -1.36   0.175    -.2343637    .0427992
         roa |   .0276713   .1389746     0.20   0.842    -.2448385    .3001811
         ret |  -.0400489   .0265771    -1.51   0.132    -.0921629    .0120651
       capex |   .0892189    .066501     1.34   0.180    -.0411803    .2196181
         rnd |   .0447506   .0283102     1.58   0.114    -.0107617     .100263
   rnd_dummy |  -.1884409   .0718892    -2.62   0.009    -.3294056   -.0474762
   dividends |   6.326025   1.126506     5.62   0.000     4.117104    8.534945
cash_holding |   1.220078   .1755371     6.95   0.000     .8758741    1.564281
          ad |   2.615831   .9714341     2.69   0.007      .710985    4.520678
         ior |  -.4149881   .1312252    -3.16   0.002    -.6723025   -.1576738
log_analys~e |   .1308014   .0584984     2.24   0.025     .0160942    .2455086
        Blue |    .141459   .0611156     2.31   0.021     .0216198    .2612981
       _cons |  -4.002374   .2302473   -17.38   0.000    -4.453857   -3.550891
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ===============
>  *   Examine the impact of ownership size and scale of large shareholders on 
> ESG ratings   *
>  ============================================================================
> ==============*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. *1. Size of ownership
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. eststo: reghdfe kld_esg largest_blockholders  log_assets btm age leverage sal
> es roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_cove
> rage Blue  if sister==0 | largest_blockholders==1, abs(indyrsic2 ) cluster(gv
> key)
(dropped 25 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,785
Absorbing 1 HDFE group                            F(  17,   2642) =      42.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4050
                                                  Adj R-squared   =     0.3848
                                                  Within R-sq.    =     0.2988
Number of clusters (gvkey)   =      2,643         Root MSE        =     2.1077

                              (Std. err. adjusted for 2,643 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
largest_bl~s |   1.164258   .2914886     3.99   0.000     .5926892    1.735827
  log_assets |   .7694859   .0504514    15.25   0.000     .6705577     .868414
         btm |  -.0496974    .053218    -0.93   0.350    -.1540505    .0546556
         age |   .2620507    .054136     4.84   0.000     .1558975     .368204
    leverage |  -.6503077   .2074361    -3.13   0.002    -1.057061   -.2435541
       sales |   -.145541   .0972934    -1.50   0.135      -.33632    .0452381
         roa |  -.2314345   .1865698    -1.24   0.215    -.5972722    .1344032
         ret |  -.1039437   .0346845    -3.00   0.003    -.1719553   -.0359321
       capex |  -.0183136   .0861948    -0.21   0.832    -.1873298    .1507025
         rnd |   .0140334   .0404938     0.35   0.729    -.0653693    .0934361
   rnd_dummy |  -.3076922   .0911055    -3.38   0.001    -.4863375    -.129047
   dividends |   10.17146   1.573827     6.46   0.000     7.085399    13.25751
cash_holding |   1.198308   .2155512     5.56   0.000     .7756414    1.620974
          ad |   5.198551   1.510369     3.44   0.001     2.236926    8.160175
         ior |  -.5679157   .1651975    -3.44   0.001    -.8918453   -.2439861
log_analys~e |   .2075691   .0778789     2.67   0.008     .0548594    .3602789
        Blue |   .2764148   .0785789     3.52   0.000     .1223324    .4304973
       _cons |   -6.64244   .2932711   -22.65   0.000    -7.217505   -6.067376
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       337           0         337     |
-----------------------------------------------------+
(est5 stored)

. eststo: reghdfe kld_esg  smallest_blockholders log_assets btm age leverage sa
> les roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_cov
> erage Blue  if sister==0 | smallest_blockholders==1, abs(indyrsic2 ) cluster(
> gvkey)
(dropped 28 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,392
Absorbing 1 HDFE group                            F(  17,   2601) =      36.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3795
                                                  Adj R-squared   =     0.3579
                                                  Within R-sq.    =     0.2473
Number of clusters (gvkey)   =      2,602         Root MSE        =     2.0034

                              (Std. err. adjusted for 2,602 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
smallest_b~s |   .5825655   .3040606     1.92   0.055    -.0136598    1.178791
  log_assets |   .7461296   .0507117    14.71   0.000     .6466902     .845569
         btm |   -.053001   .0562091    -0.94   0.346    -.1632201    .0572181
         age |   .2501916   .0526496     4.75   0.000     .1469522     .353431
    leverage |  -.6781619   .2064021    -3.29   0.001    -1.082891    -.273433
       sales |  -.1356309   .0950422    -1.43   0.154     -.321997    .0507352
         roa |  -.2063703   .1832618    -1.13   0.260     -.565724    .1529834
         ret |  -.0849176    .033426    -2.54   0.011    -.1504619   -.0193733
       capex |  -.0536751   .0837508    -0.64   0.522       -.2179    .1105499
         rnd |   .0183758   .0389152     0.47   0.637    -.0579321    .0946836
   rnd_dummy |  -.2792111   .0881701    -3.17   0.002    -.4521017   -.1063204
   dividends |   8.396444   1.462306     5.74   0.000     5.529043    11.26384
cash_holding |   1.082861   .2009762     5.39   0.000     .6887719    1.476951
          ad |   4.738279   1.515455     3.13   0.002     1.766658    7.709899
         ior |  -.5510511   .1622246    -3.40   0.001    -.8691535   -.2329487
log_analys~e |   .2161078   .0786983     2.75   0.006     .0617901    .3704255
        Blue |   .2679808   .0767915     3.49   0.000      .117402    .4185595
       _cons |   -6.42555   .2908072   -22.10   0.000    -6.995787   -5.855313
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+
(est6 stored)

. 
. *2. Scale of large shareholders
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. merge m:m mgrno year using "$output/blockholder_aum.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        10,362
        from master                    10,313  (_merge==1)
        from using                         49  (_merge==2)

    Matched                               832  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(49 observations deleted)

. replace scale_large=0 if scale_large==.
(10,313 real changes made)

. replace scale_small=0 if scale_small==.
(10,313 real changes made)

. eststo: reghdfe kld_esg scale_large  log_assets btm age leverage sales roa re
> t capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue
>   if sister==0 | scale_large==1, abs(indyrsic2 ) cluster(gvkey)
(dropped 23 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,822
Absorbing 1 HDFE group                            F(  17,   2643) =      42.00
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4097
                                                  Adj R-squared   =     0.3896
                                                  Within R-sq.    =     0.3048
Number of clusters (gvkey)   =      2,644         Root MSE        =     2.1210

                              (Std. err. adjusted for 2,644 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 scale_large |   1.106449   .3071576     3.60   0.000     .5041557    1.708743
  log_assets |   .7695544   .0505121    15.24   0.000     .6705072    .8686016
         btm |  -.0476608   .0537197    -0.89   0.375    -.1529976    .0576761
         age |   .2616711   .0538621     4.86   0.000     .1560549    .3672872
    leverage |  -.6162368   .2106457    -2.93   0.003    -1.029284   -.2031897
       sales |   -.144791   .0976033    -1.48   0.138    -.3361776    .0465955
         roa |  -.1872215   .1886562    -0.99   0.321    -.5571503    .1827073
         ret |  -.1020127   .0347155    -2.94   0.003     -.170085   -.0339404
       capex |  -.0210609    .086568    -0.24   0.808    -.1908088    .1486869
         rnd |   .0077453   .0410287     0.19   0.850    -.0727064    .0881969
   rnd_dummy |  -.3294508   .0912583    -3.61   0.000    -.5083957   -.1505058
   dividends |   9.853516   1.599211     6.16   0.000     6.717683    12.98935
cash_holding |   1.223473   .2200941     5.56   0.000     .7918988    1.655047
          ad |   5.490658   1.559788     3.52   0.000     2.432128    8.549188
         ior |  -.5556101   .1696625    -3.27   0.001    -.8882947   -.2229254
log_analys~e |   .2114446    .078254     2.70   0.007     .0579993    .3648899
        Blue |   .2905418   .0794802     3.66   0.000     .1346921    .4463915
       _cons |  -6.673337   .2935012   -22.74   0.000    -7.248853   -6.097822
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       340           0         340     |
-----------------------------------------------------+
(est7 stored)

. eststo: reghdfe kld_esg  scale_small log_assets btm age leverage sales roa re
> t capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue
>   if sister==0 | scale_small==1, abs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,586
Absorbing 1 HDFE group                            F(  17,   2609) =      36.62
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3785
                                                  Adj R-squared   =     0.3571
                                                  Within R-sq.    =     0.2472
Number of clusters (gvkey)   =      2,610         Root MSE        =     2.0219

                              (Std. err. adjusted for 2,610 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 scale_small |   .4234132   .2255523     1.88   0.061    -.0188664    .8656929
  log_assets |     .74794   .0500872    14.93   0.000     .6497253    .8461546
         btm |  -.0582222   .0570608    -1.02   0.308    -.1701111    .0536668
         age |   .2730818   .0536146     5.09   0.000     .1679504    .3782132
    leverage |  -.7449453   .2051421    -3.63   0.000    -1.147203   -.3426876
       sales |  -.1128779   .0951595    -1.19   0.236    -.2994736    .0737179
         roa |  -.2337508   .1829823    -1.28   0.202     -.592556    .1250544
         ret |  -.0892171    .033304    -2.68   0.007    -.1545221   -.0239122
       capex |  -.0320475   .0840654    -0.38   0.703    -.1968891     .132794
         rnd |   .0227003   .0388636     0.58   0.559    -.0535062    .0989069
   rnd_dummy |  -.2538522   .0911437    -2.79   0.005    -.4325735   -.0751308
   dividends |   8.533914   1.463545     5.83   0.000     5.664089    11.40374
cash_holding |   1.062555   .2006771     5.29   0.000     .6690529    1.456058
          ad |   4.627081   1.481787     3.12   0.002     1.721483    7.532678
         ior |  -.5694241    .160915    -3.54   0.000    -.8849581   -.2538902
log_analys~e |   .2182526   .0773429     2.82   0.005     .0665931    .3699122
        Blue |   .2663428   .0769462     3.46   0.001      .115461    .4172246
       _cons |  -6.508469   .2951402   -22.05   0.000    -7.087202   -5.929737
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+
(est8 stored)

-------------------------------------------------------------------------------

. /*===========================================================================
> ======
>  *                    Subsequent change in holdings                          
>      *
>  ============================================================================
> =====*/
.  
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. use "$output/regression_sample.dta", clear

. destring gvkey, replace
gvkey: all characters numeric; replaced as long

. merge 1:1 gvkey year using "$output/change_in_holdings.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        34,395
        from master                     6,010  (_merge==1)
        from using                     28,385  (_merge==2)

    Matched                            26,919  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(28,385 observations deleted)

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe decrease_holding1 sister log_assets btm age leverage sales roa ret ca
> pex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , a
> bs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      9,112
Absorbing 1 HDFE group                            F(  17,   1883) =       2.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0040
                                                  R-squared       =     0.0504
                                                  Adj R-squared   =     0.0123
                                                  Within R-sq.    =     0.0068
Number of clusters (gvkey)   =      1,884         Root MSE        =     0.4968

                              (Std. err. adjusted for 1,884 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
decrease_h~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0128524    .026548     0.48   0.628    -.0392142    .0649191
  log_assets |  -.0113169   .0084116    -1.35   0.179    -.0278139      .00518
         btm |  -.0140057   .0063556    -2.20   0.028    -.0264705   -.0015409
         age |   .0053802   .0126153     0.43   0.670    -.0193612    .0301216
    leverage |   .0762255   .0532301     1.43   0.152    -.0281707    .1806217
       sales |   .0279878   .0232764     1.20   0.229    -.0176624     .073638
         roa |  -.0204686   .0664103    -0.31   0.758    -.1507141    .1097768
         ret |  -.0237679   .0112116    -2.12   0.034    -.0457564   -.0017794
       capex |    .025551   .0324179     0.79   0.431    -.0380278    .0891299
         rnd |  -.0268616   .0152087    -1.77   0.078    -.0566892     .002966
   rnd_dummy |  -.0031119   .0235684    -0.13   0.895    -.0493348    .0431109
   dividends |  -.3421279   .3211448    -1.07   0.287    -.9719649    .2877091
cash_holding |  -.0065582   .0551611    -0.12   0.905    -.1147416    .1016251
          ad |   .5704257   .3450638     1.65   0.098    -.1063219    1.247173
         ior |  -.0220381   .0398649    -0.55   0.580    -.1002221     .056146
log_analys~e |   -.029382   .0137617    -2.14   0.033    -.0563719   -.0023922
        Blue |   .0176284   .0176918     1.00   0.319    -.0170693     .052326
       _cons |   .6131329    .061046    10.04   0.000      .493408    .7328577
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       336           0         336     |
-----------------------------------------------------+

. reghdfe decrease_holding2 sister log_assets btm age leverage sales roa ret ca
> pex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , a
> bs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      9,105
Absorbing 1 HDFE group                            F(  17,   1881) =       1.89
Statistics robust to heteroskedasticity           Prob > F        =     0.0149
                                                  R-squared       =     0.0542
                                                  Adj R-squared   =     0.0162
                                                  Within R-sq.    =     0.0052
Number of clusters (gvkey)   =      1,882         Root MSE        =     0.4959

                              (Std. err. adjusted for 1,882 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
decrease_h~2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0709879   .0267362     2.66   0.008     .0185522    .1234235
  log_assets |   -.007581   .0085881    -0.88   0.377    -.0244242    .0092622
         btm |  -.0115961   .0065757    -1.76   0.078    -.0244925    .0013004
         age |   .0064425    .013031     0.49   0.621    -.0191142    .0319993
    leverage |   .0320128   .0532521     0.60   0.548    -.0724265    .1364522
       sales |    .026531   .0231188     1.15   0.251    -.0188102    .0718721
         roa |  -.0755438   .0689052    -1.10   0.273    -.2106825    .0595948
         ret |  -.0232809    .011338    -2.05   0.040    -.0455173   -.0010446
       capex |   .0667018   .0321857     2.07   0.038     .0035784    .1298252
         rnd |  -.0389949   .0157045    -2.48   0.013    -.0697949   -.0081948
   rnd_dummy |  -.0135593   .0237817    -0.57   0.569    -.0602006    .0330821
   dividends |  -.3540272   .3293146    -1.08   0.282    -.9998876    .2918331
cash_holding |    .012152   .0546601     0.22   0.824    -.0950487    .1193528
          ad |   .5193978   .3440816     1.51   0.131    -.1554239     1.19422
         ior |   .0171137    .040318     0.42   0.671     -.061959    .0961863
log_analys~e |   -.011554    .014246    -0.81   0.417    -.0394936    .0163856
        Blue |   .0060564   .0179499     0.34   0.736    -.0291473    .0412602
       _cons |   .5420957   .0610271     8.88   0.000     .4224078    .6617836
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       336           0         336     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ======
>  *                   Departed sisters and change in ESG ratings              
>      *
>  ============================================================================
> =====*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. destring gvkey, replace
gvkey: all characters numeric; replaced as long

. xtset gvkey year

Panel variable: gvkey (unbalanced)
 Time variable: year, 1991 to 2015, but with gaps
         Delta: 1 unit

. *Departed_sister equals 1 if a firm is no longer classified as a sister firm 
> in year t, and 0 otherwise
. generate departed_sisters=1 if sister-l.sister==-1
(32,693 missing values generated)

. replace departed_sisters=0 if departed_sisters==.
(32,693 real changes made)

. *Calculate the change in ESG ratings from year t–1 to year t, and from year t
> –1 to year t+1
. gen change_esg_t=kld_esg-l1.kld_esg
(4,905 missing values generated)

. gen change_esg_t1=f1.kld_esg-l1.kld_esg
(8,791 missing values generated)

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. reghdfe change_esg_t  departed_sisters  log_assets1 btm1 age leverage1 sales1
>  roa1 ret1 capex1 rnd1 rnd_dummy1 dividends1 cash_holding1 ad1 ior1 log_analy
> st_coverage1 Blue1 , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      9,899
Absorbing 1 HDFE group                            F(  17,   2330) =      13.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2032
                                                  Adj R-squared   =     0.1735
                                                  Within R-sq.    =     0.0114
Number of clusters (gvkey)   =      2,331         Root MSE        =     1.9101

                              (Std. err. adjusted for 2,331 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
change_esg_t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
departed_s~s |  -.1656762   .1529196    -1.08   0.279    -.4655489    .1341966
 log_assets1 |   .1448574   .0146347     9.90   0.000     .1161591    .1735558
        btm1 |  -.0518194   .0293051    -1.77   0.077    -.1092863    .0056475
         age |  -.0527949   .0213164    -2.48   0.013     -.094596   -.0109938
   leverage1 |  -.1662612     .09146    -1.82   0.069    -.3456127    .0130902
      sales1 |  -.0216084   .0377347    -0.57   0.567    -.0956054    .0523886
        roa1 |    .177769   .1494267     1.19   0.234    -.1152541    .4707921
        ret1 |   .0312399   .0311455     1.00   0.316     -.029836    .0923157
      capex1 |  -.1128086   .0495749    -2.28   0.023    -.2100241   -.0155931
        rnd1 |   .0356541   .0307092     1.16   0.246    -.0245662    .0958744
  rnd_dummy1 |   .0140708   .0318774     0.44   0.659    -.0484402    .0765817
  dividends1 |   .1216839   .6050516     0.20   0.841    -1.064812     1.30818
cash_holdi~1 |  -.0322661   .0914466    -0.35   0.724    -.2115912    .1470591
         ad1 |  -.9102227   .5096138    -1.79   0.074    -1.909567    .0891212
        ior1 |    .162391   .0628481     2.58   0.010     .0391469    .2856351
log_analys~1 |  -.0232969   .0227725    -1.02   0.306    -.0679535    .0213596
       Blue1 |   .0077824   .0280542     0.28   0.781    -.0472315    .0627962
       _cons |  -.5999524   .1005991    -5.96   0.000    -.7972255   -.4026793
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       340           0         340     |
-----------------------------------------------------+

. reghdfe change_esg_t1  departed_sisters  log_assets1 btm1 age leverage1 sales
> 1 roa1 ret1 capex1 rnd1 rnd_dummy1 dividends1 cash_holding1 ad1 ior1 log_anal
> yst_coverage1 Blue1 , abs(indyrsic2 ) cluster(gvkey)
(dropped 20 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =      7,511
Absorbing 1 HDFE group                            F(  17,   2001) =       5.55
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1745
                                                  Adj R-squared   =     0.1405
                                                  Within R-sq.    =     0.0098
Number of clusters (gvkey)   =      2,002         Root MSE        =     2.4004

                              (Std. err. adjusted for 2,002 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
change_esg~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
departed_s~s |  -.6868799   .1793695    -3.83   0.000     -1.03865   -.3351094
 log_assets1 |    .157314   .0273656     5.75   0.000     .1036459    .2109822
        btm1 |  -.0792153    .044011    -1.80   0.072    -.1655276    .0070969
         age |  -.1429135   .0400697    -3.57   0.000    -.2214963   -.0643308
   leverage1 |  -.1991346   .1703275    -1.17   0.242    -.5331723    .1349032
      sales1 |   .0042806   .0699132     0.06   0.951    -.1328298     .141391
        roa1 |   .3927438   .2454588     1.60   0.110    -.0886378    .8741254
        ret1 |   .0415934    .059146     0.70   0.482    -.0744007    .1575875
      capex1 |  -.2080888   .0954906    -2.18   0.029    -.3953603   -.0208173
        rnd1 |   .1053235   .0511148     2.06   0.039     .0050798    .2055672
  rnd_dummy1 |   .0370038   .0616258     0.60   0.548    -.0838537    .1578613
  dividends1 |  -1.149519   .9805365    -1.17   0.241    -3.072498    .7734604
cash_holdi~1 |  -.1602238   .1635138    -0.98   0.327    -.4808989    .1604514
         ad1 |  -2.216985   .9084322    -2.44   0.015    -3.998557   -.4354132
        ior1 |   .3186703   .1218125     2.62   0.009     .0797777    .5575629
log_analys~1 |  -.1043316    .042613    -2.45   0.014    -.1879021   -.0207612
       Blue1 |  -.0309835   .0517478    -0.60   0.549    -.1324687    .0705017
       _cons |  -.0148461   .1890764    -0.08   0.937    -.3856533    .3559611
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       281           0         281     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ====================================
>  *        Contrast ownership size with SRI proposals to evaluate the common o
> wner effect on ESG ratings         *
>  ============================================================================
> ===================================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. *Merge the regression sample with shareholder proposal information
. merge m:m mgrno year using "$output/portfolio_proposal.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        10,508
        from master                    10,313  (_merge==1)
        from using                        195  (_merge==2)

    Matched                               832  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(195 observations deleted)

. drop _merge

. replace more_proposals=0 if more_proposals==.
(10,313 real changes made)

. replace less_proposals=0 if less_proposals==.
(10,313 real changes made)

. 
. gen largestake_moreproposals=1 if largest_blockholders==1&more_proposals==1
(10,720 missing values generated)

. replace largestake_moreproposals=0 if largestake_moreproposals==.
(10,720 real changes made)

. gen largestake_lessproposals=1 if largest_blockholders==1&less_proposals==1
(11,073 missing values generated)

. replace largestake_lessproposals=0 if largestake_lessproposals==.
(11,073 real changes made)

. gen smallstake_moreproposals=1 if smallest_blockholders==1&more_proposals==1
(11,085 missing values generated)

. replace smallstake_moreproposals=0 if smallstake_moreproposals==.
(11,085 real changes made)

. gen smallstake_lessproposals=1 if smallest_blockholders==1&less_proposals==1
(11,098 missing values generated)

. replace smallstake_lessproposals=0 if smallstake_lessproposals==.
(11,098 real changes made)

. 
. reghdfe kld_esg largestake_moreproposals  log_assets btm age leverage sales r
> oa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage
>  Blue   if sister==0 | largestake_moreproposals==1 , abs(indyrsic2 ) cluster(
> gvkey)
(dropped 25 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,713
Absorbing 1 HDFE group                            F(  17,   2641) =      41.50
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3995
                                                  Adj R-squared   =     0.3790
                                                  Within R-sq.    =     0.2937
Number of clusters (gvkey)   =      2,642         Root MSE        =     2.0994

                              (Std. err. adjusted for 2,642 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
l~eproposals |   1.126772   .3293446     3.42   0.001     .4809722    1.772571
  log_assets |   .7689318   .0505833    15.20   0.000      .669745    .8681186
         btm |   -.048513   .0536289    -0.90   0.366    -.1536719     .056646
         age |   .2594109   .0535814     4.84   0.000     .1543452    .3644766
    leverage |  -.6459072    .207442    -3.11   0.002    -1.052672    -.239142
       sales |  -.1473543   .0967057    -1.52   0.128    -.3369808    .0422722
         roa |  -.2253514   .1865361    -1.21   0.227    -.5911231    .1404204
         ret |  -.1046624   .0346492    -3.02   0.003    -.1726047   -.0367201
       capex |  -.0158046   .0855682    -0.18   0.853    -.1835921    .1519829
         rnd |   .0105201   .0404194     0.26   0.795    -.0687369     .089777
   rnd_dummy |  -.3107962   .0895342    -3.47   0.001    -.4863604   -.1352319
   dividends |   9.991049   1.567925     6.37   0.000     6.916564    13.06553
cash_holding |    1.20469   .2156715     5.59   0.000     .7817875    1.627592
          ad |   5.226182   1.509186     3.46   0.001     2.266876    8.185488
         ior |  -.5588561   .1645114    -3.40   0.001    -.8814404   -.2362718
log_analys~e |   .2075963   .0783083     2.65   0.008     .0540444    .3611482
        Blue |   .2763656   .0781154     3.54   0.000     .1231919    .4295392
       _cons |  -6.638519   .2907696   -22.83   0.000    -7.208678    -6.06836
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       337           0         337     |
-----------------------------------------------------+

. reghdfe kld_esg  largestake_lessproposals  log_assets btm age leverage sales 
> roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverag
> e Blue   if sister==0 | largestake_lessproposals==1 , abs(indyrsic2 ) cluster
> (gvkey)
(dropped 26 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,359
Absorbing 1 HDFE group                            F(  17,   2600) =      36.52
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3832
                                                  Adj R-squared   =     0.3615
                                                  Within R-sq.    =     0.2480
Number of clusters (gvkey)   =      2,601         Root MSE        =     1.9993

                              (Std. err. adjusted for 2,601 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
l~sproposals |   1.482929   .4898805     3.03   0.002     .5223333    2.443524
  log_assets |   .7461158   .0506043    14.74   0.000     .6468871    .8453445
         btm |  -.0537761    .056011    -0.96   0.337    -.1636068    .0560547
         age |   .2527816   .0529506     4.77   0.000      .148952    .3566112
    leverage |  -.7029326   .2042093    -3.44   0.001    -1.103362   -.3025033
       sales |  -.1099409   .0934278    -1.18   0.239    -.2931413    .0732594
         roa |   -.249122   .1814406    -1.37   0.170    -.6049047    .1066607
         ret |   -.087114   .0333796    -2.61   0.009    -.1525672   -.0216608
       capex |  -.0544361   .0835597    -0.65   0.515    -.2182864    .1094141
         rnd |    .023001    .038732     0.59   0.553    -.0529477    .0989496
   rnd_dummy |  -.2769898   .0886128    -3.13   0.002    -.4507486    -.103231
   dividends |   8.410463   1.455122     5.78   0.000     5.557148    11.26378
cash_holding |   1.075847   .1985119     5.42   0.000     .6865896    1.465104
          ad |   4.481152   1.463713     3.06   0.002      1.61099    7.351313
         ior |   -.537884   .1617188    -3.33   0.001    -.8549946   -.2207734
log_analys~e |   .2106012   .0783603     2.69   0.007     .0569464    .3642561
        Blue |    .263232   .0764329     3.44   0.001     .1133565    .4131074
       _cons |  -6.426274   .2926414   -21.96   0.000    -7.000108   -5.852441
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

. reghdfe kld_esg smallstake_moreproposals  log_assets btm age leverage sales r
> oa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage
>  Blue  if sister==0 | smallstake_moreproposals==1  , abs(indyrsic2 ) cluster(
> gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,346
Absorbing 1 HDFE group                            F(  17,   2597) =      36.02
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3786
                                                  Adj R-squared   =     0.3568
                                                  Within R-sq.    =     0.2439
Number of clusters (gvkey)   =      2,598         Root MSE        =     1.9957

                              (Std. err. adjusted for 2,598 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
s~eproposals |   .4813087   .3840719     1.25   0.210    -.2718094    1.234427
  log_assets |   .7438705   .0506847    14.68   0.000      .644484     .843257
         btm |  -.0527658   .0564377    -0.93   0.350    -.1634332    .0579015
         age |   .2505065   .0524633     4.77   0.000     .1476324    .3533806
    leverage |  -.6656195   .2061256    -3.23   0.001    -1.069807   -.2614324
       sales |  -.1267333   .0942074    -1.35   0.179    -.3114625    .0579958
         roa |  -.2249574    .182017    -1.24   0.217    -.5818704    .1319557
         ret |  -.0875068   .0333944    -2.62   0.009    -.1529891   -.0220246
       capex |  -.0545945   .0833063    -0.66   0.512    -.2179481     .108759
         rnd |   .0193676   .0387947     0.50   0.618     -.056704    .0954393
   rnd_dummy |  -.2781307   .0881194    -3.16   0.002    -.4509221   -.1053393
   dividends |   8.253305   1.459422     5.66   0.000     5.391556    11.11505
cash_holding |    1.08077   .1988582     5.43   0.000     .6908335    1.470707
          ad |   4.605947   1.473713     3.13   0.002     1.716175    7.495718
         ior |     -.5407   .1622053    -3.33   0.001    -.8587648   -.2226353
log_analys~e |   .2145829   .0786441     2.73   0.006     .0603715    .3687944
        Blue |   .2676061   .0765059     3.50   0.000     .1175874    .4176247
       _cons |  -6.414143   .2903233   -22.09   0.000    -6.983431   -5.844854
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

. reghdfe kld_esg  smallstake_lessproposals  log_assets btm age leverage sales 
> roa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverag
> e Blue   if sister==0 | smallstake_lessproposals==1 , abs(indyrsic2 ) cluster
> (gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,333
Absorbing 1 HDFE group                            F(  17,   2601) =      35.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3764
                                                  Adj R-squared   =     0.3544
                                                  Within R-sq.    =     0.2429
Number of clusters (gvkey)   =      2,602         Root MSE        =     1.9970

                              (Std. err. adjusted for 2,602 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
s~sproposals |   .7218707   .4956848     1.46   0.145     -.250106    1.693847
  log_assets |   .7467514   .0509076    14.67   0.000     .6469279    .8465749
         btm |  -.0525815   .0561964    -0.94   0.350    -.1627757    .0576128
         age |   .2491856    .052663     4.73   0.000     .1459201    .3524512
    leverage |  -.7023226   .2049657    -3.43   0.001    -1.104235   -.3004102
       sales |  -.1224735    .093841    -1.31   0.192    -.3064841     .061537
         roa |  -.2194358   .1828203    -1.20   0.230    -.5779238    .1390522
         ret |  -.0860241   .0334326    -2.57   0.010    -.1515813   -.0204668
       capex |  -.0522695   .0831237    -0.63   0.530    -.2152648    .1107259
         rnd |   .0188275   .0387927     0.49   0.627    -.0572402    .0948952
   rnd_dummy |  -.2812773   .0874651    -3.22   0.001    -.4527855   -.1097691
   dividends |   8.366232    1.45982     5.73   0.000     5.503707    11.22876
cash_holding |   1.084161   .2003448     5.41   0.000     .6913095    1.477012
          ad |   4.648643   1.502042     3.09   0.002     1.703323    7.593962
         ior |  -.5372722   .1621301    -3.31   0.001    -.8551893   -.2193551
log_analys~e |    .211753   .0788978     2.68   0.007     .0570441    .3664619
        Blue |   .2626293   .0764586     3.43   0.001     .1127034    .4125553
       _cons |  -6.425057   .2915499   -22.04   0.000     -6.99675   -5.853363
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> =============================================
>  *        Contrast ownership size with UNPRI signatory status to evaluate the
>  common owner effect on ESG ratings         *
>  ============================================================================
> ============================================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. *PRI_date contains information on when institutional investors—who are large 
> shareholders of the rater—joined the UNPRI, obtained from the PRI website
. import excel "/Volumes/T9/PRI/PRI_date.xlsx", sheet("Sheet1") firstrow clear
(5 vars, 14 obs)

. rename Year join_year

. destring mgrno, replace
mgrno: all characters numeric; replaced as long

. merge 1:m mgrno using "$output/regression_sample.dta"
(variable mgrno was long, now double to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                        30,290
        from master                         0  (_merge==1)
        from using                     30,290  (_merge==2)

    Matched                             2,639  (_merge==3)
    -----------------------------------------

. drop _merge

. generate PRI=1 if year-join_year>0&year-join_year!=.
(32,508 missing values generated)

. replace PRI=0 if PRI==.
(32,508 real changes made)

. 
. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. gen UNPRI=1 if sister==1&PRI==1
(10,767 missing values generated)

. replace UNPRI=0 if UNPRI==.
(10,767 real changes made)

. gen NON_UNPRI=1 if sister==1&PRI==0
(10,691 missing values generated)

. replace NON_UNPRI=0 if NON_UNPRI==.
(10,691 real changes made)

. 
. gen largestake_unpri=1 if largest_blockholders==1&UNPRI==1
(10,822 missing values generated)

. replace largestake_unpri=0 if largestake_unpri==.
(10,822 real changes made)

. gen largestake_nonunpri=1 if largest_blockholders==1&NON_UNPRI==1
(10,971 missing values generated)

. replace largestake_nonunpri=0 if largestake_nonunpri==.
(10,971 real changes made)

. gen smallstake_unpri=1 if smallest_blockholders==1&UNPRI==1
(11,134 missing values generated)

. replace smallstake_unpri=0 if smallstake_unpri==.
(11,134 real changes made)

. gen smallstake_nonunpri=1 if smallest_blockholders==1&NON_UNPRI==1
(11,049 missing values generated)

. replace smallstake_nonunpri=0 if smallstake_nonunpri==.
(11,049 real changes made)

. 
. reghdfe kld_esg largestake_unpri  log_assets btm age leverage sales roa ret c
> apex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue   
> if sister==0 | largestake_unpri==1 , abs(indyrsic2 ) cluster(gvkey)
(dropped 24 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,612
Absorbing 1 HDFE group                            F(  17,   2633) =      40.62
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3963
                                                  Adj R-squared   =     0.3755
                                                  Within R-sq.    =     0.2806
Number of clusters (gvkey)   =      2,634         Root MSE        =     2.0606

                              (Std. err. adjusted for 2,634 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
large~_unpri |   1.168939    .331571     3.53   0.000     .5187728    1.819105
  log_assets |   .7648833   .0503211    15.20   0.000     .6662104    .8635561
         btm |   -.049138   .0534616    -0.92   0.358    -.1539691    .0556931
         age |   .2477974   .0533575     4.64   0.000     .1431705    .3524243
    leverage |  -.6615175   .2056194    -3.22   0.001     -1.06471   -.2583255
       sales |  -.1443238   .0951001    -1.52   0.129    -.3308022    .0421547
         roa |  -.2235972   .1831098    -1.22   0.222    -.5826508    .1354565
         ret |  -.0963435   .0342214    -2.82   0.005     -.163447     -.02924
       capex |  -.0411643   .0831833    -0.49   0.621    -.2042756    .1219471
         rnd |    .015191   .0397262     0.38   0.702    -.0627066    .0930887
   rnd_dummy |  -.2942571   .0883444    -3.33   0.001    -.4674885   -.1210257
   dividends |   9.490173    1.51551     6.26   0.000     6.518463    12.46188
cash_holding |   1.167574   .2083385     5.60   0.000     .7590501    1.576098
          ad |   4.884501    1.48132     3.30   0.001     1.979832     7.78917
         ior |  -.5223042   .1618005    -3.23   0.001    -.8395732   -.2050351
log_analys~e |   .1953326    .077911     2.51   0.012     .0425595    .3481057
        Blue |   .2561158   .0779584     3.29   0.001       .10325    .4089816
       _cons |  -6.541539   .2894495   -22.60   0.000    -7.109111   -5.973968
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       337           0         337     |
-----------------------------------------------------+

. reghdfe kld_esg  largestake_nonunpri  log_assets btm age leverage sales roa r
> et capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blu
> e   if sister==0 | largestake_nonunpri==1 , abs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,460
Absorbing 1 HDFE group                            F(  17,   2636) =      39.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3877
                                                  Adj R-squared   =     0.3664
                                                  Within R-sq.    =     0.2655
Number of clusters (gvkey)   =      2,637         Root MSE        =     2.0413

                              (Std. err. adjusted for 2,637 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
large~nunpri |   1.276995   .4250047     3.00   0.003     .4436183    2.110372
  log_assets |   .7501705   .0504063    14.88   0.000     .6513305    .8490105
         btm |  -.0525197   .0558585    -0.94   0.347    -.1620506    .0570113
         age |   .2644762   .0528784     5.00   0.000     .1607889    .3681636
    leverage |  -.6871286   .2049125    -3.35   0.001    -1.088934    -.285323
       sales |  -.1160338   .0941496    -1.23   0.218    -.3006485    .0685808
         roa |  -.2485675   .1841532    -1.35   0.177     -.609667     .112532
         ret |  -.0964443   .0339446    -2.84   0.005    -.1630051   -.0298835
       capex |  -.0290088   .0858401    -0.34   0.735    -.1973295    .1393119
         rnd |   .0180823   .0391857     0.46   0.645    -.0587555    .0949201
   rnd_dummy |   -.292526    .089498    -3.27   0.001    -.4680195   -.1170326
   dividends |    8.94667   1.487938     6.01   0.000     6.029026    11.86431
cash_holding |    1.11578   .1995444     5.59   0.000     .7245006     1.50706
          ad |     4.8507   1.465151     3.31   0.001     1.977738    7.723662
         ior |  -.5761731   .1630383    -3.53   0.000    -.8958691   -.2564771
log_analys~e |   .2221103   .0786111     2.83   0.005     .0679646     .376256
        Blue |   .2830172   .0762684     3.71   0.000     .1334652    .4325693
       _cons |  -6.520809   .2912148   -22.39   0.000    -7.091842   -5.949776
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

. reghdfe kld_esg smallstake_unpri  log_assets btm age leverage sales roa ret c
> apex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue  i
> f sister==0 | smallstake_unpri==1  , abs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,297
Absorbing 1 HDFE group                            F(  17,   2597) =      36.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3772
                                                  Adj R-squared   =     0.3552
                                                  Within R-sq.    =     0.2421
Number of clusters (gvkey)   =      2,598         Root MSE        =     1.9906

                              (Std. err. adjusted for 2,598 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
small~_unpri |   1.505268   .9600182     1.57   0.117    -.3772104    3.387746
  log_assets |   .7439514   .0508269    14.64   0.000      .644286    .8436168
         btm |  -.0519739   .0563079    -0.92   0.356    -.1623868    .0584389
         age |   .2518132   .0524622     4.80   0.000     .1489413    .3546851
    leverage |  -.6829296   .2046147    -3.34   0.001    -1.084154   -.2817052
       sales |  -.1101211    .093053    -1.18   0.237    -.2925866    .0723444
         roa |  -.2373984   .1815571    -1.31   0.191    -.5934098     .118613
         ret |  -.0881547    .033424    -2.64   0.008    -.1536952   -.0226143
       capex |  -.0565724   .0828229    -0.68   0.495     -.218978    .1058332
         rnd |   .0203335   .0386781     0.53   0.599    -.0555096    .0961766
   rnd_dummy |  -.2828028   .0874686    -3.23   0.001    -.4543181   -.1112876
   dividends |   8.200552   1.456727     5.63   0.000     5.344087    11.05702
cash_holding |   1.082147   .1983031     5.46   0.000     .6932986    1.470995
          ad |   4.536987    1.46114     3.11   0.002     1.671869    7.402105
         ior |  -.5240149   .1623966    -3.23   0.001    -.8424548   -.2055749
log_analys~e |   .2101605   .0788229     2.67   0.008     .0555985    .3647225
        Blue |   .2646699   .0761578     3.48   0.001     .1153337    .4140061
       _cons |  -6.421617   .2910204   -22.07   0.000    -6.992273   -5.850962
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

. reghdfe kld_esg  smallstake_nonunpri  log_assets btm age leverage sales roa r
> et capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blu
> e   if sister==0 | smallstake_nonunpri==1 , abs(indyrsic2 ) cluster(gvkey)
(dropped 27 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,382
Absorbing 1 HDFE group                            F(  17,   2601) =      35.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3779
                                                  Adj R-squared   =     0.3561
                                                  Within R-sq.    =     0.2450
Number of clusters (gvkey)   =      2,602         Root MSE        =     2.0018

                              (Std. err. adjusted for 2,602 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
     kld_esg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
small~nunpri |   .4921896   .3186089     1.54   0.123     -.132563    1.116942
  log_assets |   .7454635   .0507858    14.68   0.000     .6458787    .8450483
         btm |  -.0533648   .0563217    -0.95   0.343    -.1638048    .0570752
         age |   .2477181    .052666     4.70   0.000     .1444466    .3509896
    leverage |  -.6853294   .2064076    -3.32   0.001    -1.090069   -.2805896
       sales |  -.1408548   .0948515    -1.49   0.138    -.3268468    .0451372
         roa |  -.2041946   .1833891    -1.11   0.266    -.5637979    .1554088
         ret |  -.0855737   .0334358    -2.56   0.011    -.1511372   -.0200103
       capex |  -.0483192   .0834335    -0.58   0.563    -.2119219    .1152836
         rnd |   .0175584   .0388872     0.45   0.652    -.0586945    .0938114
   rnd_dummy |  -.2744972   .0880942    -3.12   0.002    -.4472391   -.1017554
   dividends |   8.399845   1.460531     5.75   0.000     5.535923    11.26377
cash_holding |   1.080217   .2010007     5.37   0.000     .6860794    1.474355
          ad |   4.728896   1.516112     3.12   0.002     1.755987    7.701804
         ior |   -.550487   .1619717    -3.40   0.001    -.8680935   -.2328804
log_analys~e |   .2167962   .0787541     2.75   0.006     .0623691    .3712233
        Blue |   .2662049   .0767619     3.47   0.001     .1156844    .4167255
       _cons |  -6.412195   .2912218   -22.02   0.000    -6.983245   -5.841145
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       335           0         335     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

. /*===========================================================================
> ========
>  *     Examine the relation between sister firms and future ESG risk incident
> s      *
>  ============================================================================
> =======*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. destring gvkey, replace
gvkey: all characters numeric; replaced as long

. xtset gvkey year

Panel variable: gvkey (unbalanced)
 Time variable: year, 1991 to 2015, but with gaps
         Delta: 1 unit

. gen kld_esg_con1=l.kld_esg_con
(4,905 missing values generated)

. gen kld_esg1=l.kld_esg
(4,905 missing values generated)

. gen kld_esg2=l2.kld_esg
(8,375 missing values generated)

. gen sister1=l.sister
(4,905 missing values generated)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. *Merge the regression sample with ESG incident information
. merge m:m gvkey year using "$output/reprisk_esg_var.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        15,222
        from master                     9,013  (_merge==1)
        from using                      6,209  (_merge==2)

    Matched                             2,132  (_merge==3)
    -----------------------------------------

. keep if _merge==3|_merge==1
(6,209 observations deleted)

. drop _merge

. replace esg_incident=0 if esg_incident==.
(9,013 real changes made)

. gen sic2=substr(sic,1,2)

. egen indyrsic2=group(sic2 year)

. tab indyrsic2, ge(indyrsic2dummy) nofreq

. 
. *sister firm status
. poisson esg_incident sister1 indyrsic2dummy*,  cluster(gvkey)
note: indyrsic2dummy211 omitted because of collinearity.
note: indyrsic2dummy363 omitted because of collinearity.

Iteration 0:  Log pseudolikelihood = -128704.14  
Iteration 1:  Log pseudolikelihood = -109826.93  (backed up)
Iteration 2:  Log pseudolikelihood = -52251.309  (backed up)
Iteration 3:  Log pseudolikelihood = -45449.977  (backed up)
Iteration 4:  Log pseudolikelihood = -34223.171  
Iteration 5:  Log pseudolikelihood = -23950.081  
Iteration 6:  Log pseudolikelihood =  -15873.22  
Iteration 7:  Log pseudolikelihood = -15404.469  
Iteration 8:  Log pseudolikelihood = -15384.309  
Iteration 9:  Log pseudolikelihood = -15384.244  
Iteration 10: Log pseudolikelihood = -15384.244  

Poisson regression                                     Number of obs  = 10,255
                                                       Wald chi2(326) =      .
Log pseudolikelihood = -15384.244                      Prob > chi2    =      .

                              (Std. err. adjusted for 2,416 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
esg_incident | Coefficient  std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
     sister1 |   2.227539   .1426369    15.62   0.000     1.947976    2.507102
indyrsic2~y1 |  -1.248873   .5201386    -2.40   0.016    -2.268326   -.2294203
indyrsic2~y2 |   .0670743   .4395855     0.15   0.879    -.7944974     .928646
indyrsic2~y3 |   .2530395   .4487864     0.56   0.573    -.6265658    1.132645
indyrsic2~y4 |   .0948617   .4367836     0.22   0.828    -.7612186    .9509419
indyrsic2~y5 |   .4049689     .48597     0.83   0.405    -.5475149    1.357453
indyrsic2~y6 |   1.742626   .9037746     1.93   0.054    -.0287401    3.513991
indyrsic2~y7 |  -.4545989    .415002    -1.10   0.273    -1.267988      .35879
indyrsic2~y8 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic2~y9 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y10 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y11 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y12 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y13 |  -25.16959   1.075586   -23.40   0.000     -27.2777   -23.06148
indyrsic~y14 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y15 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y16 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y17 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y18 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~y19 |   .1148891   .7813067     0.15   0.883    -1.416444    1.646222
indyrsic~y20 |    .458066   .7072584     0.65   0.517     -.928135    1.844267
indyrsic~y21 |   1.228947   .6980277     1.76   0.078    -.1391622    2.597056
indyrsic~y22 |   1.132366   .6749168     1.68   0.093    -.1904466    2.455179
indyrsic~y23 |   1.203629   .7452415     1.62   0.106    -.2570174    2.664276
indyrsic~y24 |   1.280002   .7343696     1.74   0.081    -.1593359     2.71934
indyrsic~y25 |   .6014537   .5265764     1.14   0.253     -.430617    1.633524
indyrsic~y26 |   1.046107   .5671334     1.84   0.065    -.0654539    2.157668
indyrsic~y27 |   1.449639   .5541522     2.62   0.009     .3635202    2.535757
indyrsic~y28 |   1.943296   .5131715     3.79   0.000     .9374987    2.949094
indyrsic~y29 |   1.961315   .5562543     3.53   0.000     .8710764    3.051553
indyrsic~y30 |   2.253451   .8173531     2.76   0.006     .6514686    3.855434
indyrsic~y31 |  -1.383098   .5191505    -2.66   0.008    -2.400614   -.3655818
indyrsic~y32 |  -.6313885    .525907    -1.20   0.230    -1.662147    .3993703
indyrsic~y33 |  -.1720347   .5043589    -0.34   0.733     -1.16056    .8164906
indyrsic~y34 |  -.3421447   .4526486    -0.76   0.450     -1.22932    .5450302
indyrsic~y35 |   .2981335   .4440531     0.67   0.502    -.5721946    1.168462
indyrsic~y36 |    .138192   .4463621     0.31   0.757    -.7366616    1.013046
indyrsic~y37 |  -21.62313   .7774272   -27.81   0.000    -23.14686    -20.0994
indyrsic~y38 |  -2.420102   1.210096    -2.00   0.046    -4.791847   -.0483566
indyrsic~y39 |  -22.94205   .5823723   -39.39   0.000    -24.08348   -21.80062
indyrsic~y40 |  -1.707362   .7274203    -2.35   0.019     -3.13308   -.2816443
indyrsic~y41 |  -2.246358   1.003093    -2.24   0.025    -4.212385    -.280332
indyrsic~y42 |  -2.246358   1.003052    -2.24   0.025    -4.212305   -.2804121
indyrsic~y43 |  -22.94205   .4936444   -46.47   0.000    -23.90957   -21.97452
indyrsic~y44 |  -1.707362   .6898723    -2.47   0.013    -3.059487    -.355237
indyrsic~y45 |  -2.400509   .7752261    -3.10   0.002    -3.919924   -.8810938
indyrsic~y46 |  -1.633254   .5876864    -2.78   0.005    -2.785098   -.4814098
indyrsic~y47 |   -2.53404    .780966    -3.24   0.001    -4.064706   -1.003375
indyrsic~y48 |  -1.840893   .6963161    -2.64   0.008    -3.205648   -.4761389
indyrsic~y49 |   .1432381   .9495365     0.15   0.880    -1.717819    2.004295
indyrsic~y50 |   .2046467   .6756112     0.30   0.762    -1.119527     1.52882
indyrsic~y51 |  -.5235918   .7096875    -0.74   0.461    -1.914554    .8673701
indyrsic~y52 |  -1.083208    .941863    -1.15   0.250    -2.929225    .7628099
indyrsic~y53 |  -.2182102   .7005237    -0.31   0.755    -1.591211    1.154791
indyrsic~y54 |   -.023816   .6367104    -0.04   0.970    -1.271745    1.224113
indyrsic~y55 |  -21.62313   .7773648   -27.82   0.000    -23.14673   -20.09952
indyrsic~y56 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~y57 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~y58 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~y59 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~y60 |  -1.840893    .960488    -1.92   0.055    -3.723415    .0416286
indyrsic~y61 |  -1.530317   .5564339    -2.75   0.006    -2.620908    -.439727
indyrsic~y62 |  -1.147202    .519542    -2.21   0.027    -2.165485   -.1289181
indyrsic~y63 |  -.6850854   .5219049    -1.31   0.189       -1.708    .3378293
indyrsic~y64 |  -.6682363    .484714    -1.38   0.168    -1.618258    .2817857
indyrsic~y65 |    .090525   .5421095     0.17   0.867      -.97199     1.15304
indyrsic~y66 |   -.061383   .5223687    -0.12   0.906    -1.085207    .9624409
indyrsic~y67 |  -3.427779   1.227783    -2.79   0.005    -5.834191   -1.021368
indyrsic~y68 |  -2.184217   .6614983    -3.30   0.001     -3.48073   -.8877046
indyrsic~y69 |  -1.147746   .8217657    -1.40   0.163    -2.758377     .462885
indyrsic~y70 |  -25.16959   .8101709   -31.07   0.000    -26.75749   -23.58168
indyrsic~y71 |  -1.398213   1.004226    -1.39   0.164    -3.366461     .570034
indyrsic~y72 |  -.7050663   1.004226    -0.70   0.483    -2.673314    1.263181
indyrsic~y73 |  -21.91545   .8646995   -25.34   0.000    -23.61023   -20.22067
indyrsic~y74 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~y75 |  -2.064037   .9861835    -2.09   0.036    -3.996921   -.1311527
indyrsic~y76 |  -22.94205   .6498694   -35.30   0.000    -24.21577   -21.66833
indyrsic~y77 |  -22.94205   .6498694   -35.30   0.000    -24.21577   -21.66833
indyrsic~y78 |  -1.840893    .960488    -1.92   0.055    -3.723415    .0416286
indyrsic~y79 |  -2.981767   .7583717    -3.93   0.000    -4.468148   -1.495386
indyrsic~y80 |  -2.720365   .9284611    -2.93   0.003    -4.540115   -.9006144
indyrsic~y81 |  -1.883155   .6902641    -2.73   0.006    -3.236047   -.5302618
indyrsic~y82 |  -.3974405   .5288797    -0.75   0.452    -1.434026    .6391446
indyrsic~y83 |  -.3900604   .6340911    -0.62   0.538    -1.632856    .8527352
indyrsic~y84 |  -.1181267   .5246297    -0.23   0.822    -1.146382    .9101286
indyrsic~y85 |  -2.770939   .6240709    -4.44   0.000    -3.994096   -1.547783
indyrsic~y86 |  -2.852494   1.040377    -2.74   0.006    -4.891596   -.8133926
indyrsic~y87 |  -2.159347   1.040368    -2.08   0.038    -4.198431   -.1202628
indyrsic~y88 |  -1.161501   .5157358    -2.25   0.024    -2.172325   -.1506777
indyrsic~y89 |  -2.770939   .6239032    -4.44   0.000    -3.993767   -1.548111
indyrsic~y90 |  -1.840893   .8031217    -2.29   0.022    -3.414983   -.2668037
indyrsic~y91 |  -22.94205   .4887954   -46.94   0.000    -23.90007   -21.98403
indyrsic~y92 |   -2.53404    .780966    -3.24   0.001    -4.064706   -1.003375
indyrsic~y93 |  -2.469502    1.05164    -2.35   0.019    -4.530678   -.4083256
indyrsic~y94 |  -22.94205   .5055636   -45.38   0.000    -23.93294   -21.95116
indyrsic~y95 |  -1.553211   1.043682    -1.49   0.137    -3.598791    .4923686
indyrsic~y96 |  -2.246358   1.043682    -2.15   0.031    -4.291938   -.2007785
indyrsic~y97 |   -2.91485   .7172222    -4.06   0.000     -4.32058   -1.509121
indyrsic~y98 |   -1.75196   .5781501    -3.03   0.002    -2.885113   -.6188064
indyrsic~y99 |  -2.340507   .4953893    -4.72   0.000    -3.311452   -1.369561
indyrsic~100 |  -1.190418   .4912169    -2.42   0.015    -2.153186   -.2276508
indyrsic~101 |  -.9616623   .5292984    -1.82   0.069    -1.999068    .0757434
indyrsic~102 |  -.6576259    .516022    -1.27   0.203    -1.669011    .3537587
indyrsic~103 |  -3.344971   1.056912    -3.16   0.002    -5.416479   -1.273462
indyrsic~104 |  -3.162649    1.05164    -3.01   0.003    -5.223825   -1.101473
indyrsic~105 |  -22.94205   .4887954   -46.94   0.000    -23.90007   -21.98403
indyrsic~106 |  -22.94205   .5055636   -45.38   0.000    -23.93294   -21.95116
indyrsic~107 |  -1.553211   .8450548    -1.84   0.066    -3.209488    .1030658
indyrsic~108 |  -1.707362   .6898723    -2.47   0.013    -3.059487    -.355237
indyrsic~109 |  -2.761458   .5873997    -4.70   0.000     -3.91274   -1.610176
indyrsic~110 |  -1.963263   .5639996    -3.48   0.000    -3.068682   -.8578443
indyrsic~111 |  -1.277012   .4977819    -2.57   0.010    -2.252647   -.3013773
indyrsic~112 |  -1.546488   .4628664    -3.34   0.001     -2.45369   -.6392867
indyrsic~113 |  -1.383666   .4619268    -3.00   0.003    -2.289026   -.4783062
indyrsic~114 |  -.8687096   .4475506    -1.94   0.052    -1.745893    .0084736
indyrsic~115 |   .3965453   .6147055     0.65   0.519    -.8082554    1.601346
indyrsic~116 |   1.290101   .4591599     2.81   0.005     .3901638    2.190038
indyrsic~117 |   1.491993   .4641581     3.21   0.001     .5822595    2.401726
indyrsic~118 |    1.41935   .4391889     3.23   0.001     .5585559    2.280145
indyrsic~119 |   1.610702   .4495066     3.58   0.000     .7296852    2.491719
indyrsic~120 |   1.692571   .4336897     3.90   0.000      .842555    2.542587
indyrsic~121 |  -3.065429   .9313774    -3.29   0.001    -4.890895   -1.239963
indyrsic~122 |  -1.564687   .7514318    -2.08   0.037    -3.037466   -.0919077
indyrsic~123 |  -1.478712   1.027309    -1.44   0.150    -3.492201    .5347762
indyrsic~124 |  -.9472765   .7119774    -1.33   0.183    -2.342727    .4481736
indyrsic~125 |  -.1110285   .5410269    -0.21   0.837    -1.171422    .9493648
indyrsic~126 |    .098692   .5467043     0.18   0.857    -.9728287    1.170213
indyrsic~127 |  -22.94205    .532338   -43.10   0.000    -23.98541   -21.89869
indyrsic~128 |  -22.94205   .5452325   -42.08   0.000    -24.01068   -21.87341
indyrsic~129 |  -2.400509   1.014753    -2.37   0.018    -4.389389    -.411629
indyrsic~130 |  -22.94205    .561376   -40.87   0.000    -24.04233   -21.84177
indyrsic~131 |  -22.94205   .5822047   -39.41   0.000    -24.08315   -21.80095
indyrsic~132 |  -22.94205   .5822047   -39.41   0.000    -24.08315   -21.80095
indyrsic~133 |  -3.360243   1.155319    -2.91   0.004    -5.624626   -1.095859
indyrsic~134 |   -21.4645   .6469129   -33.18   0.000    -22.73243   -20.19658
indyrsic~135 |  -1.917681   .8562834    -2.24   0.025    -3.595966   -.2393963
indyrsic~136 |   -2.53404   1.023156    -2.48   0.013     -4.53939   -.5286911
indyrsic~137 |  -22.94205   .5619403   -40.83   0.000    -24.04343   -21.84067
indyrsic~138 |   -2.14574   .9707738    -2.21   0.027    -4.048422   -.2430583
indyrsic~139 |  -2.980328   .7947456    -3.75   0.000       -4.538   -1.422655
indyrsic~140 |  -2.023802   .5379963    -3.76   0.000    -3.078255   -.9693488
indyrsic~141 |  -1.820606   .7775489    -2.34   0.019    -3.344574   -.2966379
indyrsic~142 |  -1.594033   .5649556    -2.82   0.005    -2.701326   -.4867406
indyrsic~143 |  -1.147746   .9156183    -1.25   0.210    -2.942325    .6468327
indyrsic~144 |  -.5546824   .5761203    -0.96   0.336    -1.683857    .5744926
indyrsic~145 |  -3.152689       .652    -4.84   0.000    -4.430585   -1.874792
indyrsic~146 |  -21.63888   .5003132   -43.25   0.000    -22.61948   -20.65829
indyrsic~147 |  -3.406301   .8311746    -4.10   0.000    -5.035373   -1.777229
indyrsic~148 |  -3.959466   1.096911    -3.61   0.000    -6.109372   -1.809559
indyrsic~149 |  -2.140998   .7584979    -2.82   0.005    -3.627626   -.6543694
indyrsic~150 |  -2.064037   .7016905    -2.94   0.003    -3.439325   -.6887487
indyrsic~151 |  -2.542424   .5319297    -4.78   0.000    -3.584987    -1.49986
indyrsic~152 |  -2.306634   .5345006    -4.32   0.000    -3.354236   -1.259032
indyrsic~153 |  -1.695973   .5124371    -3.31   0.001    -2.700332   -.6916151
indyrsic~154 |  -1.883535   .4998766    -3.77   0.000    -2.863275   -.9037952
indyrsic~155 |  -1.295505   .5904105    -2.19   0.028    -2.452688   -.1383218
indyrsic~156 |  -.6958357   .5222676    -1.33   0.183    -1.719461    .3277901
indyrsic~157 |  -3.046918   .7091373    -4.30   0.000    -4.436802   -1.657035
indyrsic~158 |    -2.4834   .7541507    -3.29   0.001    -3.961509   -1.005292
indyrsic~159 |  -1.347069   .8468116    -1.59   0.112    -3.006789    .3126514
indyrsic~160 |  -1.243808   .7498088    -1.66   0.097    -2.713407    .2257898
indyrsic~161 |  -1.022244    .817089    -1.25   0.211    -2.623709    .5792208
indyrsic~162 |  -.8894579   .7238744    -1.23   0.219    -2.308226    .5293098
indyrsic~163 |  -2.185881   .5879112    -3.72   0.000    -3.338166   -1.033596
indyrsic~164 |  -1.960521   .6801083    -2.88   0.004    -3.293509   -.6275333
indyrsic~165 |  -.8009321   .5439803    -1.47   0.141    -1.867114    .2652496
indyrsic~166 |  -.6367584   .4781323    -1.33   0.183    -1.573881    .3003636
indyrsic~167 |  -.5928708   .5274228    -1.12   0.261      -1.6266     .440859
indyrsic~168 |  -.3289959   .5333621    -0.62   0.537    -1.374366    .7163746
indyrsic~169 |   -4.27226   .5648737    -7.56   0.000    -5.379392   -3.165128
indyrsic~170 |    -4.4345   .6500988    -6.82   0.000    -5.708671    -3.16033
indyrsic~171 |  -2.909788   .5001401    -5.82   0.000    -3.890045   -1.929531
indyrsic~172 |  -2.829867   .4893087    -5.78   0.000    -3.788895    -1.87084
indyrsic~173 |  -2.646616   .5707671    -4.64   0.000    -3.765299   -1.527933
indyrsic~174 |  -2.076645   .4821487    -4.31   0.000    -3.021639   -1.131651
indyrsic~175 |  -22.94205   .4773494   -48.06   0.000    -23.87764   -22.00646
indyrsic~176 |   -2.53404    1.05337    -2.41   0.016    -4.598608   -.4694734
indyrsic~177 |  -2.908918   1.122541    -2.59   0.010    -5.109057   -.7087781
indyrsic~178 |    -3.0776   .7230776    -4.26   0.000    -4.494806   -1.660394
indyrsic~179 |  -1.265529   .7491084    -1.69   0.091    -2.733755    .2026962
indyrsic~180 |  -.2314554    .712091    -0.33   0.745    -1.627128    1.164217
indyrsic~181 |  -24.27685   .6275512   -38.69   0.000    -25.50683   -23.04687
indyrsic~182 |  -1.803679   .7097205    -2.54   0.011    -3.194705   -.4126521
indyrsic~183 |  -1.915723   .7017881    -2.73   0.006    -3.291202   -.5402436
indyrsic~184 |  -.6427373   .8710595    -0.74   0.461    -2.349983    1.064508
indyrsic~185 |  -.1239635   .6752117    -0.18   0.854    -1.447354    1.199427
indyrsic~186 |   .1374213   .8765974     0.16   0.875    -1.580678    1.855521
indyrsic~187 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~188 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~189 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~190 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~191 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~192 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~193 |  -3.244352   .8755752    -3.71   0.000    -4.960448   -1.528256
indyrsic~194 |   -3.49509   .9335007    -3.74   0.000    -5.324718   -1.665462
indyrsic~195 |  -2.296862   .8709145    -2.64   0.008    -4.003823   -.5899007
indyrsic~196 |  -2.520005   .8709145    -2.89   0.004    -4.226966   -.8130442
indyrsic~197 |   -1.20417   .7427063    -1.62   0.105    -2.659847    .2515079
indyrsic~198 |  -1.255569   .5211525    -2.41   0.016    -2.277009   -.2341286
indyrsic~199 |  -2.819079   .8848511    -3.19   0.001    -4.553355   -1.084802
indyrsic~200 |  -21.62313   .6171683   -35.04   0.000    -22.83275    -20.4135
indyrsic~201 |  -21.73242    .642307   -33.83   0.000    -22.99132   -20.47352
indyrsic~202 |  -1.794653   .4833212    -3.71   0.000    -2.741945   -.8473612
indyrsic~203 |  -.4545989   .7882501    -0.58   0.564    -1.999541    1.090343
indyrsic~204 |  -2.082335   .8688182    -2.40   0.017    -3.785188    -.379483
indyrsic~205 |  -2.950981   .6387966    -4.62   0.000       -4.203   -1.698963
indyrsic~206 |  -1.992627   .7455612    -2.67   0.008      -3.4539   -.5313538
indyrsic~207 |  -1.522623   .6015829    -2.53   0.011    -2.701704   -.3435425
indyrsic~208 |  -1.389188    .574967    -2.42   0.016    -2.516103   -.2622736
indyrsic~209 |  -.7537568   .6393197    -1.18   0.238      -2.0068    .4992867
indyrsic~210 |  -.4723124   .4675709    -1.01   0.312    -1.388735    .4441097
indyrsic~211 |          0  (omitted)
indyrsic~212 |  -1.147746   .8200206    -1.40   0.162    -2.754957    .4594646
indyrsic~213 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~214 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~215 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~216 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~217 |  -3.244352   1.177735    -2.75   0.006    -5.552671    -.936034
indyrsic~218 |  -1.973948   .9795328    -2.02   0.044    -3.893797   -.0540994
indyrsic~219 |  -22.94205   .5325657   -43.08   0.000    -23.98586   -21.89824
indyrsic~220 |  -21.55528   .7434963   -28.99   0.000    -23.01251   -20.09805
indyrsic~221 |  -2.610828   .9265179    -2.82   0.005     -4.42677   -.7948865
indyrsic~222 |  -.4545989   .5727217    -0.79   0.427    -1.577113    .6679149
indyrsic~223 |  -2.938941   .6011153    -4.89   0.000    -4.117105   -1.760777
indyrsic~224 |  -1.770531   .5206889    -3.40   0.001    -2.791062   -.7499994
indyrsic~225 |  -1.448455   .5162942    -2.81   0.005    -2.460373   -.4365371
indyrsic~226 |  -1.177927   .4846509    -2.43   0.015    -2.127825   -.2280285
indyrsic~227 |  -.3633164   .4428361    -0.82   0.412    -1.231259    .5046264
indyrsic~228 |  -.4594002   .4410065    -1.04   0.298    -1.323757    .4049567
indyrsic~229 |  -1.672811   .4491948    -3.72   0.000    -2.553217   -.7924056
indyrsic~230 |   .0514454   .4602841     0.11   0.911    -.8506949    .9535858
indyrsic~231 |  -.1913335   .4581476    -0.42   0.676    -1.089286    .7066192
indyrsic~232 |   .1173269   .4422984     0.27   0.791    -.7495619    .9842158
indyrsic~233 |   .6484554   .4567906     1.42   0.156    -.2468377    1.543748
indyrsic~234 |   .4874398   .4533196     1.08   0.282    -.4010503     1.37593
indyrsic~235 |  -21.55528   .4728875   -45.58   0.000    -22.48212   -20.62844
indyrsic~236 |  -21.49555   .4737072   -45.38   0.000      -22.424    -20.5671
indyrsic~237 |  -4.172855   .7761844    -5.38   0.000    -5.694149   -2.651562
indyrsic~238 |  -3.901901   .8383396    -4.65   0.000    -5.545016   -2.258785
indyrsic~239 |  -21.50909   .4868131   -44.18   0.000    -22.46323   -20.55496
indyrsic~240 |  -1.439557   .4535882    -3.17   0.002    -2.328574   -.5505409
indyrsic~241 |  -21.51277   .5252365   -40.96   0.000    -22.54222   -20.48333
indyrsic~242 |  -4.181593   .9087367    -4.60   0.000    -5.962684   -2.400502
indyrsic~243 |  -2.795299    .707179    -3.95   0.000    -4.181344   -1.409253
indyrsic~244 |  -1.537439   .5069219    -3.03   0.002    -2.530987   -.5438902
indyrsic~245 |  -2.082335    .607066    -3.43   0.001    -3.272163   -.8925079
indyrsic~246 |  -.4637901   .5758848    -0.81   0.421    -1.592504    .6649234
indyrsic~247 |  -22.95531   .7540274   -30.44   0.000    -24.43318   -21.47744
indyrsic~248 |  -2.379043   .6998909    -3.40   0.001    -3.750804   -1.007282
indyrsic~249 |  -21.91545    .864772   -25.34   0.000    -23.61037   -20.22053
indyrsic~250 |  -3.477655   1.213094    -2.87   0.004    -5.855275   -1.100035
indyrsic~251 |  -.3421608   .6583363    -0.52   0.603    -1.632476    .9481545
indyrsic~252 |  -.6805565   .7732539    -0.88   0.379    -2.196106    .8349932
indyrsic~253 |  -1.480187   .8105966    -1.83   0.068    -3.068927    .1085533
indyrsic~254 |   .8671569   .8012169     1.08   0.279    -.7031994    2.437513
indyrsic~255 |   .3132959   .9567737     0.33   0.743    -1.561946    2.188538
indyrsic~256 |   .7224637   .6502401     1.11   0.267    -.5519835    1.996911
indyrsic~257 |   1.028174   .6446081     1.60   0.111    -.2352343    2.291583
indyrsic~258 |   1.062485   .4920202     2.16   0.031     .0981433    2.026827
indyrsic~259 |   -1.94202   .4463319    -4.35   0.000    -2.816815   -1.067226
indyrsic~260 |  -1.414333   .8254205    -1.71   0.087    -3.032127     .203462
indyrsic~261 |  -2.064037   .7560998    -2.73   0.006    -3.545965   -.5821084
indyrsic~262 |  -1.073638   .7232756    -1.48   0.138    -2.491232    .3439559
indyrsic~263 |  -.7730527    .840047    -0.92   0.357    -2.419515    .8734092
indyrsic~264 |  -.1062923   .7545015    -0.14   0.888    -1.585088    1.372503
indyrsic~265 |  -2.624681    .889255    -2.95   0.003    -4.367589   -.8817732
indyrsic~266 |  -21.50909    .558279   -38.53   0.000     -22.6033   -20.41489
indyrsic~267 |  -22.94205   .4774769   -48.05   0.000    -23.87789   -22.00621
indyrsic~268 |  -3.644129   1.118557    -3.26   0.001     -5.83646   -1.451797
indyrsic~269 |  -3.274608   .7200226    -4.55   0.000    -4.685826    -1.86339
indyrsic~270 |  -2.175996   .5912807    -3.68   0.000    -3.334885   -1.017107
indyrsic~271 |  -3.010935   .7574626    -3.98   0.000    -4.495534   -1.526335
indyrsic~272 |  -2.371522     .76206    -3.11   0.002    -3.865132   -.8779115
indyrsic~273 |  -1.147746   .7029458    -1.63   0.103    -2.525495    .2300024
indyrsic~274 |  -.6604973    .692599    -0.95   0.340    -2.017966    .6969718
indyrsic~275 |   .1107149   .6205917     0.18   0.858    -1.105623    1.327052
indyrsic~276 |  -.3319966   .5314241    -0.62   0.532    -1.373569    .7095754
indyrsic~277 |  -2.551205   .9417452    -2.71   0.007    -4.396992   -.7054184
indyrsic~278 |   -2.53404   1.023361    -2.48   0.013    -4.539791   -.5282905
indyrsic~279 |  -1.707362   1.014608    -1.68   0.092    -3.695957    .2812337
indyrsic~280 |   -2.53404   1.023365    -2.48   0.013    -4.539798   -.5282829
indyrsic~281 |  -1.435428   .6167956    -2.33   0.020    -2.644325    -.226531
indyrsic~282 |  -.5881303   .7733923    -0.76   0.447    -2.103951    .9276906
indyrsic~283 |  -3.180948   .5760962    -5.52   0.000    -4.310076    -2.05182
indyrsic~284 |  -2.323146   .6554782    -3.54   0.000     -3.60786   -1.038433
indyrsic~285 |  -1.573979   .5631141    -2.80   0.005    -2.677663    -.470296
indyrsic~286 |  -.7320467    .537199    -1.36   0.173    -1.784937     .320844
indyrsic~287 |   .0633204   .5152344     0.12   0.902    -.9465205    1.073161
indyrsic~288 |   .2854176   .5605893     0.51   0.611    -.8133172    1.384152
indyrsic~289 |  -3.289928    .591835    -5.56   0.000    -4.449903   -2.129953
indyrsic~290 |  -2.723951   .7203929    -3.78   0.000    -4.135895   -1.312007
indyrsic~291 |  -1.929732   .6535298    -2.95   0.003    -3.210627    -.648837
indyrsic~292 |  -1.102939   .6498118    -1.70   0.090    -2.376547    .1706685
indyrsic~293 |   -.297314   .7837302    -0.38   0.704    -1.833397    1.238769
indyrsic~294 |  -.3573997   .5167522    -0.69   0.489    -1.370215    .6554159
indyrsic~295 |  -3.570512   1.189246    -3.00   0.003    -5.901391   -1.239633
indyrsic~296 |  -22.94205   .6102823   -37.59   0.000    -24.13818   -21.74592
indyrsic~297 |  -1.840893   .9602158    -1.92   0.055    -3.722882     .041095
indyrsic~298 |  -21.91545   .8647586   -25.34   0.000    -23.61035   -20.22055
indyrsic~299 |  -22.94205   .6102931   -37.59   0.000     -24.1382    -21.7459
indyrsic~300 |  -.3004483   .8720219    -0.34   0.730     -2.00958    1.408683
indyrsic~301 |  -22.94205   .5452325   -42.08   0.000    -24.01068   -21.87341
indyrsic~302 |  -2.651824   1.030283    -2.57   0.010    -4.671142   -.6325054
indyrsic~303 |  -22.94205   .5452325   -42.08   0.000    -24.01068   -21.87341
indyrsic~304 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~305 |  -22.94205   .6101717   -37.60   0.000    -24.13796   -21.74613
indyrsic~306 |  -22.94205   .6498694   -35.30   0.000    -24.21577   -21.66833
indyrsic~307 |  -3.141893   .5379533    -5.84   0.000    -4.196262   -2.087524
indyrsic~308 |   -2.83076    .580334    -4.88   0.000    -3.968194   -1.693326
indyrsic~309 |  -2.003961    .581333    -3.45   0.001    -3.143353   -.8645692
indyrsic~310 |  -1.256671   .5255026    -2.39   0.017    -2.286637   -.2267045
indyrsic~311 |  -.7906965   .5016833    -1.58   0.115    -1.773978    .1925848
indyrsic~312 |  -1.226509   .4848361    -2.53   0.011    -2.176771   -.2762481
indyrsic~313 |  -22.94205   .5452325   -42.08   0.000    -24.01068   -21.87341
indyrsic~314 |  -1.707362   .7276795    -2.35   0.019    -3.133587   -.2811364
indyrsic~315 |  -22.94205   .5822047   -39.41   0.000    -24.08315   -21.80095
indyrsic~316 |  -22.94205   .5822047   -39.41   0.000    -24.08315   -21.80095
indyrsic~317 |  -.6369205   .6675876    -0.95   0.340    -1.945368    .6715271
indyrsic~318 |  -.6369205   .6046818    -1.05   0.292    -1.822075     .548234
indyrsic~319 |  -22.94205   .5616204   -40.85   0.000     -24.0428   -21.84129
indyrsic~320 |  -2.420102   .5517984    -4.39   0.000    -3.501607   -1.338597
indyrsic~321 |  -1.553211   .7106524    -2.19   0.029    -2.946064   -.1603582
indyrsic~322 |  -22.94205   .5826064   -39.38   0.000    -24.08394   -21.80016
indyrsic~323 |   -1.57151   .5898501    -2.66   0.008    -2.727595   -.4154249
indyrsic~324 |   -.739026   .5199637    -1.42   0.155    -1.758136     .280084
indyrsic~325 |  -21.59691   .5479848   -39.41   0.000    -22.67094   -20.52288
indyrsic~326 |  -4.188237    .932513    -4.49   0.000    -6.015929   -2.360545
indyrsic~327 |  -2.777747   .5845801    -4.75   0.000    -3.923502   -1.631991
indyrsic~328 |  -3.874095   .8649936    -4.48   0.000    -5.569451   -2.178739
indyrsic~329 |  -3.558154   1.127114    -3.16   0.002    -5.767257   -1.349051
indyrsic~330 |  -.6087496   .5923921    -1.03   0.304    -1.769817    .5523176
indyrsic~331 |  -3.997123   .7673063    -5.21   0.000    -5.501015    -2.49323
indyrsic~332 |  -3.176404   .6227612    -5.10   0.000    -4.396994   -1.955815
indyrsic~333 |   -3.58035   .8443919    -4.24   0.000    -5.235328   -1.925373
indyrsic~334 |  -2.365474   .6087043    -3.89   0.000    -3.558513   -1.172436
indyrsic~335 |  -2.246358   .7108277    -3.16   0.002    -3.639555   -.8531618
indyrsic~336 |   -.980692    .500956    -1.96   0.050    -1.962548    .0011636
indyrsic~337 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~338 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~339 |  -22.94205   1.082885   -21.19   0.000    -25.06447   -20.81963
indyrsic~340 |  -21.55528   .5959723   -36.17   0.000    -22.72336    -20.3872
indyrsic~341 |  -21.50909   .5580987   -38.54   0.000    -22.60295   -20.41524
indyrsic~342 |  -2.950981   1.118184    -2.64   0.008    -5.142581   -.7593813
indyrsic~343 |   -3.73378   1.156418    -3.23   0.001    -6.000317   -1.467242
indyrsic~344 |  -1.658572   1.035761    -1.60   0.109    -3.688625    .3714819
indyrsic~345 |  -22.94205   .5325012   -43.08   0.000    -23.98573   -21.89837
indyrsic~346 |  -22.94205   .6498694   -35.30   0.000    -24.21577   -21.66833
indyrsic~347 |  -22.94205   .6498694   -35.30   0.000    -24.21577   -21.66833
indyrsic~348 |  -22.94205   .7111245   -32.26   0.000    -24.33583   -21.54827
indyrsic~349 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~350 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~351 |  -22.94205   .8200206   -27.98   0.000    -24.54926   -21.33484
indyrsic~352 |    -3.9197   .6050233    -6.48   0.000    -5.105523   -2.733876
indyrsic~353 |  -3.219471   .9413905    -3.42   0.001    -5.064562   -1.374379
indyrsic~354 |  -3.691773    .737472    -5.01   0.000    -5.137192   -2.246355
indyrsic~355 |  -2.281216   .6860389    -3.33   0.001    -3.625828   -.9366045
indyrsic~356 |  -1.820606   .6575183    -2.77   0.006    -3.109318   -.5318936
indyrsic~357 |  -2.197314   .8691766    -2.53   0.011    -3.900869   -.4937594
indyrsic~358 |  -1.568483   .2822087    -5.56   0.000    -2.121602   -1.015364
indyrsic~359 |  -1.232518   .2292518    -5.38   0.000    -1.681844   -.7831931
indyrsic~360 |  -.3624537   .2400949    -1.51   0.131     -.833031    .1081236
indyrsic~361 |   .1571856   .2129345     0.74   0.460    -.2601583    .5745295
indyrsic~362 |  -.0889475   .1004454    -0.89   0.376    -.2858168    .1079219
indyrsic~363 |          0  (omitted)
       _cons |   .4545989    .415002     1.10   0.273      -.35879    1.267988
------------------------------------------------------------------------------

. poisson esg_incident sister1 kld_esg_con1 log_assets1 btm1 age leverage1 sale
> s1 roa1 ret1 capex1 rnd1 rnd_dummy1 dividends1 cash_holding1 ad1 ior1 log_ana
> lyst_coverage1 Blue1 indyrsic2dummy*,  cluster(gvkey)
note: indyrsic2dummy211 omitted because of collinearity.
note: indyrsic2dummy363 omitted because of collinearity.

Iteration 0:  Log pseudolikelihood = -147111.42  
Iteration 1:  Log pseudolikelihood = -140685.72  (backed up)
Iteration 2:  Log pseudolikelihood = -108109.88  (backed up)
Iteration 3:  Log pseudolikelihood = -70496.591  (backed up)
Iteration 4:  Log pseudolikelihood = -52072.201  (backed up)
Iteration 5:  Log pseudolikelihood =  -39045.42  (backed up)
Iteration 6:  Log pseudolikelihood = -38740.833  
Iteration 7:  Log pseudolikelihood = -10045.898  
Iteration 8:  Log pseudolikelihood = -7074.0873  
Iteration 9:  Log pseudolikelihood = -6912.5634  
Iteration 10: Log pseudolikelihood =  -6900.213  
Iteration 11: Log pseudolikelihood = -6900.0778  
Iteration 12: Log pseudolikelihood = -6900.0778  

Poisson regression                                      Number of obs  = 9,921
                                                        Wald chi2(353) =     .
Log pseudolikelihood = -6900.0778                       Prob > chi2    =     .

                              (Std. err. adjusted for 2,334 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
esg_incident | Coefficient  std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
     sister1 |   .1897939   .0894265     2.12   0.034     .0145212    .3650667
kld_esg_con1 |   .1788613   .0148837    12.02   0.000     .1496898    .2080327
 log_assets1 |   1.068814   .0520388    20.54   0.000     .9668196    1.170808
        btm1 |  -.1702983    .087433    -1.95   0.051    -.3416638    .0010673
         age |   .1072528   .0667415     1.61   0.108    -.0235582    .2380639
   leverage1 |  -.3771908   .2742616    -1.38   0.169    -.9147337    .1603521
      sales1 |   .2211921    .131071     1.69   0.091    -.0357024    .4780865
        roa1 |  -.2913424   .5648313    -0.52   0.606    -1.398391    .8157065
        ret1 |   -.018704    .064398    -0.29   0.771    -.1449217    .1075137
      capex1 |   .2726531   .1669759     1.63   0.102    -.0546137    .5999199
        rnd1 |  -2.436401   1.309557    -1.86   0.063    -5.003086    .1302833
  rnd_dummy1 |   -.242221   .1115377    -2.17   0.030    -.4608309   -.0236112
  dividends1 |  -2.889288   1.880183    -1.54   0.124    -6.574379    .7958028
cash_holdi~1 |   2.005614   .3765236     5.33   0.000     1.267642    2.743587
         ad1 |   6.682917   1.360427     4.91   0.000      4.01653    9.349304
        ior1 |  -.6838838   .2078218    -3.29   0.001    -1.091207   -.2765606
log_analys~1 |  -.0184053   .0852316    -0.22   0.829    -.1854562    .1486457
       Blue1 |   .0832666   .0779456     1.07   0.285     -.069504    .2360372
indyrsic2~y1 |   -1.15206   .4374109    -2.63   0.008     -2.00937   -.2947505
indyrsic2~y2 |   .9453766   .5727478     1.65   0.099    -.1771885    2.067942
indyrsic2~y3 |   .6373563   .5423577     1.18   0.240    -.4256452    1.700358
indyrsic2~y4 |   .6523388   .5076937     1.28   0.199    -.3427225      1.6474
indyrsic2~y5 |   .8073159   .4133986     1.95   0.051    -.0029305    1.617562
indyrsic2~y6 |   1.340589   .4060376     3.30   0.001     .5447695    2.136408
indyrsic2~y7 |   2.718144   .4170222     6.52   0.000     1.900795    3.535492
indyrsic2~y8 |  -27.08747   1.078467   -25.12   0.000    -29.20123   -24.97371
indyrsic2~y9 |   -27.2418   1.078871   -25.25   0.000    -29.35635   -25.12725
indyrsic~y10 |  -27.03165   1.082045   -24.98   0.000    -29.15242   -24.91089
indyrsic~y11 |   -27.3546   1.078727   -25.36   0.000    -29.46887   -25.24033
indyrsic~y12 |   -27.2062   1.081938   -25.15   0.000    -29.32676   -25.08564
indyrsic~y13 |  -27.50681   1.081154   -25.44   0.000    -29.62583   -25.38778
indyrsic~y14 |  -27.53873   1.075248   -25.61   0.000    -29.64618   -25.43128
indyrsic~y15 |  -27.78413   1.077301   -25.79   0.000     -29.8956   -25.67266
indyrsic~y16 |  -27.49292   1.077691   -25.51   0.000    -29.60516   -25.38069
indyrsic~y17 |  -27.87329   1.074789   -25.93   0.000    -29.97984   -25.76674
indyrsic~y18 |  -27.86876   1.072222   -25.99   0.000    -29.97027   -25.76724
indyrsic~y19 |  -.4440204   .7423255    -0.60   0.550    -1.898952    1.010911
indyrsic~y20 |   .6869257   .4453584     1.54   0.123    -.1859607    1.559812
indyrsic~y21 |   .9429578    .462188     2.04   0.041      .037086     1.84883
indyrsic~y22 |   .3086018   .5095715     0.61   0.545      -.69014    1.307344
indyrsic~y23 |   .7213969   .5542314     1.30   0.193    -.3648766     1.80767
indyrsic~y24 |   .7835129   .4761668     1.65   0.100    -.1497568    1.716783
indyrsic~y25 |   1.211469   .5412344     2.24   0.025     .1506696    2.272269
indyrsic~y26 |   2.168468   .4648304     4.67   0.000     1.257417    3.079519
indyrsic~y27 |   1.413558   .4034814     3.50   0.000     .6227489    2.204367
indyrsic~y28 |   1.709552   .4588176     3.73   0.000     .8102856    2.608818
indyrsic~y29 |   1.587948   .4435354     3.58   0.000     .7186347    2.457262
indyrsic~y30 |   2.508765   .4121183     6.09   0.000     1.701028    3.316502
indyrsic~y31 |  -1.415607   .4804789    -2.95   0.003    -2.357328   -.4738856
indyrsic~y32 |  -.1299922   .4836278    -0.27   0.788    -1.077885    .8179008
indyrsic~y33 |  -.2831105   .4467019    -0.63   0.526     -1.15863    .5924092
indyrsic~y34 |   .0983977   .4274156     0.23   0.818    -.7393214    .9361169
indyrsic~y35 |   .4130479   .4578648     0.90   0.367    -.4843506    1.310446
indyrsic~y36 |   .0786436   .4570866     0.17   0.863    -.8172298    .9745169
indyrsic~y37 |  -27.69081   .7568019   -36.59   0.000    -29.17411    -26.2075
indyrsic~y38 |  -.1652979   .5432957    -0.30   0.761    -1.230138    .8995421
indyrsic~y39 |  -27.51386   .7891388   -34.87   0.000    -29.06055   -25.96718
indyrsic~y40 |  -.0197168   .6658116    -0.03   0.976    -1.324684     1.28525
indyrsic~y41 |  -.5970712   1.196549    -0.50   0.618    -2.942264    1.748122
indyrsic~y42 |  -.8616517   1.175841    -0.73   0.464    -3.166258    1.442955
indyrsic~y43 |  -27.56885   .5188268   -53.14   0.000    -28.58574   -26.55197
indyrsic~y44 |  -1.539474    .794617    -1.94   0.053    -3.096895    .0179464
indyrsic~y45 |  -1.714312   .7580206    -2.26   0.024    -3.200005   -.2286187
indyrsic~y46 |  -.6601039   .6033163    -1.09   0.274    -1.842582    .5223743
indyrsic~y47 |   -1.51195   .7629094    -1.98   0.047    -3.007225   -.0166748
indyrsic~y48 |  -.7519569   .6542717    -1.15   0.250    -2.034306    .5303921
indyrsic~y49 |   .5903572   .5978559     0.99   0.323    -.5814188    1.762133
indyrsic~y50 |   1.038035   .4580755     2.27   0.023     .1402238    1.935847
indyrsic~y51 |   .6874929   .6242257     1.10   0.271     -.535967    1.910953
indyrsic~y52 |   .3373598   .7654955     0.44   0.659    -1.162984    1.837703
indyrsic~y53 |   1.046229   .5469238     1.91   0.056    -.0257222     2.11818
indyrsic~y54 |   1.215971   .4836732     2.51   0.012     .2679886    2.163953
indyrsic~y55 |  -26.56364   .7378839   -36.00   0.000    -28.00986   -25.11741
indyrsic~y56 |  -26.82141   .7766565   -34.53   0.000    -28.34363   -25.29919
indyrsic~y57 |  -27.10526   .7772843   -34.87   0.000    -28.62871   -25.58182
indyrsic~y58 |  -27.37633   .7648213   -35.79   0.000    -28.87535   -25.87731
indyrsic~y59 |  -27.32212   .7556715   -36.16   0.000    -28.80321   -25.84104
indyrsic~y60 |  -.0399872   .7655276    -0.05   0.958    -1.540394    1.460419
indyrsic~y61 |  -1.759146   .4568809    -3.85   0.000    -2.654616   -.8636756
indyrsic~y62 |  -1.492313   .4207435    -3.55   0.000    -2.316955   -.6676711
indyrsic~y63 |  -.9844903   .3955047    -2.49   0.013    -1.759665   -.2093153
indyrsic~y64 |  -.3053279   .3832051    -0.80   0.426    -1.056396    .4457402
indyrsic~y65 |   .2982358   .4921086     0.61   0.544    -.6662793    1.262751
indyrsic~y66 |  -.1013664   .4271649    -0.24   0.812    -.9385942    .7358614
indyrsic~y67 |  -3.844391   1.007566    -3.82   0.000    -5.819184   -1.869598
indyrsic~y68 |  -3.268513   .5712177    -5.72   0.000    -4.388079   -2.148947
indyrsic~y69 |  -3.059778   .5462762    -5.60   0.000     -4.13046   -1.989096
indyrsic~y70 |  -31.16259   .8841478   -35.25   0.000    -32.89549    -29.4297
indyrsic~y71 |  -1.622101   .8815367    -1.84   0.066    -3.349881     .105679
indyrsic~y72 |    -.90477   .9203952    -0.98   0.326    -2.708712    .8991715
indyrsic~y73 |  -26.19581   .8809706   -29.74   0.000    -27.92249   -24.46914
indyrsic~y74 |  -27.24643   .8289581   -32.87   0.000    -28.87116   -25.62171
indyrsic~y75 |  -.1462653   1.235214    -0.12   0.906    -2.567239    2.274709
indyrsic~y76 |  -27.56338   .8347029   -33.02   0.000    -29.19937   -25.92739
indyrsic~y77 |  -27.62724   .8370345   -33.01   0.000     -29.2678   -25.98668
indyrsic~y78 |   .0444508   .4976197     0.09   0.929    -.9308659    1.019768
indyrsic~y79 |  -.9236169   .6696622    -1.38   0.168    -2.236131    .3888969
indyrsic~y80 |  -.8364958   .9115226    -0.92   0.359    -2.623047    .9500557
indyrsic~y81 |    .072227   .5594382     0.13   0.897    -1.024252    1.168706
indyrsic~y82 |   .8967358   .4509457     1.99   0.047     .0128986    1.780573
indyrsic~y83 |   .7685781    .481515     1.60   0.110    -.1751738     1.71233
indyrsic~y84 |   .8563779   .4612752     1.86   0.063     -.047705    1.760461
indyrsic~y85 |  -2.217344   .6712919    -3.30   0.001    -3.533052   -.9016359
indyrsic~y86 |  -2.021634   .5696695    -3.55   0.000    -3.138166   -.9051023
indyrsic~y87 |   -1.13194   .5558821    -2.04   0.042    -2.221449   -.0424306
indyrsic~y88 |   .3640933   .4369552     0.83   0.405    -.4923231     1.22051
indyrsic~y89 |  -1.385165   .5612615    -2.47   0.014    -2.485217   -.2851129
indyrsic~y90 |  -.6516499   .4533162    -1.44   0.151    -1.540133    .2368335
indyrsic~y91 |  -25.90605   .5244407   -49.40   0.000    -26.93394   -24.87817
indyrsic~y92 |  -.5270179   .6165709    -0.85   0.393    -1.735475    .6814389
indyrsic~y93 |  -.6641887   .7689154    -0.86   0.388    -2.171235    .8428579
indyrsic~y94 |  -27.53618   .5818119   -47.33   0.000    -28.67651   -26.39585
indyrsic~y95 |   .1702224    .871427     0.20   0.845    -1.537743    1.878188
indyrsic~y96 |  -.4966524   .8039219    -0.62   0.537     -2.07231    1.079006
indyrsic~y97 |  -2.516259   .5578589    -4.51   0.000    -3.609642   -1.422875
indyrsic~y98 |  -1.765056   .4206848    -4.20   0.000    -2.589583   -.9405289
indyrsic~y99 |  -1.910773   .4141655    -4.61   0.000    -2.722522   -1.099023
indyrsic~100 |   -.308217   .5230379    -0.59   0.556    -1.333352    .7169184
indyrsic~101 |   .0558998   .4291444     0.13   0.896    -.7852077    .8970074
indyrsic~102 |   .1401477   .4143186     0.34   0.735    -.6719018    .9521972
indyrsic~103 |  -1.710477    1.08257    -1.58   0.114    -3.832275    .4113218
indyrsic~104 |  -1.231064     1.0972    -1.12   0.262    -3.381535    .9194081
indyrsic~105 |  -26.57348   .5243671   -50.68   0.000    -27.60122   -25.54574
indyrsic~106 |  -27.43149    .516663   -53.09   0.000    -28.44413   -26.41885
indyrsic~107 |   .0959635   .7219076     0.13   0.894    -1.318949    1.510876
indyrsic~108 |  -.1193269   .6309753    -0.19   0.850    -1.356016    1.117362
indyrsic~109 |  -2.349089   .4676289    -5.02   0.000    -3.265625   -1.432554
indyrsic~110 |  -1.705204   .4808662    -3.55   0.000    -2.647684   -.7627233
indyrsic~111 |  -.8456291   .4415964    -1.91   0.056    -1.711142     .019884
indyrsic~112 |  -.8846183   .4171632    -2.12   0.034    -1.702243   -.0669935
indyrsic~113 |  -.8619409   .4268677    -2.02   0.043    -1.698586   -.0252957
indyrsic~114 |  -.2161307   .3976746    -0.54   0.587    -.9955587    .5632972
indyrsic~115 |  -1.375586   .5571146    -2.47   0.014     -2.46751    -.283661
indyrsic~116 |  -.2952489   .4839046    -0.61   0.542    -1.243685    .6531868
indyrsic~117 |   .0720658   .5139697     0.14   0.888    -.9352964    1.079428
indyrsic~118 |   .3300321    .466313     0.71   0.479    -.5839245    1.243989
indyrsic~119 |   .6827136   .4680737     1.46   0.145    -.2346941    1.600121
indyrsic~120 |   .7507206   .4579064     1.64   0.101    -.1467594    1.648201
indyrsic~121 |  -2.369439    .949136    -2.50   0.013    -4.229711   -.5091663
indyrsic~122 |  -1.399418   .5377629    -2.60   0.009    -2.453414   -.3454217
indyrsic~123 |  -.4552049   .5171216    -0.88   0.379    -1.468745    .5583348
indyrsic~124 |   .0634283   .5350685     0.12   0.906    -.9852866    1.112143
indyrsic~125 |    .520735   .4525618     1.15   0.250    -.3662698     1.40774
indyrsic~126 |   .7688895   .4293138     1.79   0.073      -.07255    1.610329
indyrsic~127 |   -25.9948   .5894397   -44.10   0.000    -27.15008   -24.83952
indyrsic~128 |  -26.07057   .5871709   -44.40   0.000    -27.22141   -24.91974
indyrsic~129 |   .0386173   .8018972     0.05   0.962    -1.533072    1.610307
indyrsic~130 |  -26.64362   .6135127   -43.43   0.000    -27.84608   -25.44116
indyrsic~131 |  -25.92281   .7061342   -36.71   0.000     -27.3068   -24.53881
indyrsic~132 |  -26.34798   .7048976   -37.38   0.000    -27.72956   -24.96641
indyrsic~133 |  -1.789901   .9071875    -1.97   0.048    -3.567956   -.0118463
indyrsic~134 |  -27.84298   .6009104   -46.33   0.000    -29.02074   -26.66522
indyrsic~135 |  -.3105767   .6472747    -0.48   0.631    -1.579212    .9580584
indyrsic~136 |  -1.315747   .9508215    -1.38   0.166    -3.179323    .5478287
indyrsic~137 |   -27.9454   .6008419   -46.51   0.000    -29.12302   -26.76777
indyrsic~138 |  -.1214407   .6141296    -0.20   0.843    -1.325113    1.082231
indyrsic~139 |  -2.045946   .6711305    -3.05   0.002    -3.361338   -.7305548
indyrsic~140 |  -.5887583   .4964335    -1.19   0.236     -1.56175    .3842335
indyrsic~141 |  -.7931411   .4538195    -1.75   0.081    -1.682611    .0963287
indyrsic~142 |  -.3222873   .4535049    -0.71   0.477    -1.211141     .566566
indyrsic~143 |   .0171496   .6977052     0.02   0.980    -1.350327    1.384627
indyrsic~144 |   .6673538   .4385416     1.52   0.128    -.1921719     1.52688
indyrsic~145 |  -1.768569   .6695056    -2.64   0.008    -3.080776   -.4563627
indyrsic~146 |  -25.33948   .4924248   -51.46   0.000    -26.30462   -24.37435
indyrsic~147 |   -2.06088   .6653091    -3.10   0.002    -3.364861   -.7568976
indyrsic~148 |  -2.293185   .9977541    -2.30   0.022    -4.248747   -.3376229
indyrsic~149 |  -.9157709   .7231231    -1.27   0.205    -2.333066    .5015244
indyrsic~150 |  -.8507785   .5367254    -1.59   0.113    -1.902741    .2011839
indyrsic~151 |  -1.941271   .5034904    -3.86   0.000    -2.928094   -.9544475
indyrsic~152 |  -1.745337   .4709577    -3.71   0.000    -2.668397   -.8222769
indyrsic~153 |  -1.119477   .4164548    -2.69   0.007    -1.935714    -.303241
indyrsic~154 |  -.8970413   .4401984    -2.04   0.042    -1.759814   -.0342683
indyrsic~155 |  -.6569871   .4828253    -1.36   0.174    -1.603307     .289333
indyrsic~156 |  -.1733164    .425973    -0.41   0.684    -1.008208    .6615754
indyrsic~157 |   -1.98672   .4555805    -4.36   0.000    -2.879642   -1.093799
indyrsic~158 |  -1.702449   .4226193    -4.03   0.000    -2.530768   -.8741304
indyrsic~159 |  -.2316347   .5660777    -0.41   0.682    -1.341127    .8778573
indyrsic~160 |  -.2184348   .4359638    -0.50   0.616    -1.072908    .6360387
indyrsic~161 |  -.2211779   .4860021    -0.46   0.649    -1.173725    .7313688
indyrsic~162 |  -.1365435   .4339229    -0.31   0.753    -.9870167    .7139297
indyrsic~163 |  -2.596138   .5198388    -4.99   0.000    -3.615003   -1.577273
indyrsic~164 |  -1.905336   .5035217    -3.78   0.000    -2.892221   -.9184517
indyrsic~165 |  -1.214192   .3932658    -3.09   0.002    -1.984978   -.4434048
indyrsic~166 |  -.5955403   .3809093    -1.56   0.118    -1.342109    .1510283
indyrsic~167 |  -.3563656   .4000956    -0.89   0.373    -1.140539    .4278073
indyrsic~168 |  -.1628003   .3885646    -0.42   0.675     -.924373    .5987724
indyrsic~169 |  -2.582467    .561795    -4.60   0.000    -3.683565   -1.481369
indyrsic~170 |  -2.951459   .6188889    -4.77   0.000    -4.164459    -1.73846
indyrsic~171 |  -1.391248    .433047    -3.21   0.001    -2.240005   -.5424915
indyrsic~172 |  -1.282489   .4617471    -2.78   0.005    -2.187496   -.3774812
indyrsic~173 |  -1.193227   .5420466    -2.20   0.028    -2.255619   -.1308353
indyrsic~174 |  -.4416746   .4439303    -0.99   0.320    -1.311762    .4284128
indyrsic~175 |  -25.52907   .6763589   -37.74   0.000    -26.85471   -24.20343
indyrsic~176 |  -1.386658   .8028581    -1.73   0.084    -2.960231    .1869147
indyrsic~177 |   -1.36779   .7687081    -1.78   0.075     -2.87443    .1388501
indyrsic~178 |  -1.219991   .5727302    -2.13   0.033    -2.342522   -.0974606
indyrsic~179 |   -.199659   .5369439    -0.37   0.710     -1.25205    .8527318
indyrsic~180 |   .7368082   .5061729     1.46   0.145    -.2552724    1.728889
indyrsic~181 |  -28.19352   .7103115   -39.69   0.000    -29.58571   -26.80134
indyrsic~182 |  -1.441646   .6122365    -2.35   0.019    -2.641607    -.241684
indyrsic~183 |  -1.820127   .4014325    -4.53   0.000     -2.60692   -1.033334
indyrsic~184 |  -.6975442   .5559086    -1.25   0.210    -1.787105    .3920166
indyrsic~185 |   .1508248    .469227     0.32   0.748    -.7688433    1.070493
indyrsic~186 |  -.0325983   .5933768    -0.05   0.956    -1.195595    1.130399
indyrsic~187 |   -26.8112   .9663524   -27.74   0.000    -28.70521   -24.91718
indyrsic~188 |  -26.01037   1.081027   -24.06   0.000    -28.12915    -23.8916
indyrsic~189 |  -26.11684   1.077374   -24.24   0.000    -28.22845   -24.00522
indyrsic~190 |   -25.7758   1.075568   -23.96   0.000    -27.88388   -23.66773
indyrsic~191 |  -26.29491   1.073588   -24.49   0.000     -28.3991   -24.19072
indyrsic~192 |  -26.93242   1.068252   -25.21   0.000    -29.02616   -24.83869
indyrsic~193 |  -1.639884    .458483    -3.58   0.000    -2.538494   -.7412741
indyrsic~194 |   -1.76035   .4388562    -4.01   0.000    -2.620492   -.9002074
indyrsic~195 |  -.7547004   .4575702    -1.65   0.099    -1.651522    .1421207
indyrsic~196 |  -1.041281   .4277379    -2.43   0.015    -1.879632   -.2029303
indyrsic~197 |   .2684131   .4764364     0.56   0.573    -.6653852    1.202211
indyrsic~198 |    .263251   .4418295     0.60   0.551    -.6027189    1.129221
indyrsic~199 |   -.318118   .7987803    -0.40   0.690    -1.883699    1.247463
indyrsic~200 |  -27.06523   .5543618   -48.82   0.000    -28.15176    -25.9787
indyrsic~201 |  -27.26014   .5772669   -47.22   0.000    -28.39157   -26.12872
indyrsic~202 |  -.2408723   1.079298    -0.22   0.823    -2.356257    1.874512
indyrsic~203 |   1.201791   .9030533     1.33   0.183    -.5681607    2.971743
indyrsic~204 |  -.1219866   .5735047    -0.21   0.832    -1.246035    1.002062
indyrsic~205 |  -2.524192   .4628216    -5.45   0.000    -3.431306   -1.617078
indyrsic~206 |   -2.13233   .4407662    -4.84   0.000    -2.996216   -1.268444
indyrsic~207 |  -1.139155   .4271953    -2.67   0.008    -1.976442   -.3018674
indyrsic~208 |  -.3163581   .4507341    -0.70   0.483    -1.199781    .5670645
indyrsic~209 |  -.3569055   .4418104    -0.81   0.419    -1.222838    .5090269
indyrsic~210 |  -.2047831   .4027608    -0.51   0.611    -.9941797    .5846135
indyrsic~211 |          0  (omitted)
indyrsic~212 |   .8148828   .4728445     1.72   0.085    -.1118754    1.741641
indyrsic~213 |  -27.86234   .9731589   -28.63   0.000     -29.7697   -25.95499
indyrsic~214 |  -27.53723   1.009734   -27.27   0.000    -29.51627   -25.55819
indyrsic~215 |   -28.0244   1.090114   -25.71   0.000    -30.16098   -25.88781
indyrsic~216 |  -27.31025   1.091797   -25.01   0.000    -29.45013   -25.17037
indyrsic~217 |  -1.311847   .6500324    -2.02   0.044    -2.585887   -.0378069
indyrsic~218 |  -.4032181   .9915294    -0.41   0.684     -2.34658    1.540144
indyrsic~219 |  -27.86024   .8139931   -34.23   0.000    -29.45564   -26.26484
indyrsic~220 |  -27.33391   .8099893   -33.75   0.000    -28.92146   -25.74636
indyrsic~221 |  -.9900996   .5483657    -1.81   0.071    -2.064877    .0846773
indyrsic~222 |  -.0066271   .6135022    -0.01   0.991    -1.209069    1.195815
indyrsic~223 |   -3.10272    .542998    -5.71   0.000    -4.166976   -2.038463
indyrsic~224 |   -1.87711   .4554377    -4.12   0.000    -2.769751   -.9844682
indyrsic~225 |   -1.11954   .4401238    -2.54   0.011    -1.982167    -.256913
indyrsic~226 |  -.6733513   .4287362    -1.57   0.116    -1.513659    .1669562
indyrsic~227 |  -.3735815   .4242167    -0.88   0.379    -1.205031    .4578679
indyrsic~228 |  -.3234756   .4084285    -0.79   0.428    -1.123981    .4770295
indyrsic~229 |  -1.918212   .4196279    -4.57   0.000    -2.740667   -1.095756
indyrsic~230 |   -.253745   .3992307    -0.64   0.525    -1.036223    .5287329
indyrsic~231 |  -.2795254   .4002211    -0.70   0.485    -1.063944    .5048935
indyrsic~232 |   .0967727   .3989215     0.24   0.808     -.685099    .8786444
indyrsic~233 |   .3485088   .3988666     0.87   0.382    -.4332553    1.130273
indyrsic~234 |   .1224029   .3979511     0.31   0.758     -.657567    .9023728
indyrsic~235 |  -26.87757   .4682599   -57.40   0.000    -27.79534    -25.9598
indyrsic~236 |  -26.83286   .4667374   -57.49   0.000    -27.74765   -25.91808
indyrsic~237 |  -2.192135   .8111148    -2.70   0.007    -3.781891   -.6023792
indyrsic~238 |  -1.872766   .7539817    -2.48   0.013    -3.350543   -.3949886
indyrsic~239 |  -27.65607   .4704896   -58.78   0.000    -28.57821   -26.73393
indyrsic~240 |    .170052   .4227835     0.40   0.688    -.6585884    .9986924
indyrsic~241 |  -24.19556   .6662016   -36.32   0.000    -25.50129   -22.88983
indyrsic~242 |  -3.400185   .8029379    -4.23   0.000    -4.973914   -1.826456
indyrsic~243 |  -2.211193   .6804482    -3.25   0.001    -3.544847   -.8775393
indyrsic~244 |  -.6140758   .5147919    -1.19   0.233    -1.623049    .3948978
indyrsic~245 |  -1.145826   .7441786    -1.54   0.124     -2.60439    .3127369
indyrsic~246 |   .0447521   .6437933     0.07   0.945     -1.21706    1.306564
indyrsic~247 |  -24.35381    .904311   -26.93   0.000    -26.12623    -22.5814
indyrsic~248 |  -2.852958   .4329017    -6.59   0.000    -3.701429   -2.004486
indyrsic~249 |  -29.41472   .8131907   -36.17   0.000    -31.00855    -27.8209
indyrsic~250 |  -2.795101   1.288589    -2.17   0.030     -5.32069   -.2695127
indyrsic~251 |   .6123866   .6627548     0.92   0.355    -.6865889    1.911362
indyrsic~252 |   .4512606   .6775086     0.67   0.505    -.8766318    1.779153
indyrsic~253 |  -2.575139   .4845055    -5.31   0.000    -3.524752   -1.625525
indyrsic~254 |  -1.183809   .4311677    -2.75   0.006    -2.028882   -.3387357
indyrsic~255 |   -.489074   .3918226    -1.25   0.212    -1.257032    .2788842
indyrsic~256 |   .0771958   .4161125     0.19   0.853    -.7383698    .8927614
indyrsic~257 |   .2849275   .4913654     0.58   0.562    -.6781311    1.247986
indyrsic~258 |  -.3233294   .5046918    -0.64   0.522    -1.312507    .6658482
indyrsic~259 |  -1.040024   .6694453    -1.55   0.120    -2.352113    .2720648
indyrsic~260 |  -.9301084   .5740526    -1.62   0.105    -2.055231    .1950142
indyrsic~261 |  -1.782845   .8284841    -2.15   0.031    -3.406644   -.1590458
indyrsic~262 |  -.2641149   .4326564    -0.61   0.542    -1.112106     .583876
indyrsic~263 |   .3212101   .8283501     0.39   0.698    -1.302326    1.944747
indyrsic~264 |    .617352   .8452943     0.73   0.465    -1.039394    2.274098
indyrsic~265 |  -.7161602   .7572992    -0.95   0.344    -2.200439    .7681189
indyrsic~266 |  -26.62991   .5216049   -51.05   0.000    -27.65223   -25.60758
indyrsic~267 |  -26.64306   .5204547   -51.19   0.000    -27.66313   -25.62299
indyrsic~268 |  -1.520011   1.089187    -1.40   0.163    -3.654778    .6147554
indyrsic~269 |  -1.150327   .6883443    -1.67   0.095    -2.499457    .1988025
indyrsic~270 |   -.236437   .4722436    -0.50   0.617    -1.162017    .6891434
indyrsic~271 |  -1.118082   .6788986    -1.65   0.100    -2.448699    .2125346
indyrsic~272 |  -1.074974   .7387378    -1.46   0.146    -2.522874    .3729253
indyrsic~273 |   .3026317   .6169179     0.49   0.624    -.9065052    1.511769
indyrsic~274 |   1.375478   .5467486     2.52   0.012     .3038709    2.447086
indyrsic~275 |   1.469573   .5502612     2.67   0.008      .391081    2.548065
indyrsic~276 |   .9212348   .4627019     1.99   0.046     .0143557    1.828114
indyrsic~277 |   -1.34122   .5984955    -2.24   0.025    -2.514249   -.1681902
indyrsic~278 |   -2.36206   .5418379    -4.36   0.000    -3.424042   -1.300077
indyrsic~279 |  -1.164908   .6435521    -1.81   0.070    -2.426247    .0964308
indyrsic~280 |  -1.466546   .7447271    -1.97   0.049    -2.926184   -.0069075
indyrsic~281 |  -.5254646   .6098532    -0.86   0.389    -1.720755    .6698257
indyrsic~282 |   .3361748   .4278884     0.79   0.432     -.502471    1.174821
indyrsic~283 |  -1.730457   .4448781    -3.89   0.000    -2.602402   -.8585116
indyrsic~284 |  -1.482978   .4539493    -3.27   0.001    -2.372702   -.5932533
indyrsic~285 |  -.3099205   .5986354    -0.52   0.605    -1.483224    .8633833
indyrsic~286 |   .4366843   .4635811     0.94   0.346    -.4719179    1.345286
indyrsic~287 |   1.419406   .4286137     3.31   0.001      .579339    2.259474
indyrsic~288 |   1.535202    .446176     3.44   0.001     .6607129    2.409691
indyrsic~289 |  -2.091894   .6440815    -3.25   0.001     -3.35427   -.8295173
indyrsic~290 |  -2.456625    .431476    -5.69   0.000    -3.302303   -1.610948
indyrsic~291 |   -1.56751   .4320754    -3.63   0.000    -2.414362   -.7206575
indyrsic~292 |  -.5798394   .4480509    -1.29   0.196    -1.458003    .2983241
indyrsic~293 |  -.2613849   .4763033    -0.55   0.583    -1.194922    .6721524
indyrsic~294 |  -.5883527   .3882177    -1.52   0.130    -1.349245      .17254
indyrsic~295 |  -1.668662   .9739867    -1.71   0.087    -3.577641    .2403168
indyrsic~296 |  -28.22178    .864511   -32.64   0.000    -29.91619   -26.52737
indyrsic~297 |  -.5227753   .4289672    -1.22   0.223    -1.363536    .3179849
indyrsic~298 |  -27.32971   .9422191   -29.01   0.000    -29.17643     -25.483
indyrsic~299 |  -27.49551   .8387572   -32.78   0.000    -29.13944   -25.85157
indyrsic~300 |   1.089563   .6237669     1.75   0.081    -.1329978    2.312124
indyrsic~301 |  -26.60699   .7537742   -35.30   0.000    -28.08436   -25.12962
indyrsic~302 |  -1.232996   1.170962    -1.05   0.292    -3.528039    1.062048
indyrsic~303 |  -27.98415   .7134421   -39.22   0.000    -29.38247   -26.58583
indyrsic~304 |  -27.78886   .8161265   -34.05   0.000    -29.38844   -26.18929
indyrsic~305 |  -28.30145   .7781768   -36.37   0.000    -29.82665   -26.77625
indyrsic~306 |  -28.62255   .7730864   -37.02   0.000    -30.13777   -27.10733
indyrsic~307 |  -1.932953   .4030744    -4.80   0.000    -2.722965   -1.142942
indyrsic~308 |  -1.847946   .4425248    -4.18   0.000    -2.715279   -.9806131
indyrsic~309 |  -.7175082   .4359398    -1.65   0.100    -1.571935    .1369182
indyrsic~310 |   -.002016   .4040422    -0.00   0.996    -.7939241    .7898922
indyrsic~311 |   .3616247   .4013397     0.90   0.368    -.4249866    1.148236
indyrsic~312 |  -.0496336   .4126202    -0.12   0.904    -.8583543    .7590872
indyrsic~313 |  -27.14631   .6455456   -42.05   0.000    -28.41156   -25.88107
indyrsic~314 |  -1.281124   .5797411    -2.21   0.027    -2.417396   -.1448526
indyrsic~315 |  -26.89377   .6972928   -38.57   0.000    -28.26044    -25.5271
indyrsic~316 |  -28.23362   .6710047   -42.08   0.000    -29.54876   -26.91847
indyrsic~317 |  -.4258192   .4856774    -0.88   0.381    -1.377729    .5260911
indyrsic~318 |  -.3723584   .4662294    -0.80   0.424    -1.286151    .5414344
indyrsic~319 |  -26.97847   .6244467   -43.20   0.000    -28.20237   -25.75458
indyrsic~320 |  -.1531677   1.053399    -0.15   0.884    -2.217791    1.911456
indyrsic~321 |  -.4450733   .6912977    -0.64   0.520    -1.799992    .9098452
indyrsic~322 |  -27.30111   .7080413   -38.56   0.000    -28.68885   -25.91338
indyrsic~323 |  -.0349027   .6720027    -0.05   0.959    -1.352004    1.282198
indyrsic~324 |   .8464771   .5566033     1.52   0.128    -.2444453      1.9374
indyrsic~325 |  -27.71777   .6171046   -44.92   0.000    -28.92727   -26.50827
indyrsic~326 |  -3.570545   1.156608    -3.09   0.002    -5.837455   -1.303634
indyrsic~327 |  -1.886234   .4585671    -4.11   0.000    -2.785009   -.9874593
indyrsic~328 |  -2.940082   .8426676    -3.49   0.000     -4.59168   -1.288484
indyrsic~329 |  -2.972257   .9482647    -3.13   0.002    -4.830822   -1.113693
indyrsic~330 |  -.2488371   .5592559    -0.44   0.656    -1.344959    .8472843
indyrsic~331 |  -1.862602    .761349    -2.45   0.014    -3.354819   -.3703856
indyrsic~332 |   -1.12421    .688024    -1.63   0.102    -2.472712    .2242926
indyrsic~333 |  -1.755761   .7888965    -2.23   0.026     -3.30197   -.2095523
indyrsic~334 |  -.5232522   .5404232    -0.97   0.333    -1.582462    .5359578
indyrsic~335 |  -1.112007   .6084256    -1.83   0.068    -2.304499    .0804852
indyrsic~336 |   -.154739   .4337356    -0.36   0.721    -1.004845    .6953672
indyrsic~337 |  -26.22963   1.081209   -24.26   0.000    -28.34876    -24.1105
indyrsic~338 |  -26.26176   1.082863   -24.25   0.000    -28.38413   -24.13939
indyrsic~339 |  -26.38824   1.086932   -24.28   0.000    -28.51859   -24.25789
indyrsic~340 |  -24.88389   .6526923   -38.12   0.000    -26.16315   -23.60464
indyrsic~341 |  -25.06025   .6160943   -40.68   0.000    -26.26778   -23.85273
indyrsic~342 |   -.958158   .8375051    -1.14   0.253    -2.599638    .6833218
indyrsic~343 |  -.9817512   .7862252    -1.25   0.212    -2.522724    .5592218
indyrsic~344 |  -.0018265   1.092617    -0.00   0.999    -2.143317    2.139664
indyrsic~345 |  -27.62124   .5899748   -46.82   0.000    -28.77757   -26.46491
indyrsic~346 |  -25.75372   .7440702   -34.61   0.000    -27.21207   -24.29536
indyrsic~347 |    -26.812    .717147   -37.39   0.000    -28.21759   -25.40642
indyrsic~348 |  -26.93514   .8630492   -31.21   0.000    -28.62668   -25.24359
indyrsic~349 |  -27.26843   .9993824   -27.29   0.000    -29.22718   -25.30967
indyrsic~350 |   -26.9694   .8668682   -31.11   0.000    -28.66843   -25.27037
indyrsic~351 |  -27.00275   .8421382   -32.06   0.000    -28.65331   -25.35219
indyrsic~352 |  -1.070351   .7557248    -1.42   0.157    -2.551545    .4108422
indyrsic~353 |  -.6269693     .69984    -0.90   0.370    -1.998631    .7446919
indyrsic~354 |  -1.006984   .7324514    -1.37   0.169    -2.442563    .4285939
indyrsic~355 |  -.1060843   .5576887    -0.19   0.849    -1.199134    .9869654
indyrsic~356 |   .6663019   .6001092     1.11   0.267    -.5098904    1.842494
indyrsic~357 |   .3072475   .7563205     0.41   0.685    -1.175113    1.789608
indyrsic~358 |  -3.083157   .1802286   -17.11   0.000    -3.436399   -2.729916
indyrsic~359 |    -2.0025   .3334697    -6.01   0.000    -2.656088   -1.348911
indyrsic~360 |  -1.157914   .5117857    -2.26   0.024    -2.160995   -.1548321
indyrsic~361 |   .1597018   .3804768     0.42   0.675     -.586019    .9054226
indyrsic~362 |  -.0766167   .1980397    -0.39   0.699    -.4647673     .311534
indyrsic~363 |          0  (omitted)
       _cons |  -9.525861   .5496047   -17.33   0.000    -10.60307   -8.448655
------------------------------------------------------------------------------

. nbreg esg_incident sister1 indyrsic2dummy*,  cluster(gvkey)
note: indyrsic2dummy211 omitted because of collinearity.
note: indyrsic2dummy363 omitted because of collinearity.

Fitting Poisson model:

Iteration 0:  Log pseudolikelihood = -128704.14  
Iteration 1:  Log pseudolikelihood = -109826.93  (backed up)
Iteration 2:  Log pseudolikelihood = -52251.309  (backed up)
Iteration 3:  Log pseudolikelihood = -45449.977  (backed up)
Iteration 4:  Log pseudolikelihood = -34223.171  
Iteration 5:  Log pseudolikelihood = -23950.081  
Iteration 6:  Log pseudolikelihood =  -15873.22  
Iteration 7:  Log pseudolikelihood = -15404.469  
Iteration 8:  Log pseudolikelihood = -15384.309  
Iteration 9:  Log pseudolikelihood = -15384.244  
Iteration 10: Log pseudolikelihood = -15384.244  

Fitting constant-only model:

Iteration 0:  Log pseudolikelihood = -14196.327  
Iteration 1:  Log pseudolikelihood = -10552.133  
Iteration 2:  Log pseudolikelihood = -9959.3478  
Iteration 3:  Log pseudolikelihood = -9757.8714  
Iteration 4:  Log pseudolikelihood = -9757.6526  
Iteration 5:  Log pseudolikelihood = -9757.6526  

Fitting full model:

Iteration 0:  Log pseudolikelihood = -9757.6526  (not concave)
Iteration 1:  Log pseudolikelihood = -8894.4397  
Iteration 2:  Log pseudolikelihood = -8492.0128  
Iteration 3:  Log pseudolikelihood = -8383.2352  
Iteration 4:  Log pseudolikelihood = -8377.1772  
Iteration 5:  Log pseudolikelihood = -8377.1094  
Iteration 6:  Log pseudolikelihood = -8377.1062  
Iteration 7:  Log pseudolikelihood = -8377.1061  
Iteration 8:  Log pseudolikelihood =  -8377.106  
Iteration 9:  Log pseudolikelihood =  -8377.106  

Negative binomial regression                           Number of obs  = 10,255
                                                       Wald chi2(326) =      .
Dispersion: mean                                       Prob > chi2    =      .
Log pseudolikelihood = -8377.106                       Pseudo R2      = 0.1415

                              (Std. err. adjusted for 2,416 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
esg_incident | Coefficient  std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
     sister1 |   2.639499   .1832423    14.40   0.000      2.28035    2.998647
indyrsic2~y1 |  -1.737393    .650949    -2.67   0.008     -3.01323   -.4615568
indyrsic2~y2 |   .5348781   .5442507     0.98   0.326    -.5318337     1.60159
indyrsic2~y3 |   .6896671   .6368664     1.08   0.279    -.5585681    1.937902
indyrsic2~y4 |   .4808681   .6770459     0.71   0.478    -.8461174    1.807854
indyrsic2~y5 |  -.3272214   .7742039    -0.42   0.673    -1.844633     1.19019
indyrsic2~y6 |   2.316322   .8929352     2.59   0.009     .5662011    4.066443
indyrsic2~y7 |   .1190933   .3929304     0.30   0.762     -.651036    .8892227
indyrsic2~y8 |   -19.6696   1.074696   -18.30   0.000    -21.77596   -17.56323
indyrsic2~y9 |   -19.6696   1.074696   -18.30   0.000    -21.77596   -17.56323
indyrsic~y10 |   -19.6696   1.074696   -18.30   0.000    -21.77596   -17.56323
indyrsic~y11 |   -19.6696   1.074696   -18.30   0.000    -21.77596   -17.56323
indyrsic~y12 |   -19.6696   1.074696   -18.30   0.000    -21.77596   -17.56323
indyrsic~y13 |  -21.97258   1.066187   -20.61   0.000    -24.06227   -19.88289
indyrsic~y14 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~y15 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~y16 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~y17 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~y18 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~y19 |   1.271408   .7345423     1.73   0.083    -.1682682    2.711085
indyrsic~y20 |   1.167366   .9078827     1.29   0.199    -.6120515    2.946783
indyrsic~y21 |   1.802639   .6903298     2.61   0.009     .4496177    3.155661
indyrsic~y22 |   1.706059   .6665018     2.56   0.010     .3997395    3.012379
indyrsic~y23 |   1.777322   .7385328     2.41   0.016     .3298239    3.224819
indyrsic~y24 |   1.853694   .7275827     2.55   0.011     .4276582     3.27973
indyrsic~y25 |   1.175148   .5112305     2.30   0.022     .1731546    2.177141
indyrsic~y26 |   1.944158   .6238593     3.12   0.002     .7214165      3.1669
indyrsic~y27 |    2.02333   .5411361     3.74   0.000     .9627226    3.083937
indyrsic~y28 |   2.516998   .4969351     5.07   0.000     1.543023    3.490973
indyrsic~y29 |   2.535016   .5411363     4.68   0.000     1.474409    3.595624
indyrsic~y30 |   2.827077   .8080561     3.50   0.000     1.243316    4.410838
indyrsic~y31 |  -.4938733    .709588    -0.70   0.486     -1.88464    .8968937
indyrsic~y32 |   .5177394   .6068928     0.85   0.394    -.6717487    1.707227
indyrsic~y33 |   .6737381   .4914084     1.37   0.170    -.2894047    1.636881
indyrsic~y34 |   .3533556    .465318     0.76   0.448    -.5586508    1.265362
indyrsic~y35 |   .9819184   .4536345     2.16   0.030     .0928112    1.871026
indyrsic~y36 |   .8645752    .457944     1.89   0.059    -.0329785    1.762129
indyrsic~y37 |  -20.51175   .8317411   -24.66   0.000    -22.14193   -18.88156
indyrsic~y38 |  -1.091867   1.113636    -0.98   0.327    -3.274552    1.090819
indyrsic~y39 |   -19.6696   .5670937   -34.68   0.000    -20.78108   -18.55812
indyrsic~y40 |  -1.133669   .7154383    -1.58   0.113    -2.535902    .2685643
indyrsic~y41 |  -1.672663   .9942537    -1.68   0.093    -3.621365    .2760382
indyrsic~y42 |  -1.672663   .9941614    -1.68   0.092    -3.621184    .2758572
indyrsic~y43 |   -19.6696   .4753097   -41.38   0.000    -20.60119   -18.73801
indyrsic~y44 |  -1.133669   .6767404    -1.68   0.094    -2.460056    .1927178
indyrsic~y45 |  -1.826813   .7635284    -2.39   0.017    -3.323301   -.3303252
indyrsic~y46 |  -1.059561   .5721733    -1.85   0.064       -2.181    .0618778
indyrsic~y47 |  -1.960344   .7693511    -2.55   0.011    -3.468245   -.4524438
indyrsic~y48 |    -1.2672   .6832818    -1.85   0.064    -2.606408    .0720077
indyrsic~y49 |   .7169312   .9399114     0.76   0.446    -1.125261    2.559124
indyrsic~y50 |     .77834   .6620559     1.18   0.240    -.5192657    2.075946
indyrsic~y51 |   .0501004   .6968436     0.07   0.943    -1.315688    1.415889
indyrsic~y52 |  -.5095155   .9322893    -0.55   0.585    -2.336769    1.317738
indyrsic~y53 |   .3554823   .6875333     0.52   0.605    -.9920582    1.703023
indyrsic~y54 |   .5498768   .6223811     0.88   0.377    -.6699678    1.769721
indyrsic~y55 |  -20.51175   .8317097   -24.66   0.000    -22.14187   -18.88163
indyrsic~y56 |   -19.6696   .5953961   -33.04   0.000    -20.83655   -18.50264
indyrsic~y57 |   -19.6696   .5953961   -33.04   0.000    -20.83655   -18.50264
indyrsic~y58 |   -19.6696   .5953961   -33.04   0.000    -20.83655   -18.50264
indyrsic~y59 |   -19.6696   .5953961   -33.04   0.000    -20.83655   -18.50264
indyrsic~y60 |    -1.2672   .9511054    -1.33   0.183    -3.131332    .5969324
indyrsic~y61 |  -1.119913   .4873762    -2.30   0.022    -2.075153   -.1646738
indyrsic~y62 |  -.3013213    .504318    -0.60   0.550    -1.289766    .6871237
indyrsic~y63 |   -.182235   .4874137    -0.37   0.708    -1.137548    .7730782
indyrsic~y64 |  -.3260377    .458867    -0.71   0.477    -1.225401    .5733251
indyrsic~y65 |   .3563349   .4368491     0.82   0.415    -.4998735    1.212543
indyrsic~y66 |    .295194   .4718166     0.63   0.532    -.6295495    1.219937
indyrsic~y67 |  -1.512605   1.638101    -0.92   0.356    -4.723223    1.698013
indyrsic~y68 |  -1.075142   .9632553    -1.12   0.264    -2.963087     .812804
indyrsic~y69 |   -.574054   .8066093    -0.71   0.477    -2.154979    1.006871
indyrsic~y70 |  -21.97258   .7970426   -27.57   0.000    -23.53475    -20.4104
indyrsic~y71 |   .4768759   .8684455     0.55   0.583    -1.225246    2.178998
indyrsic~y72 |   1.205971   .8240425     1.46   0.143     -.409123    2.821064
indyrsic~y73 |  -20.76531   .9075416   -22.88   0.000    -22.54406   -18.98656
indyrsic~y74 |   -19.6696   .5954062   -33.04   0.000    -20.83657   -18.50262
indyrsic~y75 |  -1.490343   .9770652    -1.53   0.127    -3.405355    .4246699
indyrsic~y76 |   -19.6696   .6360342   -30.93   0.000     -20.9162     -18.423
indyrsic~y77 |   -19.6696   .6360342   -30.93   0.000     -20.9162     -18.423
indyrsic~y78 |    -1.2672   .9511214    -1.33   0.183    -3.131364    .5969637
indyrsic~y79 |  -1.967888   .7391771    -2.66   0.008    -3.416649   -.5191276
indyrsic~y80 |  -1.692872   .9353893    -1.81   0.070    -3.526202    .1404571
indyrsic~y81 |  -.8863082   .6892129    -1.29   0.198    -2.237141    .4645244
indyrsic~y82 |   .1762518   .5114672     0.34   0.730    -.8262056    1.178709
indyrsic~y83 |   .1836319   .6189097     0.30   0.767    -1.029409    1.396673
indyrsic~y84 |   .4555659   .5060656     0.90   0.368    -.5363045    1.447436
indyrsic~y85 |  -2.327952   .8829714    -2.64   0.008    -4.058545   -.5973602
indyrsic~y86 |    -2.2788   1.030966    -2.21   0.027    -4.299457   -.2581429
indyrsic~y87 |  -1.585652    1.03095    -1.54   0.124    -3.606276    .4349716
indyrsic~y88 |  -1.074443   .6447904    -1.67   0.096    -2.338209    .1893225
indyrsic~y89 |  -2.327952    .882677    -2.64   0.008    -4.057967   -.5979373
indyrsic~y90 |    -1.2672   .7908881    -1.60   0.109    -2.817312    .2829122
indyrsic~y91 |   -19.6696   .4701767   -41.83   0.000    -20.59113   -18.74807
indyrsic~y92 |  -1.960344   .7694451    -2.55   0.011    -3.468429   -.4522596
indyrsic~y93 |  -1.895806   1.043136    -1.82   0.069    -3.940315    .1487036
indyrsic~y94 |   -19.6696   .4875777   -40.34   0.000    -20.62523   -18.71396
indyrsic~y95 |  -.9795186   1.035114    -0.95   0.344    -3.008304    1.049267
indyrsic~y96 |  -1.672663   1.035112    -1.62   0.106    -3.701446    .3561193
indyrsic~y97 |  -3.069141   .6132843    -5.00   0.000    -4.271156   -1.867126
indyrsic~y98 |  -1.649979   .6647778    -2.48   0.013     -2.95292   -.3470385
indyrsic~y99 |  -1.875604   .6022229    -3.11   0.002     -3.05594   -.6952692
indyrsic~100 |  -.8727718    .463457    -1.88   0.060    -1.781131    .0355872
indyrsic~101 |  -.8363786   .5146016    -1.63   0.104    -1.844979    .1722221
indyrsic~102 |  -.0702489   .6253625    -0.11   0.911    -1.295937    1.155439
indyrsic~103 |  -2.771279   1.048368    -2.64   0.008    -4.826042   -.7165153
indyrsic~104 |  -2.588958   1.043126    -2.48   0.013    -4.633447    -.544468
indyrsic~105 |   -19.6696   .4702196   -41.83   0.000    -20.59121   -18.74799
indyrsic~106 |   -19.6696    .487627   -40.34   0.000    -20.62533   -18.71387
indyrsic~107 |  -.9795186    .834332    -1.17   0.240    -2.614779    .6557421
indyrsic~108 |  -1.133669   .6767405    -1.68   0.094    -2.460056    .1927181
indyrsic~109 |  -2.648585   .4861833    -5.45   0.000    -3.601486   -1.695683
indyrsic~110 |  -1.265564   .6490699    -1.95   0.051    -2.537718    .0065893
indyrsic~111 |  -.6750538   .5595657    -1.21   0.228    -1.771782    .4216748
indyrsic~112 |  -.8374973   .5246651    -1.60   0.110    -1.865822    .1908274
indyrsic~113 |  -.7868292   .5002304    -1.57   0.116    -1.767263    .1936043
indyrsic~114 |  -.3945657   .5056944    -0.78   0.435    -1.385709    .5965771
indyrsic~115 |  -.0746496   .5767368    -0.13   0.897    -1.205033    1.055734
indyrsic~116 |   .5654279     .58228     0.97   0.332      -.57582    1.706676
indyrsic~117 |    1.15408   .5071245     2.28   0.023     .1601344    2.148026
indyrsic~118 |   1.312833   .5221073     2.51   0.012     .2895216    2.336145
indyrsic~119 |   1.339657   .4710341     2.84   0.004     .4164466    2.262866
indyrsic~120 |   1.619055   .4803662     3.37   0.001      .677555    2.560556
indyrsic~121 |  -3.140966   .7839685    -4.01   0.000    -4.677516   -1.604416
indyrsic~122 |  -.6015729   .6528803    -0.92   0.357    -1.881195    .6780489
indyrsic~123 |  -.4681617   .9570663    -0.49   0.625    -2.343977    1.407654
indyrsic~124 |  -1.770219    .712714    -2.48   0.013    -3.167113   -.3733251
indyrsic~125 |  -.1626015    .682078    -0.24   0.812     -1.49945    1.174247
indyrsic~126 |   .4680998   .8055566     0.58   0.561    -1.110762    2.046962
indyrsic~127 |   -19.6696   .5153243   -38.17   0.000    -20.67962   -18.65958
indyrsic~128 |   -19.6696   .5286341   -37.21   0.000     -20.7057    -18.6335
indyrsic~129 |  -1.826813   1.005884    -1.82   0.069     -3.79831    .1446831
indyrsic~130 |   -19.6696   .5452702   -36.07   0.000    -20.73831   -18.60089
indyrsic~131 |   -19.6696   .5666935   -34.71   0.000     -20.7803    -18.5589
indyrsic~132 |   -19.6696   .5666935   -34.71   0.000     -20.7803    -18.5589
indyrsic~133 |  -2.388662   1.226201    -1.95   0.051    -4.791973    .0146489
indyrsic~134 |  -20.21407   .7030961   -28.75   0.000    -21.59211   -18.83603
indyrsic~135 |  -.7473461   .6816102    -1.10   0.273    -2.083277    .5885853
indyrsic~136 |  -1.960344   1.015121    -1.93   0.053    -3.949945    .0292568
indyrsic~137 |   -19.6696   .5463911   -36.00   0.000    -20.74051   -18.59869
indyrsic~138 |  -.9358242   .8225627    -1.14   0.255    -2.548017    .6763689
indyrsic~139 |  -2.406635   .7832419    -3.07   0.002    -3.941761    -.871509
indyrsic~140 |  -1.060992   .5384234    -1.97   0.049    -2.116283   -.0057018
indyrsic~141 |  -1.003529   .7379807    -1.36   0.174    -2.449945    .4428861
indyrsic~142 |  -1.020341   .5491981    -1.86   0.063    -2.096749     .056068
indyrsic~143 |   -.574054   .9065818    -0.63   0.527    -2.350922    1.202814
indyrsic~144 |   .0190098   .5606959     0.03   0.973    -1.079934    1.117954
indyrsic~145 |   -2.57053   .7552277    -3.40   0.001    -4.050749   -1.090311
indyrsic~146 |  -19.92271   .5234018   -38.06   0.000    -20.94856   -18.89687
indyrsic~147 |  -2.680579   .8398351    -3.19   0.001    -4.326626   -1.034533
indyrsic~148 |  -3.261258   1.172494    -2.78   0.005    -5.559304   -.9632118
indyrsic~149 |  -1.567303   .7467552    -2.10   0.036    -3.030917   -.1036899
indyrsic~150 |  -1.490343   .6888208    -2.16   0.030    -2.840407   -.1402787
indyrsic~151 |   -2.34203   .5127794    -4.57   0.000     -3.34706   -1.337001
indyrsic~152 |  -1.916749   .5096435    -3.76   0.000    -2.915632   -.9178662
indyrsic~153 |  -.9764684   .5262967    -1.86   0.064    -2.007991    .0550543
indyrsic~154 |  -1.295937   .5593643    -2.32   0.021    -2.392271   -.1996032
indyrsic~155 |  -.8434544   .6873134    -1.23   0.220    -2.190564    .5036551
indyrsic~156 |  -.0668369   .5320475    -0.13   0.900    -1.109631    .9759569
indyrsic~157 |  -2.948654   .5461558    -5.40   0.000      -4.0191   -1.878209
indyrsic~158 |  -2.522687   .5374228    -4.69   0.000    -3.576016   -1.469357
indyrsic~159 |  -1.800585    .561302    -3.21   0.001    -2.900717   -.7004536
indyrsic~160 |  -1.552043   .5354405    -2.90   0.004    -2.601487   -.5025991
indyrsic~161 |     -1.379   .5433028    -2.54   0.011    -2.443854   -.3141463
indyrsic~162 |  -1.113497   .4781599    -2.33   0.020    -2.050673   -.1763206
indyrsic~163 |  -1.534635   .7674698    -2.00   0.046    -3.038848   -.0304218
indyrsic~164 |   -1.24704   .7617192    -1.64   0.102    -2.739982    .2459024
indyrsic~165 |   .0867635   .5739752     0.15   0.880    -1.038207    1.211734
indyrsic~166 |  -.0483254     .52977    -0.09   0.927    -1.086656    .9900048
indyrsic~167 |    .145864   .5883969     0.25   0.804    -1.007373    1.299101
indyrsic~168 |   .7225962   .5436487     1.33   0.184    -.3429355    1.788128
indyrsic~169 |  -3.705857   .6289987    -5.89   0.000    -4.938672   -2.473043
indyrsic~170 |  -3.725384   .7313951    -5.09   0.000    -5.158892   -2.291876
indyrsic~171 |  -2.143014   .5323738    -4.03   0.000    -3.186447    -1.09958
indyrsic~172 |  -2.263896   .5477036    -4.13   0.000    -3.337375   -1.190417
indyrsic~173 |  -1.554645   .6195078    -2.51   0.012    -2.768858   -.3404316
indyrsic~174 |  -1.045929   .5014289    -2.09   0.037    -2.028711   -.0631464
indyrsic~175 |   -19.6696   .4585477   -42.90   0.000    -20.56834   -18.77086
indyrsic~176 |  -1.960344   1.044926    -1.88   0.061    -4.008362    .0876733
indyrsic~177 |  -1.999278    1.13915    -1.76   0.079    -4.231971    .2334158
indyrsic~178 |  -2.419072   .9926187    -2.44   0.015    -4.364569   -.4735753
indyrsic~179 |  -.6918369   .7373704    -0.94   0.348    -2.137056    .7533825
indyrsic~180 |   .3422371   .6993354     0.49   0.625    -1.028435    1.712909
indyrsic~181 |  -21.74382   .6135352   -35.44   0.000    -22.94633   -20.54132
indyrsic~182 |  -.3563238   1.039537    -0.34   0.732    -2.393779    1.681132
indyrsic~183 |   -.474011   .7695257    -0.62   0.538    -1.982254    1.034232
indyrsic~184 |    .699954   .7855926     0.89   0.373    -.8397793    2.239687
indyrsic~185 |    1.47405   .6869391     2.15   0.032     .1276743    2.820426
indyrsic~186 |   1.509261   .7584404     1.99   0.047     .0227449    2.995777
indyrsic~187 |   -19.6696   .8090744   -24.31   0.000    -21.25536   -18.08384
indyrsic~188 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~189 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~190 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~191 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~192 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~193 |  -3.332318   .7358303    -4.53   0.000    -4.774519   -1.890118
indyrsic~194 |  -3.495141   .7971135    -4.38   0.000    -5.057455   -1.932828
indyrsic~195 |  -2.613034    .727995    -3.59   0.000    -4.039878    -1.18619
indyrsic~196 |  -2.777044     .72774    -3.82   0.000    -4.203388   -1.350699
indyrsic~197 |  -1.975782   .7058204    -2.80   0.005    -3.359165   -.5923998
indyrsic~198 |  -1.214608   .5436454    -2.23   0.025    -2.280134   -.1490829
indyrsic~199 |  -1.858015   .8324112    -2.23   0.026    -3.489511   -.2265191
indyrsic~200 |  -20.51175    .642842   -31.91   0.000    -21.77169    -19.2518
indyrsic~201 |  -20.62021   .6658685   -30.97   0.000    -21.92528   -19.31513
indyrsic~202 |  -1.600269   .7186743    -2.23   0.026    -3.008844   -.1916929
indyrsic~203 |   .1190933   .7769934     0.15   0.878    -1.403786    1.641972
indyrsic~204 |  -.8027491   .6349304    -1.26   0.206     -2.04719    .4416916
indyrsic~205 |  -2.575165   .8490965    -3.03   0.002    -4.239364   -.9109667
indyrsic~206 |   -1.22334     .84553    -1.45   0.148    -2.880549     .433868
indyrsic~207 |  -.7965086   .6805816    -1.17   0.242    -2.130424    .5374067
indyrsic~208 |  -.4456909   .5722218    -0.78   0.436    -1.567225    .6758432
indyrsic~209 |   .1161776    .608789     0.19   0.849    -1.077027    1.309382
indyrsic~210 |   .2347594   .5769148     0.41   0.684    -.8959728    1.365492
indyrsic~211 |          0  (omitted)
indyrsic~212 |   -.574054   .8090184    -0.71   0.478    -2.159701    1.011593
indyrsic~213 |   -19.6696   .8091124   -24.31   0.000    -21.25543   -18.08377
indyrsic~214 |   -19.6696   .8091124   -24.31   0.000    -21.25543   -18.08377
indyrsic~215 |   -19.6696   1.074607   -18.30   0.000    -21.77579   -17.56341
indyrsic~216 |   -19.6696   1.074607   -18.30   0.000    -21.77579   -17.56341
indyrsic~217 |  -2.173539   1.233301    -1.76   0.078    -4.590765    .2436868
indyrsic~218 |  -.8524577    .868259    -0.98   0.326    -2.554214    .8492986
indyrsic~219 |   -19.6696   .5162179   -38.10   0.000    -20.68137   -18.65783
indyrsic~220 |  -20.42701   .8003584   -25.52   0.000    -21.99569   -18.85834
indyrsic~221 |  -1.494191   .8186134    -1.83   0.068    -3.098643    .1102623
indyrsic~222 |   .1190933   .5562684     0.21   0.830    -.9711727    1.209359
indyrsic~223 |   -2.75616    .555593    -4.96   0.000    -3.845103   -1.667218
indyrsic~224 |  -1.796509    .525524    -3.42   0.001    -2.826517   -.7665012
indyrsic~225 |  -1.152373   .5708712    -2.02   0.044    -2.271259   -.0334855
indyrsic~226 |  -1.200584   .4942763    -2.43   0.015    -2.169348   -.2318202
indyrsic~227 |  -.2349965   .5084715    -0.46   0.644    -1.231582    .7615893
indyrsic~228 |  -.5251878   .4985619    -1.05   0.292    -1.502351    .4519755
indyrsic~229 |  -.6530186   .4537914    -1.44   0.150    -1.542433    .2363962
indyrsic~230 |   1.043065   .4376058     2.38   0.017     .1853733    1.900757
indyrsic~231 |   .7731434   .4423612     1.75   0.081    -.0938687    1.640155
indyrsic~232 |   .9028117   .4384039     2.06   0.039     .0435558    1.762068
indyrsic~233 |   1.398211   .4461672     3.13   0.002     .5237395    2.272683
indyrsic~234 |   1.229223    .443128     2.77   0.006     .3607078    2.097738
indyrsic~235 |  -20.42701   .4680023   -43.65   0.000    -21.34428   -19.50974
indyrsic~236 |  -20.32359   .4717945   -43.08   0.000    -21.24829   -19.39889
indyrsic~237 |  -3.734629   .8705458    -4.29   0.000    -5.440868   -2.028391
indyrsic~238 |  -3.094386   .9339446    -3.31   0.001    -4.924884   -1.263888
indyrsic~239 |  -20.03792   .4996724   -40.10   0.000    -21.01726   -19.05858
indyrsic~240 |  -.6655424   .4308165    -1.54   0.122    -1.509927    .1788425
indyrsic~241 |  -20.35867   .5373126   -37.89   0.000    -21.41179   -19.30556
indyrsic~242 |  -4.102061   .7656852    -5.36   0.000    -5.602777   -2.601346
indyrsic~243 |  -2.068142   .8287018    -2.50   0.013    -3.692368   -.4439163
indyrsic~244 |  -.8894928   .6634449    -1.34   0.180    -2.189821    .4108354
indyrsic~245 |  -1.333541   .7681421    -1.74   0.083    -2.839072    .1719898
indyrsic~246 |   .3250394   .5543155     0.59   0.558    -.7613991    1.411478
indyrsic~247 |  -21.30412   .7568411   -28.15   0.000     -22.7875   -19.82074
indyrsic~248 |  -1.413354   .9825495    -1.44   0.150    -3.339116    .5124076
indyrsic~249 |  -20.76531   .9074665   -22.88   0.000    -22.54391   -18.98671
indyrsic~250 |  -1.783108   1.608764    -1.11   0.268    -4.936228    1.370012
indyrsic~251 |  -.0310022   .5985912    -0.05   0.959    -1.204219    1.142215
indyrsic~252 |  -.6861109   .7543845    -0.91   0.363    -2.164677    .7924554
indyrsic~253 |  -1.729204     .64859    -2.67   0.008    -3.000417   -.4579911
indyrsic~254 |   1.440851   .7976028     1.81   0.071    -.1224216    3.004124
indyrsic~255 |   1.783858   .9003013     1.98   0.048     .0192997    3.548416
indyrsic~256 |    1.40144   .5171523     2.71   0.007     .3878395    2.415039
indyrsic~257 |   1.592824   .7682153     2.07   0.038     .0871502    3.098499
indyrsic~258 |    1.34093   .6658117     2.01   0.044     .0359631    2.645897
indyrsic~259 |  -1.419752   .6366182    -2.23   0.026    -2.667501   -.1720035
indyrsic~260 |  -.2694082   .6510399    -0.41   0.679    -1.545423    1.006607
indyrsic~261 |  -1.490343    .744198    -2.00   0.045    -2.948944   -.0317413
indyrsic~262 |   -.499946   .7106105    -0.70   0.482    -1.892717    .8928249
indyrsic~263 |  -.1993605   .8291658    -0.24   0.810    -1.824496    1.425775
indyrsic~264 |   .4674004   .7423745     0.63   0.529    -.9876269    1.922428
indyrsic~265 |  -1.742499   .8574409    -2.03   0.042    -3.423052   -.0619456
indyrsic~266 |  -20.03792   .6009445   -33.34   0.000    -21.21575   -18.86009
indyrsic~267 |   -19.6696   .4589636   -42.86   0.000    -20.56915   -18.77005
indyrsic~268 |  -2.838286   1.202403    -2.36   0.018    -5.194952    -.481619
indyrsic~269 |   -2.76763   .9132115    -3.03   0.002    -4.557492   -.9777686
indyrsic~270 |  -1.165975   .5639642    -2.07   0.039    -2.271324   -.0606251
indyrsic~271 |  -2.151227    .760069    -2.83   0.005    -3.640935    -.661519
indyrsic~272 |  -1.797826   .7509665    -2.39   0.017    -3.269693   -.3259585
indyrsic~273 |   -.574054   .6942129    -0.83   0.408    -1.934686    .7865783
indyrsic~274 |   .4652487   .6682167     0.70   0.486    -.8444321    1.774929
indyrsic~275 |    .684408   .6097197     1.12   0.262    -.5106207    1.879437
indyrsic~276 |   .2416958   .5168068     0.47   0.640     -.771227    1.254619
indyrsic~277 |  -1.377433    .811139    -1.70   0.089    -2.967236    .2123704
indyrsic~278 |  -1.960344   1.014676    -1.93   0.053    -3.949073     .028384
indyrsic~279 |  -1.133669   1.005869    -1.13   0.260    -3.105137    .8377988
indyrsic~280 |  -1.960344   1.014674    -1.93   0.053    -3.949068    .0283795
indyrsic~281 |  -.8617358   .6016867    -1.43   0.152     -2.04102    .3175484
indyrsic~282 |  -.0144381     .76167    -0.02   0.985    -1.507284    1.478408
indyrsic~283 |  -3.267634   .5112753    -6.39   0.000    -4.269715   -2.265553
indyrsic~284 |  -2.190819   .5923145    -3.70   0.000    -3.351734   -1.029904
indyrsic~285 |  -1.432971   .6090807    -2.35   0.019    -2.626747   -.2391942
indyrsic~286 |     -.4977   .5348974    -0.93   0.352     -1.54608    .5506796
indyrsic~287 |    .182531   .4266201     0.43   0.669     -.653629    1.018691
indyrsic~288 |  -.1533136   .4715036    -0.33   0.745    -1.077444    .7708165
indyrsic~289 |   -3.07764    .589684    -5.22   0.000      -4.2334   -1.921881
indyrsic~290 |  -2.308375   .6185831    -3.73   0.000    -3.520775   -1.095974
indyrsic~291 |  -1.760151   .5347397    -3.29   0.001    -2.808222   -.7120808
indyrsic~292 |  -1.638374   .5560294    -2.95   0.003    -2.728171   -.5485761
indyrsic~293 |  -.8621247   .5891417    -1.46   0.143    -2.016821    .2925718
indyrsic~294 |  -.3028898   .5079179    -0.60   0.551    -1.298391    .6926111
indyrsic~295 |  -2.158535   1.549033    -1.39   0.163    -5.194583     .877514
indyrsic~296 |   -19.6696   .5958659   -33.01   0.000    -20.83748   -18.50172
indyrsic~297 |    -1.2672   .9509524    -1.33   0.183    -3.131032    .5966325
indyrsic~298 |  -20.76531   .9075155   -22.88   0.000    -22.54401   -18.98661
indyrsic~299 |   -19.6696   .5959189   -33.01   0.000    -20.83758   -18.50162
indyrsic~300 |   .2732442   .8617275     0.32   0.751    -1.415711    1.962199
indyrsic~301 |   -19.6696   .5286327   -37.21   0.000     -20.7057    -18.6335
indyrsic~302 |  -2.078127   1.021553    -2.03   0.042    -4.080335   -.0759196
indyrsic~303 |   -19.6696   .5286327   -37.21   0.000     -20.7057    -18.6335
indyrsic~304 |   -19.6696   .5953905   -33.04   0.000    -20.83654   -18.50266
indyrsic~305 |   -19.6696   .5953905   -33.04   0.000    -20.83654   -18.50266
indyrsic~306 |   -19.6696   .6360148   -30.93   0.000    -20.91617   -18.42303
indyrsic~307 |  -3.029812   .4668994    -6.49   0.000    -3.944918   -2.114706
indyrsic~308 |  -2.657583   .5166195    -5.14   0.000    -3.670139   -1.645028
indyrsic~309 |  -1.863203   .4845014    -3.85   0.000    -2.812808   -.9135973
indyrsic~310 |   -1.32426   .4377414    -3.03   0.002    -2.182217   -.4663021
indyrsic~311 |  -.8457901   .4403579    -1.92   0.055    -1.708876    .0172954
indyrsic~312 |  -1.137249   .4305603    -2.64   0.008    -1.981132   -.2933662
indyrsic~313 |   -19.6696   .5287232   -37.20   0.000    -20.70588   -18.63332
indyrsic~314 |  -1.133669   .7151755    -1.59   0.113    -2.535387    .2680493
indyrsic~315 |   -19.6696   .5668057   -34.70   0.000    -20.78052   -18.55868
indyrsic~316 |   -19.6696   .5668057   -34.70   0.000    -20.78052   -18.55868
indyrsic~317 |  -.0632283   .6539543    -0.10   0.923    -1.344955    1.218499
indyrsic~318 |  -.0632283    .589589    -0.11   0.915    -1.218801    1.092345
indyrsic~319 |   -19.6696    .545599   -36.05   0.000    -20.73895   -18.60025
indyrsic~320 |  -2.661623   .5941744    -4.48   0.000    -3.826184   -1.497063
indyrsic~321 |  -.9795186     .69745    -1.40   0.160    -2.346496    .3874582
indyrsic~322 |   -19.6696   .5670583   -34.69   0.000    -20.78101   -18.55819
indyrsic~323 |  -.7286389   .7373145    -0.99   0.323    -2.173749     .716471
indyrsic~324 |   .1330795   .5178713     0.26   0.797    -.8819296    1.148089
indyrsic~325 |  -20.48131   .5606181   -36.53   0.000     -21.5801   -19.38251
indyrsic~326 |  -4.080257    .825034    -4.95   0.000    -5.697294    -2.46322
indyrsic~327 |  -2.478218   .7001185    -3.54   0.000    -3.850425   -1.106011
indyrsic~328 |  -3.824063   .7494372    -5.10   0.000    -5.292933   -2.355193
indyrsic~329 |  -2.711016   1.207292    -2.25   0.025    -5.077264   -.3447679
indyrsic~330 |  -.0350574   .5769649    -0.06   0.952    -1.165888    1.095773
indyrsic~331 |  -3.555459    .868461    -4.09   0.000    -5.257611   -1.853307
indyrsic~332 |  -2.472144   .6937208    -3.56   0.000    -3.831812   -1.112476
indyrsic~333 |  -2.744497   .8960676    -3.06   0.002    -4.500757   -.9882369
indyrsic~334 |  -1.694355   .6860595    -2.47   0.014    -3.039007   -.3497027
indyrsic~335 |  -1.672663   .6967877    -2.40   0.016    -3.038342   -.3069845
indyrsic~336 |  -.4069999   .4823622    -0.84   0.399    -1.352412    .5384126
indyrsic~337 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~338 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~339 |   -19.6696    1.07462   -18.30   0.000    -21.77582   -17.56338
indyrsic~340 |  -20.42701    .622512   -32.81   0.000    -21.64711   -19.20691
indyrsic~341 |  -20.03792   .6005157   -33.37   0.000    -21.21491   -18.86093
indyrsic~342 |  -2.062923   1.139043    -1.81   0.070    -4.295407    .1695604
indyrsic~343 |  -2.621531   1.456157    -1.80   0.072    -5.475547    .2324853
indyrsic~344 |  -1.084879   1.027428    -1.06   0.291    -3.098601    .9288427
indyrsic~345 |   -19.6696   .5161027   -38.11   0.000    -20.68114   -18.65806
indyrsic~346 |   -19.6696   .6360014   -30.93   0.000    -20.91614   -18.42306
indyrsic~347 |   -19.6696   .6360014   -30.93   0.000    -20.91614   -18.42306
indyrsic~348 |   -19.6696   .6984738   -28.16   0.000    -21.03858   -18.30062
indyrsic~349 |   -19.6696   .8090744   -24.31   0.000    -21.25536   -18.08384
indyrsic~350 |   -19.6696   .8090744   -24.31   0.000    -21.25536   -18.08384
indyrsic~351 |   -19.6696   .8090744   -24.31   0.000    -21.25536   -18.08384
indyrsic~352 |  -3.846821   .5406329    -7.12   0.000    -4.906442     -2.7872
indyrsic~353 |   -2.12394   1.058227    -2.01   0.045    -4.198027   -.0498536
indyrsic~354 |  -2.682538    .844948    -3.17   0.001    -4.338606    -1.02647
indyrsic~355 |  -1.491543   .6465105    -2.31   0.021     -2.75868   -.2244055
indyrsic~356 |  -1.003529   .6033321    -1.66   0.096    -2.186039    .1789796
indyrsic~357 |   -1.38264     .84225    -1.64   0.101     -3.03342    .2681395
indyrsic~358 |  -2.150121   .3193115    -6.73   0.000     -2.77596   -1.524282
indyrsic~359 |  -1.586214   .2938793    -5.40   0.000    -2.162207   -1.010221
indyrsic~360 |  -.4173037   .3688426    -1.13   0.258    -1.140222    .3056145
indyrsic~361 |  -.0370077   .2572634    -0.14   0.886    -.5412346    .4672192
indyrsic~362 |  -.0705404    .084437    -0.84   0.403    -.2360338    .0949531
indyrsic~363 |          0  (omitted)
       _cons |  -.1190932   .3929304    -0.30   0.762    -.8892226    .6510361
-------------+----------------------------------------------------------------
    /lnalpha |   1.418165   .0757808                      1.269637    1.566693
-------------+----------------------------------------------------------------
       alpha |   4.129536   .3129397                      3.559561    4.790778
------------------------------------------------------------------------------

. nbreg esg_incident sister1 kld_esg_con1 log_assets1 btm1 age leverage1 sales1
>  roa1 ret1 capex1 rnd1 rnd_dummy1 dividends1 cash_holding1 ad1 ior1 log_analy
> st_coverage1 Blue1 indyrsic2dummy*,  cluster(gvkey)
note: indyrsic2dummy211 omitted because of collinearity.
note: indyrsic2dummy363 omitted because of collinearity.

Fitting Poisson model:

Iteration 0:  Log pseudolikelihood = -147111.42  
Iteration 1:  Log pseudolikelihood = -140685.72  (backed up)
Iteration 2:  Log pseudolikelihood = -108109.88  (backed up)
Iteration 3:  Log pseudolikelihood = -70496.591  (backed up)
Iteration 4:  Log pseudolikelihood = -52072.201  (backed up)
Iteration 5:  Log pseudolikelihood =  -39045.42  (backed up)
Iteration 6:  Log pseudolikelihood = -38740.833  
Iteration 7:  Log pseudolikelihood = -10045.898  
Iteration 8:  Log pseudolikelihood = -7074.0873  
Iteration 9:  Log pseudolikelihood = -6912.5634  
Iteration 10: Log pseudolikelihood =  -6900.213  
Iteration 11: Log pseudolikelihood = -6900.0778  
Iteration 12: Log pseudolikelihood = -6900.0778  

Fitting constant-only model:

Iteration 0:  Log pseudolikelihood = -13812.163  
Iteration 1:  Log pseudolikelihood = -10137.969  
Iteration 2:  Log pseudolikelihood = -9582.4103  
Iteration 3:  Log pseudolikelihood = -9405.0603  
Iteration 4:  Log pseudolikelihood = -9404.8699  
Iteration 5:  Log pseudolikelihood = -9404.8699  

Fitting full model:

Iteration 0:  Log pseudolikelihood = -9404.8699  (not concave)
Iteration 1:  Log pseudolikelihood = -8370.5059  (not concave)
Iteration 2:  Log pseudolikelihood = -7699.9167  (not concave)
Iteration 3:  Log pseudolikelihood = -7420.2818  
Iteration 4:  Log pseudolikelihood = -6544.7993  (not concave)
Iteration 5:  Log pseudolikelihood = -6227.7923  
Iteration 6:  Log pseudolikelihood = -6132.5926  
Iteration 7:  Log pseudolikelihood = -6122.8128  
Iteration 8:  Log pseudolikelihood = -6122.7289  
Iteration 9:  Log pseudolikelihood = -6122.7235  
Iteration 10: Log pseudolikelihood = -6122.7235  
Iteration 11: Log pseudolikelihood = -6122.7234  

Negative binomial regression                           Number of obs  =  9,921
                                                       Wald chi2(353) =      .
Dispersion: mean                                       Prob > chi2    =      .
Log pseudolikelihood = -6122.7234                      Pseudo R2      = 0.3490

                              (Std. err. adjusted for 2,334 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
esg_incident | Coefficient  std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
     sister1 |   .2067527   .0738988     2.80   0.005     .0619137    .3515918
kld_esg_con1 |   .1910877   .0157124    12.16   0.000      .160292    .2218834
 log_assets1 |   1.043939    .041442    25.19   0.000     .9627147    1.125164
        btm1 |  -.1310777   .0570334    -2.30   0.022     -.242861   -.0192944
         age |   .0343797   .0524878     0.66   0.512    -.0684945    .1372538
   leverage1 |  -.5748731   .2372038    -2.42   0.015    -1.039784   -.1099623
      sales1 |   .1822148   .0994457     1.83   0.067    -.0126952    .3771248
        roa1 |  -1.015957   .4221935    -2.41   0.016    -1.843441   -.1884725
        ret1 |  -.0468308   .0584374    -0.80   0.423     -.161366    .0677044
      capex1 |   .1114945    .138703     0.80   0.421    -.1603583    .3833474
        rnd1 |  -.6450526   .5526042    -1.17   0.243    -1.728137    .4380317
  rnd_dummy1 |  -.0713661    .096189    -0.74   0.458     -.259893    .1171609
  dividends1 |  -.8906214    1.80098    -0.49   0.621    -4.420478    2.639235
cash_holdi~1 |   1.206581   .3289255     3.67   0.000     .5618985    1.851263
         ad1 |   4.817624   1.227372     3.93   0.000     2.412019    7.223229
        ior1 |   -.356679   .1973421    -1.81   0.071    -.7434624    .0301045
log_analys~1 |   .0588548   .0637707     0.92   0.356    -.0661334     .183843
       Blue1 |   .1031669   .0666714     1.55   0.122    -.0275067    .2338405
indyrsic2~y1 |  -1.814504   .4507806    -4.03   0.000    -2.698017   -.9309901
indyrsic2~y2 |    1.50242    .488802     3.07   0.002     .5443859    2.460455
indyrsic2~y3 |   1.239842   .6508909     1.90   0.057    -.0358803    2.515565
indyrsic2~y4 |   1.440739   .9218477     1.56   0.118     -.366049    3.247528
indyrsic2~y5 |   .1359244   .4676532     0.29   0.771    -.7806591    1.052508
indyrsic2~y6 |   .9907785   .3514007     2.82   0.005     .3020458    1.679511
indyrsic2~y7 |   2.486876   .3551424     7.00   0.000      1.79081    3.182943
indyrsic2~y8 |  -19.65091   1.055925   -18.61   0.000    -21.72048   -17.58133
indyrsic2~y9 |  -19.82814   1.056502   -18.77   0.000    -21.89885   -17.75744
indyrsic~y10 |  -19.77789   1.056722   -18.72   0.000    -21.84902   -17.70675
indyrsic~y11 |  -19.88729   1.053229   -18.88   0.000    -21.95158     -17.823
indyrsic~y12 |  -19.80871   1.057051   -18.74   0.000    -21.88049   -17.73693
indyrsic~y13 |  -19.53757   1.062622   -18.39   0.000    -21.62027   -17.45487
indyrsic~y14 |  -20.42258   1.061962   -19.23   0.000    -22.50399   -18.34118
indyrsic~y15 |  -20.55685   1.064086   -19.32   0.000    -22.64242   -18.47128
indyrsic~y16 |  -20.45985   1.063118   -19.25   0.000    -22.54352   -18.37617
indyrsic~y17 |  -20.65791   1.060426   -19.48   0.000     -22.7363   -18.57951
indyrsic~y18 |  -20.63108   1.057422   -19.51   0.000    -22.70359   -18.55857
indyrsic~y19 |   .2580981   .9137061     0.28   0.778    -1.532733    2.048929
indyrsic~y20 |   .6874791   .8023159     0.86   0.392    -.8850311    2.259989
indyrsic~y21 |   1.024604   .5757143     1.78   0.075    -.1037748    2.152984
indyrsic~y22 |   .3654648   .5289428     0.69   0.490     -.671244    1.402174
indyrsic~y23 |   .0874011   .5305451     0.16   0.869    -.9524481     1.12725
indyrsic~y24 |   .1793446   .4804407     0.37   0.709     -.762302    1.120991
indyrsic~y25 |   1.099509   .5256329     2.09   0.036     .0692873     2.12973
indyrsic~y26 |   1.803436   .4467398     4.04   0.000     .9278423     2.67903
indyrsic~y27 |   .8708638   .3773515     2.31   0.021     .1312684    1.610459
indyrsic~y28 |   1.697892   .4633657     3.66   0.000     .7897116    2.606072
indyrsic~y29 |   1.440633   .4396192     3.28   0.001     .5789954    2.302271
indyrsic~y30 |   1.715871   .4487347     3.82   0.000     .8363667    2.595375
indyrsic~y31 |   -1.56836   .4451914    -3.52   0.000    -2.440919   -.6958012
indyrsic~y32 |  -.4186375   .4112624    -1.02   0.309    -1.224697    .3874219
indyrsic~y33 |  -.5667938   .3961593    -1.43   0.153    -1.343252    .2096642
indyrsic~y34 |  -.0902359   .3856151    -0.23   0.815    -.8460276    .6655558
indyrsic~y35 |   .2392054   .3835435     0.62   0.533    -.5125261    .9909368
indyrsic~y36 |  -.1887883   .3896224    -0.48   0.628    -.9524341    .5748575
indyrsic~y37 |  -18.95568    .732724   -25.87   0.000    -20.39179   -17.51956
indyrsic~y38 |  -.6438214   .5529749    -1.16   0.244    -1.727632    .4399895
indyrsic~y39 |  -20.25922   .7583317   -26.72   0.000    -21.74553   -18.77292
indyrsic~y40 |  -.1933421   .8183816    -0.24   0.813    -1.797341    1.410656
indyrsic~y41 |  -.7446034   1.207315    -0.62   0.537    -3.110897     1.62169
indyrsic~y42 |  -1.021839   1.278865    -0.80   0.424    -3.528369     1.48469
indyrsic~y43 |  -21.37543   .4865893   -43.93   0.000    -22.32913   -20.42173
indyrsic~y44 |   -1.57877   .8408302    -1.88   0.060    -3.226767    .0692265
indyrsic~y45 |   -2.03936   .7278386    -2.80   0.005    -3.465898    -.612823
indyrsic~y46 |  -.8306805   .5851341    -1.42   0.156    -1.977522    .3161612
indyrsic~y47 |  -1.700219   .7329551    -2.32   0.020    -3.136784   -.2636532
indyrsic~y48 |  -1.033651   .6023971    -1.72   0.086    -2.214328    .1470257
indyrsic~y49 |  -.1701105   .6203091    -0.27   0.784    -1.385894    1.045673
indyrsic~y50 |   .7203476   .5509244     1.31   0.191    -.3594445     1.80014
indyrsic~y51 |   .4081683   .6105702     0.67   0.504    -.7885273    1.604864
indyrsic~y52 |  -.2536532   .6488221    -0.39   0.696    -1.525321    1.018015
indyrsic~y53 |   .5314393   .4793993     1.11   0.268    -.4081661    1.471045
indyrsic~y54 |   .7239619   .4103501     1.76   0.078    -.0803096    1.528233
indyrsic~y55 |  -19.68941   .7120354   -27.65   0.000    -21.08497   -18.29385
indyrsic~y56 |  -19.74103   .7643717   -25.83   0.000    -21.23918   -18.24289
indyrsic~y57 |  -19.88573   .7701357   -25.82   0.000    -21.39516   -18.37629
indyrsic~y58 |  -19.71847   .7425399   -26.56   0.000    -21.17382   -18.26312
indyrsic~y59 |  -19.54859   .7293747   -26.80   0.000    -20.97814   -18.11904
indyrsic~y60 |   -.457459   .6965374    -0.66   0.511    -1.822647    .9077292
indyrsic~y61 |  -1.668933    .449509    -3.71   0.000    -2.549954   -.7879113
indyrsic~y62 |  -1.320896   .4249009    -3.11   0.002    -2.153687    -.488106
indyrsic~y63 |  -.9854115   .4350857    -2.26   0.024    -1.838164   -.1326591
indyrsic~y64 |  -.4085431   .3523704    -1.16   0.246    -1.099176    .2820902
indyrsic~y65 |   .2973818   .3875709     0.77   0.443    -.4622432    1.057007
indyrsic~y66 |  -.2037487   .3620466    -0.56   0.574     -.913347    .5058496
indyrsic~y67 |    -4.0291   1.008135    -4.00   0.000    -6.005009   -2.053191
indyrsic~y68 |  -3.530046   .5296092    -6.67   0.000    -4.568061   -2.492031
indyrsic~y69 |  -3.224127   .5372205    -6.00   0.000     -4.27706   -2.171195
indyrsic~y70 |  -22.37158   .8579883   -26.07   0.000    -24.05321   -20.68996
indyrsic~y71 |  -1.341687   .9250113    -1.45   0.147    -3.154675    .4713022
indyrsic~y72 |  -.3830365   .8984103    -0.43   0.670    -2.143888    1.377815
indyrsic~y73 |   -20.3323   .8832771   -23.02   0.000    -22.06349   -18.60111
indyrsic~y74 |  -19.42179   .8410481   -23.09   0.000    -21.07021   -17.77336
indyrsic~y75 |  -.2702996   1.477462    -0.18   0.855    -3.166072    2.625473
indyrsic~y76 |  -19.70596    .830754   -23.72   0.000    -21.33421   -18.07771
indyrsic~y77 |  -19.68809   .8367903   -23.53   0.000    -21.32817   -18.04801
indyrsic~y78 |  -.3002232   .4640653    -0.65   0.518    -1.209774    .6093281
indyrsic~y79 |  -1.177448   .6535681    -1.80   0.072    -2.458418    .1035214
indyrsic~y80 |  -.9296408   .9746968    -0.95   0.340    -2.840012    .9807298
indyrsic~y81 |  -.2203492   .5257488    -0.42   0.675    -1.250798    .8100994
indyrsic~y82 |   .6353744    .426732     1.49   0.137    -.2010049    1.471754
indyrsic~y83 |   .3261623   .4557695     0.72   0.474    -.5671295    1.219454
indyrsic~y84 |    .623409    .432467     1.44   0.149    -.2242107    1.471029
indyrsic~y85 |  -2.013337   .7967221    -2.53   0.012    -3.574883   -.4517903
indyrsic~y86 |  -2.267134   .5715424    -3.97   0.000    -3.387337   -1.146931
indyrsic~y87 |  -1.357042   .6094393    -2.23   0.026    -2.551521   -.1625627
indyrsic~y88 |   .3228827   .5380334     0.60   0.548    -.7316435    1.377409
indyrsic~y89 |  -1.409995   .5736729    -2.46   0.014    -2.534373   -.2856163
indyrsic~y90 |  -.7208662   .4606973    -1.56   0.118    -1.623816    .1820838
indyrsic~y91 |  -19.36907   .4971005   -38.96   0.000    -20.34337   -18.39477
indyrsic~y92 |  -.7657997   .6411983    -1.19   0.232    -2.022525    .4909258
indyrsic~y93 |   -1.00429   .7396947    -1.36   0.175    -2.454065     .445485
indyrsic~y94 |  -19.96282   .5587965   -35.72   0.000    -21.05804   -18.86759
indyrsic~y95 |  -.2047817   .7878791    -0.26   0.795    -1.748996    1.339433
indyrsic~y96 |  -.7646667   .7478726    -1.02   0.307     -2.23047    .7011366
indyrsic~y97 |  -2.910956   .5277323    -5.52   0.000    -3.945292    -1.87662
indyrsic~y98 |  -2.061713   .4307094    -4.79   0.000    -2.905888   -1.217538
indyrsic~y99 |  -2.130335   .4010315    -5.31   0.000    -2.916342   -1.344328
indyrsic~100 |  -.2466024   .4529028    -0.54   0.586    -1.134276    .6410708
indyrsic~101 |   -.320251   .4061765    -0.79   0.430    -1.116342    .4758403
indyrsic~102 |   .0763539   .4343164     0.18   0.860    -.7748906    .9275983
indyrsic~103 |  -2.004193   1.113951    -1.80   0.072    -4.187495    .1791104
indyrsic~104 |  -1.428579   1.137245    -1.26   0.209    -3.657539    .8003806
indyrsic~105 |  -19.78969   .4960922   -39.89   0.000    -20.76202   -18.81737
indyrsic~106 |  -20.14603   .4853047   -41.51   0.000    -21.09721   -19.19485
indyrsic~107 |  -.1420931   .7180864    -0.20   0.843    -1.549517     1.26533
indyrsic~108 |  -.3063075   .6257718    -0.49   0.624    -1.532798    .9201827
indyrsic~109 |  -2.681133   .4298499    -6.24   0.000    -3.523623   -1.838642
indyrsic~110 |  -2.025481   .4075316    -4.97   0.000    -2.824228   -1.226733
indyrsic~111 |  -1.074622   .3895037    -2.76   0.006    -1.838035   -.3112086
indyrsic~112 |  -.9707542    .375367    -2.59   0.010     -1.70646   -.2350483
indyrsic~113 |  -.9348603   .3785543    -2.47   0.014    -1.676813   -.1929075
indyrsic~114 |  -.3307506   .3538805    -0.93   0.350    -1.024344    .3628425
indyrsic~115 |  -1.671797    .488124    -3.42   0.001    -2.628502   -.7150911
indyrsic~116 |  -.9584623   .5137218    -1.87   0.062    -1.965339    .0484139
indyrsic~117 |  -.4398207   .4623156    -0.95   0.341    -1.345943    .4663013
indyrsic~118 |  -.1070888   .4312002    -0.25   0.804    -.9522257    .7380481
indyrsic~119 |   .2337378   .4450868     0.53   0.599    -.6386164    1.106092
indyrsic~120 |   .3113376   .4121887     0.76   0.450    -.4965374    1.119213
indyrsic~121 |  -2.497806   .9023838    -2.77   0.006    -4.266446   -.7291666
indyrsic~122 |  -1.114119   .7200894    -1.55   0.122    -2.525468    .2972308
indyrsic~123 |   -.856594   .5519329    -1.55   0.121    -1.938363    .2251747
indyrsic~124 |  -.5741054   .6006341    -0.96   0.339    -1.751327    .6031159
indyrsic~125 |   .1227677   .4483509     0.27   0.784    -.7559839    1.001519
indyrsic~126 |   .4602123   .4320964     1.07   0.287    -.3866811    1.307106
indyrsic~127 |  -19.81857   .5501642   -36.02   0.000    -20.89688   -18.74027
indyrsic~128 |  -19.63019   .5461014   -35.95   0.000    -20.70053   -18.55985
indyrsic~129 |  -.2073703   .7709013    -0.27   0.788    -1.718309    1.303569
indyrsic~130 |  -19.46993    .575922   -33.81   0.000    -20.59871   -18.34114
indyrsic~131 |   -19.5092   .6493368   -30.04   0.000    -20.78187   -18.23652
indyrsic~132 |  -19.85088   .6476223   -30.65   0.000    -21.12019   -18.58156
indyrsic~133 |  -2.028858   .8811372    -2.30   0.021    -3.755855   -.3018611
indyrsic~134 |  -19.51478   .5746837   -33.96   0.000    -20.64113   -18.38842
indyrsic~135 |  -.4615224   .6253371    -0.74   0.460    -1.687161    .7641158
indyrsic~136 |  -1.594142   .8940057    -1.78   0.075     -3.34636    .1580775
indyrsic~137 |   -20.3957   .5733752   -35.57   0.000     -21.5195   -19.27191
indyrsic~138 |  -.4197058   .5788743    -0.73   0.468    -1.554279     .714867
indyrsic~139 |  -2.458989   .6640482    -3.70   0.000    -3.760499   -1.157478
indyrsic~140 |  -.6272474   .4915052    -1.28   0.202     -1.59058     .336085
indyrsic~141 |  -1.356094   .4423269    -3.07   0.002    -2.223039   -.4891493
indyrsic~142 |  -.6165762   .4303587    -1.43   0.152    -1.460064    .2269113
indyrsic~143 |  -.6213777   .5787275    -1.07   0.283    -1.755663    .5129074
indyrsic~144 |   .3801428   .4006309     0.95   0.343    -.4050793    1.165365
indyrsic~145 |  -1.983508   .7023103    -2.82   0.005    -3.360011    -.607005
indyrsic~146 |  -20.22699   .4724854   -42.81   0.000    -21.15305   -19.30094
indyrsic~147 |  -2.334041   .6161298    -3.79   0.000    -3.541634   -1.126449
indyrsic~148 |  -2.497367   .9559121    -2.61   0.009    -4.370921   -.6238142
indyrsic~149 |  -1.003974   .6811251    -1.47   0.140    -2.338955    .3310067
indyrsic~150 |  -1.037474   .4901212    -2.12   0.034    -1.998094   -.0768539
indyrsic~151 |  -2.003936   .4640909    -4.32   0.000    -2.913537   -1.094335
indyrsic~152 |  -1.951694   .4223713    -4.62   0.000    -2.779526   -1.123861
indyrsic~153 |  -1.299318   .3864915    -3.36   0.001    -2.056827   -.5418084
indyrsic~154 |  -1.219445   .3852873    -3.17   0.002    -1.974594   -.4642958
indyrsic~155 |  -1.217059   .4047545    -3.01   0.003    -2.010363   -.4237547
indyrsic~156 |  -.4584582   .3673285    -1.25   0.212    -1.178409    .2614924
indyrsic~157 |  -2.358847   .4407131    -5.35   0.000    -3.222629   -1.495066
indyrsic~158 |  -2.070507   .4264192    -4.86   0.000    -2.906273   -1.234741
indyrsic~159 |  -1.117853   .4342882    -2.57   0.010    -1.969043   -.2666643
indyrsic~160 |  -.9909694   .3932074    -2.52   0.012    -1.761642    -.220297
indyrsic~161 |   -.945604   .4231774    -2.23   0.025    -1.775016   -.1161915
indyrsic~162 |  -.7143428   .3750139    -1.90   0.057    -1.449357    .0206709
indyrsic~163 |  -2.739901   .4765941    -5.75   0.000    -3.674008   -1.805794
indyrsic~164 |  -2.242072   .5075087    -4.42   0.000    -3.236771   -1.247374
indyrsic~165 |  -1.334066   .3748267    -3.56   0.000    -2.068713   -.5994193
indyrsic~166 |  -.8709094   .3521515    -2.47   0.013    -1.561114   -.1807052
indyrsic~167 |  -.6805559   .3754101    -1.81   0.070    -1.416346    .0552344
indyrsic~168 |  -.3065677   .3505075    -0.87   0.382    -.9935498    .3804143
indyrsic~169 |  -2.772294   .5668663    -4.89   0.000    -3.883331   -1.661256
indyrsic~170 |  -3.158005   .6372064    -4.96   0.000    -4.406906   -1.909103
indyrsic~171 |   -1.61413   .4300828    -3.75   0.000    -2.457077   -.7711835
indyrsic~172 |  -1.533343   .4537399    -3.38   0.001    -2.422657   -.6440294
indyrsic~173 |  -1.460106   .4764989    -3.06   0.002    -2.394026   -.5261851
indyrsic~174 |  -.4339877   .4601147    -0.94   0.346    -1.335796    .4678206
indyrsic~175 |  -19.84283   .6324105   -31.38   0.000    -21.08233   -18.60333
indyrsic~176 |  -1.555132   .7815538    -1.99   0.047     -3.08695    -.023315
indyrsic~177 |  -1.577368   .7643102    -2.06   0.039    -3.075388    -.079347
indyrsic~178 |  -1.329504    .540784    -2.46   0.014    -2.389421   -.2695867
indyrsic~179 |  -.3886758   .5373683    -0.72   0.469    -1.441898    .6645467
indyrsic~180 |   .5668286   .4829402     1.17   0.241    -.3797167    1.513374
indyrsic~181 |  -22.51001   .6875084   -32.74   0.000     -23.8575   -21.16252
indyrsic~182 |  -1.586192   .6997326    -2.27   0.023    -2.957643   -.2147415
indyrsic~183 |  -2.255436   .3650178    -6.18   0.000    -2.970857   -1.540014
indyrsic~184 |  -1.094254   .5039694    -2.17   0.030    -2.082016   -.1064924
indyrsic~185 |    .054234   .4452818     0.12   0.903    -.8185024    .9269703
indyrsic~186 |   -.360321    .551306    -0.65   0.513    -1.440861    .7202189
indyrsic~187 |  -19.54757   .9582015   -20.40   0.000    -21.42561   -17.66953
indyrsic~188 |  -19.34709   1.068367   -18.11   0.000    -21.44105   -17.25313
indyrsic~189 |  -19.00802   1.063942   -17.87   0.000     -21.0933   -16.92273
indyrsic~190 |  -18.87598     1.0591   -17.82   0.000    -20.95178   -16.80018
indyrsic~191 |  -19.30993   1.057424   -18.26   0.000    -21.38244   -17.23741
indyrsic~192 |  -19.97916   1.053493   -18.96   0.000    -22.04397   -17.91436
indyrsic~193 |  -2.237508   .4600447    -4.86   0.000    -3.139179   -1.335837
indyrsic~194 |  -2.296888   .4372562    -5.25   0.000    -3.153895   -1.439882
indyrsic~195 |  -1.411881   .5011172    -2.82   0.005    -2.394052    -.429709
indyrsic~196 |  -1.600214   .4444526    -3.60   0.000    -2.471325   -.7291026
indyrsic~197 |  -.5635065   .5421913    -1.04   0.299    -1.626182     .499169
indyrsic~198 |   .0713859   .5362395     0.13   0.894    -.9796243    1.122396
indyrsic~199 |  -.5329415   .7687549    -0.69   0.488    -2.039673    .9737904
indyrsic~200 |  -20.08148   .4983188   -40.30   0.000    -21.05817    -19.1048
indyrsic~201 |  -20.12906   .5342191   -37.68   0.000    -21.17611   -19.08201
indyrsic~202 |  -.5140072   1.120059    -0.46   0.646    -2.709282    1.681268
indyrsic~203 |   .7594056   .8318724     0.91   0.361    -.8710343    2.389846
indyrsic~204 |  -.1878206   .5423517    -0.35   0.729     -1.25081    .8751693
indyrsic~205 |  -2.944052   .4292277    -6.86   0.000    -3.785322   -2.102781
indyrsic~206 |  -2.440372   .4803722    -5.08   0.000    -3.381885    -1.49886
indyrsic~207 |  -1.469425    .433369    -3.39   0.001    -2.318813   -.6200373
indyrsic~208 |  -.4512185   .4820553    -0.94   0.349     -1.39603    .4935926
indyrsic~209 |   -.587067   .4329726    -1.36   0.175    -1.435678    .2615438
indyrsic~210 |  -.3917486   .3868726    -1.01   0.311    -1.150005    .3665079
indyrsic~211 |          0  (omitted)
indyrsic~212 |   .4001272   .4842523     0.83   0.409      -.54899    1.349244
indyrsic~213 |  -19.96057   .9303662   -21.45   0.000    -21.78406   -18.13709
indyrsic~214 |  -20.35235   .9740645   -20.89   0.000    -22.26148   -18.44322
indyrsic~215 |  -20.25067   1.055107   -19.19   0.000    -22.31864   -18.18269
indyrsic~216 |   -19.5268   1.058202   -18.45   0.000    -21.60084   -17.45277
indyrsic~217 |  -1.639761   .6694777    -2.45   0.014    -2.951913    -.327609
indyrsic~218 |    .054851   1.468357     0.04   0.970    -2.823077    2.932779
indyrsic~219 |  -20.11516   .7531945   -26.71   0.000    -21.59139   -18.63893
indyrsic~220 |  -20.53012   .7504886   -27.36   0.000    -22.00105   -19.05919
indyrsic~221 |  -1.160234   .5392239    -2.15   0.031    -2.217094   -.1033749
indyrsic~222 |   .1475841    .630385     0.23   0.815    -1.087948    1.383116
indyrsic~223 |  -3.386749   .4934438    -6.86   0.000     -4.35388   -2.419617
indyrsic~224 |  -2.305565   .3940245    -5.85   0.000    -3.077839   -1.533291
indyrsic~225 |  -1.491218   .4008702    -3.72   0.000    -2.276909   -.7055265
indyrsic~226 |  -1.058079   .3828892    -2.76   0.006    -1.808528   -.3076299
indyrsic~227 |   -.628974   .3830425    -1.64   0.101    -1.379724    .1217755
indyrsic~228 |  -.7031585   .3654696    -1.92   0.054    -1.419466    .0131487
indyrsic~229 |  -2.087217    .393354    -5.31   0.000    -2.858177   -1.316257
indyrsic~230 |  -.3982239   .3511426    -1.13   0.257    -1.086451    .2900029
indyrsic~231 |  -.5882632   .3465894    -1.70   0.090    -1.267566    .0910396
indyrsic~232 |  -.1444606   .3419046    -0.42   0.673    -.8145812    .5256601
indyrsic~233 |    .141542   .3424736     0.41   0.679    -.5296941     .812778
indyrsic~234 |  -.1167309   .3431041    -0.34   0.734    -.7892026    .5557407
indyrsic~235 |  -19.41534   .4169775   -46.56   0.000     -20.2326   -18.59808
indyrsic~236 |   -19.3543   .4194885   -46.14   0.000    -20.17648   -18.53211
indyrsic~237 |  -2.494664   .7968872    -3.13   0.002    -4.056534   -.9327937
indyrsic~238 |  -2.216296   .7027325    -3.15   0.002    -3.593626   -.8389653
indyrsic~239 |  -20.08971   .4230299   -47.49   0.000    -20.91883   -19.26058
indyrsic~240 |  -.0211077   .3718731    -0.06   0.955    -.7499656    .7077501
indyrsic~241 |  -21.14228   .6207487   -34.06   0.000    -22.35893   -19.92564
indyrsic~242 |  -3.716208   .7938977    -4.68   0.000    -5.272219   -2.160198
indyrsic~243 |  -2.510085    .630629    -3.98   0.000    -3.746095   -1.274075
indyrsic~244 |  -.5811612   .6331592    -0.92   0.359     -1.82213    .6598079
indyrsic~245 |   -.958185   .6963866    -1.38   0.169    -2.323078    .4067076
indyrsic~246 |   .3637395   .4901666     0.74   0.458    -.5969694    1.324448
indyrsic~247 |   -22.5095    .901396   -24.97   0.000     -24.2762   -20.74279
indyrsic~248 |   -3.11706   .4431031    -7.03   0.000    -3.985527   -2.248594
indyrsic~249 |  -20.21485   .7952832   -25.42   0.000    -21.77357   -18.65612
indyrsic~250 |  -2.719887   1.675557    -1.62   0.105    -6.003919     .564145
indyrsic~251 |   .7553622   .7738212     0.98   0.329    -.7612996    2.272024
indyrsic~252 |   .2393687    .622567     0.38   0.701    -.9808401    1.459578
indyrsic~253 |  -3.078364   .5252639    -5.86   0.000    -4.107862   -2.048866
indyrsic~254 |  -1.711192   .4204027    -4.07   0.000    -2.535166   -.8872175
indyrsic~255 |   -.768937   .3866956    -1.99   0.047    -1.526847   -.0110276
indyrsic~256 |   .3532185    .403094     0.88   0.381    -.4368313    1.143268
indyrsic~257 |   .0880128   .4565681     0.19   0.847    -.8068442    .9828697
indyrsic~258 |   .1556374   .4138453     0.38   0.707    -.6554845    .9667594
indyrsic~259 |  -.9060777   .7373878    -1.23   0.219    -2.351331    .5391758
indyrsic~260 |  -.9411704   .6611673    -1.42   0.155    -2.237035    .3546937
indyrsic~261 |  -1.876373   .8250633    -2.27   0.023    -3.493467   -.2592781
indyrsic~262 |  -.5018111   .4837007    -1.04   0.300    -1.449847    .4462249
indyrsic~263 |   .3132552   .7572854     0.41   0.679    -1.170997    1.797507
indyrsic~264 |   1.048929    .662875     1.58   0.114    -.2502821     2.34814
indyrsic~265 |   -1.10479   .7993249    -1.38   0.167    -2.671438    .4618578
indyrsic~266 |  -19.91969   .4874658   -40.86   0.000    -20.87511   -18.96428
indyrsic~267 |  -20.28949   .4891221   -41.48   0.000    -21.24815   -19.33083
indyrsic~268 |  -1.722906   1.104846    -1.56   0.119    -3.888364    .4425513
indyrsic~269 |  -1.383004   .6506325    -2.13   0.034     -2.65822   -.1077875
indyrsic~270 |  -.3835341   .4500767    -0.85   0.394    -1.265668    .4986001
indyrsic~271 |  -1.360053   .6590014    -2.06   0.039    -2.651672   -.0684339
indyrsic~272 |  -1.187581   .7601414    -1.56   0.118    -2.677431    .3022682
indyrsic~273 |   .0114811   .5408096     0.02   0.983    -1.048486    1.071448
indyrsic~274 |   1.270504   .4926656     2.58   0.010     .3048976    2.236111
indyrsic~275 |   1.338379   .4822989     2.77   0.006     .3930908    2.283668
indyrsic~276 |   .8481929   .4348007     1.95   0.051    -.0040009    1.700387
indyrsic~277 |  -1.637883   .6911105    -2.37   0.018    -2.992435   -.2833315
indyrsic~278 |  -2.775592   .4886794    -5.68   0.000    -3.733386   -1.817798
indyrsic~279 |  -1.603291   .5816839    -2.76   0.006    -2.743371   -.4632119
indyrsic~280 |  -1.829165   .6392035    -2.86   0.004    -3.081981   -.5763492
indyrsic~281 |  -.5269901   .7282884    -0.72   0.469    -1.954409    .9004289
indyrsic~282 |   .1039498   .3978428     0.26   0.794    -.6758078    .8837074
indyrsic~283 |  -2.080542   .4419797    -4.71   0.000    -2.946806   -1.214278
indyrsic~284 |  -1.520207   .6231478    -2.44   0.015    -2.741555   -.2988603
indyrsic~285 |  -.1010348    .485965    -0.21   0.835    -1.053509     .851439
indyrsic~286 |   .5463379   .4533609     1.21   0.228     -.342233    1.434909
indyrsic~287 |   1.465767   .3849603     3.81   0.000     .7112587    2.220275
indyrsic~288 |    1.14713   .4382997     2.62   0.009     .2880786    2.006182
indyrsic~289 |  -2.183259   .5982039    -3.65   0.000    -3.355717   -1.010801
indyrsic~290 |  -2.631409   .4727113    -5.57   0.000    -3.557907   -1.704912
indyrsic~291 |  -1.818934   .4544932    -4.00   0.000    -2.709724   -.9281438
indyrsic~292 |  -1.092613   .4068533    -2.69   0.007    -1.890031   -.2951951
indyrsic~293 |  -.8434121   .4833211    -1.75   0.081    -1.790704    .1038797
indyrsic~294 |  -.5967439   .4471684    -1.33   0.182    -1.473178    .2796901
indyrsic~295 |   -1.99823   .9930738    -2.01   0.044    -3.944619   -.0518408
indyrsic~296 |   -20.9064   .8710359   -24.00   0.000     -22.6136    -19.1992
indyrsic~297 |  -.8498726   .4618948    -1.84   0.066     -1.75517    .0554246
indyrsic~298 |  -20.57417   .9053847   -22.72   0.000    -22.34869   -18.79965
indyrsic~299 |  -20.66619   .8189478   -25.24   0.000     -22.2713   -19.06108
indyrsic~300 |   .7776053   .5783448     1.34   0.179    -.3559298     1.91114
indyrsic~301 |  -20.45085   .7050106   -29.01   0.000    -21.83265   -19.06905
indyrsic~302 |  -1.310406   1.206488    -1.09   0.277     -3.67508    1.054268
indyrsic~303 |  -20.63531   .6629658   -31.13   0.000     -21.9347   -19.33592
indyrsic~304 |  -21.38014   .7518808   -28.44   0.000     -22.8538   -19.90648
indyrsic~305 |   -21.5146    .749009   -28.72   0.000    -22.98263   -20.04657
indyrsic~306 |  -21.06874   .7274903   -28.96   0.000     -22.4946   -19.64289
indyrsic~307 |  -2.260934   .3813817    -5.93   0.000    -3.008428    -1.51344
indyrsic~308 |  -2.141585   .4577904    -4.68   0.000    -3.038838   -1.244333
indyrsic~309 |  -1.179484   .3868612    -3.05   0.002    -1.937718     -.42125
indyrsic~310 |  -.3756776   .3732718    -1.01   0.314    -1.107277    .3559218
indyrsic~311 |  -.0209412   .3653406    -0.06   0.954    -.7369956    .6951131
indyrsic~312 |   -.432682   .3587262    -1.21   0.228    -1.135772    .2704085
indyrsic~313 |  -20.15409   .6085376   -33.12   0.000     -21.3468   -18.96138
indyrsic~314 |  -1.361418   .5545813    -2.45   0.014    -2.448378   -.2744589
indyrsic~315 |  -21.08028   .6620362   -31.84   0.000    -22.37785   -19.78271
indyrsic~316 |  -20.96665    .632945   -33.13   0.000     -22.2072    -19.7261
indyrsic~317 |   -.568295    .553599    -1.03   0.305    -1.653329    .5167392
indyrsic~318 |  -.5207085   .4163207    -1.25   0.211    -1.336682    .2952652
indyrsic~319 |  -19.67608   .5889674   -33.41   0.000    -20.83044   -18.52173
indyrsic~320 |  -.1357777    .997345    -0.14   0.892    -2.090538    1.818983
indyrsic~321 |  -.5465178   .5978788    -0.91   0.361    -1.718339    .6253031
indyrsic~322 |  -20.52168   .6436359   -31.88   0.000    -21.78318   -19.26017
indyrsic~323 |   .1158608   .7462518     0.16   0.877    -1.346766    1.578488
indyrsic~324 |   1.061777   .4715987     2.25   0.024     .1374605    1.986094
indyrsic~325 |  -20.03791   .5576842   -35.93   0.000    -21.13095   -18.94487
indyrsic~326 |  -3.609117   1.209473    -2.98   0.003     -5.97964   -1.238593
indyrsic~327 |  -1.973111   .5032537    -3.92   0.000     -2.95947   -.9867521
indyrsic~328 |  -3.239385   .7681707    -4.22   0.000    -4.744972   -1.733798
indyrsic~329 |  -3.087052   .9126239    -3.38   0.001    -4.875762   -1.298342
indyrsic~330 |   -.003164   .7135179    -0.00   0.996    -1.401633    1.395305
indyrsic~331 |  -2.166507   .7341916    -2.95   0.003    -3.605496   -.7275179
indyrsic~332 |  -1.187726    .731561    -1.62   0.104     -2.62156     .246107
indyrsic~333 |  -2.060845   .7644281    -2.70   0.007    -3.559097   -.5625937
indyrsic~334 |  -.8516664   .5158524    -1.65   0.099    -1.862719    .1593858
indyrsic~335 |  -1.409579   .5730111    -2.46   0.014     -2.53266   -.2864982
indyrsic~336 |  -.3147103   .4014632    -0.78   0.433    -1.101564    .4721431
indyrsic~337 |  -19.36821   1.062643   -18.23   0.000    -21.45095   -17.28547
indyrsic~338 |  -19.37135    1.06259   -18.23   0.000    -21.45398   -17.28871
indyrsic~339 |  -19.43276   1.065326   -18.24   0.000    -21.52076   -17.34476
indyrsic~340 |  -19.13311   .6192084   -30.90   0.000    -20.34674   -17.91948
indyrsic~341 |  -18.97791   .5826171   -32.57   0.000    -20.11982     -17.836
indyrsic~342 |  -1.174525   .8130594    -1.44   0.149    -2.768092    .4190421
indyrsic~343 |  -1.160183   .7807394    -1.49   0.137    -2.690404    .3700378
indyrsic~344 |   .0772789   1.128713     0.07   0.945    -2.134958    2.289515
indyrsic~345 |  -20.18183   .5540462   -36.43   0.000    -21.26774   -19.09592
indyrsic~346 |  -19.67581   .7137257   -27.57   0.000    -21.07469   -18.27693
indyrsic~347 |   -19.7179   .6892644   -28.61   0.000    -21.06883   -18.36696
indyrsic~348 |   -19.7613   .8204405   -24.09   0.000    -21.36933   -18.15326
indyrsic~349 |  -20.20542   .9746547   -20.73   0.000    -22.11571   -18.29513
indyrsic~350 |  -19.90501   .8786505   -22.65   0.000    -21.62713   -18.18289
indyrsic~351 |  -19.69695    .843404   -23.35   0.000    -21.34999   -18.04391
indyrsic~352 |  -1.341144   .7357804    -1.82   0.068    -2.783247    .1009596
indyrsic~353 |  -1.221181   .6210633    -1.97   0.049    -2.438443   -.0039198
indyrsic~354 |  -1.334419   .7455979    -1.79   0.073    -2.795764    .1269259
indyrsic~355 |   -.455373   .6254168    -0.73   0.467    -1.681167    .7704214
indyrsic~356 |   .4141996   .5743875     0.72   0.471    -.7115791    1.539978
indyrsic~357 |  -.0440436    .683717    -0.06   0.949    -1.384104    1.296017
indyrsic~358 |  -3.502285   .2816087   -12.44   0.000    -4.054228   -2.950342
indyrsic~359 |  -2.045908   .3115203    -6.57   0.000    -2.656476   -1.435339
indyrsic~360 |  -.5838094   .5337909    -1.09   0.274     -1.63002    .4624015
indyrsic~361 |  -.0123881   .2794829    -0.04   0.965    -.5601646    .5353883
indyrsic~362 |  -.1699856   .1239952    -1.37   0.170    -.4130117    .0730406
indyrsic~363 |          0  (omitted)
       _cons |  -9.224764   .4419767   -20.87   0.000    -10.09102   -8.358506
-------------+----------------------------------------------------------------
    /lnalpha |  -.6392093   .0932319                     -.8219405   -.4564782
-------------+----------------------------------------------------------------
       alpha |   .5277095   .0491994                      .4395778    .6335108
------------------------------------------------------------------------------

. 
. *rating changes 
. gen change_kld_esg=kld_esg1-kld_esg2
(1,607 missing values generated)

. gen sister_inflated=1 if sister1==1&change_kld_esg>0&change_kld_esg!=.
(10,846 missing values generated)

. replace sister_inflated=0 if sister_inflated==.
(10,846 real changes made)

. gen sister_notinflated=1 if sister1==1&change_kld_esg<=0&change_kld_esg!=.
(10,526 missing values generated)

. replace sister_notinflated=0 if sister_notinflated==.
(10,526 real changes made)

. 
. poisson esg_incident sister_inflated sister_notinflated kld_esg_con1 log_asse
> ts1 btm1 age leverage1 sales1 roa1 ret1 capex1 rnd1 rnd_dummy1 dividends1 cas
> h_holding1 ad1 ior1 log_analyst_coverage1 Blue1 indyrsic2dummy*,  cluster(gvk
> ey)
note: indyrsic2dummy211 omitted because of collinearity.
note: indyrsic2dummy363 omitted because of collinearity.

Iteration 0:  Log pseudolikelihood = -151421.52  
Iteration 1:  Log pseudolikelihood = -146270.32  (backed up)
Iteration 2:  Log pseudolikelihood = -117736.11  (backed up)
Iteration 3:  Log pseudolikelihood = -77508.727  (backed up)
Iteration 4:  Log pseudolikelihood = -55650.543  (backed up)
Iteration 5:  Log pseudolikelihood =  -41023.89  (backed up)
Iteration 6:  Log pseudolikelihood =  -25323.55  
Iteration 7:  Log pseudolikelihood = -12310.431  
Iteration 8:  Log pseudolikelihood = -7088.9668  
Iteration 9:  Log pseudolikelihood = -6906.6052  
Iteration 10: Log pseudolikelihood = -6896.3425  
Iteration 11: Log pseudolikelihood = -6896.3221  
Iteration 12: Log pseudolikelihood = -6896.3221  

Poisson regression                                      Number of obs  = 9,921
                                                        Wald chi2(354) =     .
Log pseudolikelihood = -6896.3221                       Prob > chi2    =     .

                              (Std. err. adjusted for 2,334 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
esg_incident | Coefficient  std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
sister_inf~d |   .2631268   .1012285     2.60   0.009     .0647226    .4615311
sister_not~d |   .1105113   .0915946     1.21   0.228    -.0690108    .2900334
kld_esg_con1 |   .1819688   .0147763    12.31   0.000     .1530078    .2109299
 log_assets1 |   1.065213   .0517293    20.59   0.000     .9638259    1.166601
        btm1 |  -.1704826   .0873464    -1.95   0.051    -.3416783    .0007132
         age |   .1091839   .0670535     1.63   0.103    -.0222386    .2406064
   leverage1 |  -.3645796   .2755327    -1.32   0.186    -.9046138    .1754546
      sales1 |   .2211928   .1304483     1.70   0.090    -.0344812    .4768669
        roa1 |  -.3083874   .5569659    -0.55   0.580    -1.400021    .7832458
        ret1 |  -.0319473    .067459    -0.47   0.636    -.1641644    .1002699
      capex1 |   .2765277   .1673269     1.65   0.098     -.051427    .6044825
        rnd1 |  -2.363325   1.301508    -1.82   0.069    -4.914233    .1875827
  rnd_dummy1 |  -.2388643   .1112904    -2.15   0.032    -.4569894   -.0207393
  dividends1 |  -2.690218   1.870672    -1.44   0.150    -6.356668    .9762319
cash_holdi~1 |   2.000562   .3746503     5.34   0.000     1.266261    2.734863
         ad1 |   6.660207   1.344992     4.95   0.000     4.024072    9.296342
        ior1 |  -.6900464   .2063137    -3.34   0.001    -1.094414   -.2856789
log_analys~1 |  -.0181901   .0844142    -0.22   0.829    -.1836388    .1472586
       Blue1 |   .0909127   .0777686     1.17   0.242    -.0615109    .2433363
indyrsic2~y1 |  -1.149279   .4351782    -2.64   0.008    -2.002213   -.2963451
indyrsic2~y2 |   .8243345   .6019992     1.37   0.171    -.3555622    2.004231
indyrsic2~y3 |   .4949359     .55114     0.90   0.369    -.5852786     1.57515
indyrsic2~y4 |   .6658097   .5027509     1.32   0.185    -.3195639    1.651183
indyrsic2~y5 |   .8208443    .410021     2.00   0.045     .0172179    1.624471
indyrsic2~y6 |   1.273095   .4026521     3.16   0.002     .4839113    2.062279
indyrsic2~y7 |   2.677369   .4091267     6.54   0.000     1.875495    3.479243
indyrsic2~y8 |  -26.87189   1.076027   -24.97   0.000    -28.98087   -24.76292
indyrsic2~y9 |  -27.02054   1.076052   -25.11   0.000    -29.12956   -24.91152
indyrsic~y10 |  -26.80701   1.079179   -24.84   0.000    -28.92216   -24.69186
indyrsic~y11 |  -27.13119   1.075491   -25.23   0.000    -29.23911   -25.02326
indyrsic~y12 |  -26.98043   1.078997   -25.01   0.000    -29.09522   -24.86563
indyrsic~y13 |  -27.21243   1.079066   -25.22   0.000    -29.32736    -25.0975
indyrsic~y14 |  -27.31628   1.073326   -25.45   0.000    -29.41996    -25.2126
indyrsic~y15 |  -27.56919   1.075583   -25.63   0.000    -29.67729   -25.46108
indyrsic~y16 |   -27.2731   1.075793   -25.35   0.000    -29.38161   -25.16458
indyrsic~y17 |  -27.65293   1.072862   -25.77   0.000     -29.7557   -25.55016
indyrsic~y18 |  -27.64074   1.070283   -25.83   0.000    -29.73845   -25.54302
indyrsic~y19 |  -.4756072   .7302961    -0.65   0.515    -1.906961    .9557469
indyrsic~y20 |   .6080103   .4473895     1.36   0.174     -.268857    1.484878
indyrsic~y21 |    .886192   .4576091     1.94   0.053    -.0107054    1.783089
indyrsic~y22 |   .2407049    .507096     0.47   0.635    -.7531851    1.234595
indyrsic~y23 |   .6570016   .5509005     1.19   0.233    -.4227436    1.736747
indyrsic~y24 |   .7261611   .4689262     1.55   0.121    -.1929174     1.64524
indyrsic~y25 |    1.14532   .5373508     2.13   0.033     .0921315    2.198508
indyrsic~y26 |   2.095514   .4659837     4.50   0.000     1.182203    3.008825
indyrsic~y27 |   1.363579   .3971422     3.43   0.001     .5851944    2.141963
indyrsic~y28 |   1.640085   .4535741     3.62   0.000     .7510956    2.529073
indyrsic~y29 |   1.517828   .4381195     3.46   0.001     .6591292    2.376526
indyrsic~y30 |   2.449677   .4071255     6.02   0.000     1.651725    3.247628
indyrsic~y31 |   -1.43385   .4785571    -3.00   0.003    -2.371805   -.4958956
indyrsic~y32 |  -.2053084   .4861097    -0.42   0.673    -1.158066    .7474491
indyrsic~y33 |  -.3312165   .4435685    -0.75   0.455    -1.200595    .5381618
indyrsic~y34 |   .0433967   .4237047     0.10   0.918    -.7870492    .8738427
indyrsic~y35 |   .3696365   .4550268     0.81   0.417    -.5221996    1.261473
indyrsic~y36 |   .0586366   .4543129     0.13   0.897    -.8318004    .9490736
indyrsic~y37 |   -27.4947    .754961   -36.42   0.000    -28.97439     -26.015
indyrsic~y38 |  -.2154987    .537826    -0.40   0.689    -1.269618    .8386209
indyrsic~y39 |  -27.25612   .7865321   -34.65   0.000    -28.79769   -25.71454
indyrsic~y40 |  -.0699207   .6623122    -0.11   0.916    -1.368029    1.228187
indyrsic~y41 |  -.6396781   1.193543    -0.54   0.592    -2.978979    1.699623
indyrsic~y42 |  -.9043284   1.173409    -0.77   0.441    -3.204168    1.395511
indyrsic~y43 |  -27.17162   .5158574   -52.67   0.000    -28.18268   -26.16056
indyrsic~y44 |  -1.606345   .7951657    -2.02   0.043    -3.164841   -.0478491
indyrsic~y45 |  -1.777258   .7574595    -2.35   0.019    -3.261851   -.2926648
indyrsic~y46 |  -.7131187     .60023    -1.19   0.235    -1.889548    .4633106
indyrsic~y47 |  -1.545571     .76007    -2.03   0.042     -3.03528   -.0558608
indyrsic~y48 |  -.7967563   .6514232    -1.22   0.221    -2.073522    .4800098
indyrsic~y49 |   .5222326    .593698     0.88   0.379    -.6413941    1.685859
indyrsic~y50 |   .9797691   .4522996     2.17   0.030     .0932782     1.86626
indyrsic~y51 |   .6388707   .6185083     1.03   0.302    -.5733834    1.851125
indyrsic~y52 |   .2881835   .7605766     0.38   0.705    -1.202519    1.778886
indyrsic~y53 |   1.001724    .540794     1.85   0.064     -.058213     2.06166
indyrsic~y54 |   1.170843   .4759952     2.46   0.014     .2379091    2.103776
indyrsic~y55 |   -26.3582   .7272991   -36.24   0.000    -27.78368   -24.93272
indyrsic~y56 |  -26.60422   .7721202   -34.46   0.000    -28.11755   -25.09089
indyrsic~y57 |  -26.83668   .7728162   -34.73   0.000    -28.35137   -25.32199
indyrsic~y58 |  -27.06852   .7595258   -35.64   0.000    -28.55717   -25.57988
indyrsic~y59 |  -26.83926   .7503376   -35.77   0.000     -28.3099   -25.36863
indyrsic~y60 |  -.0797769     .76518    -0.10   0.917    -1.579502    1.419948
indyrsic~y61 |  -1.766329    .451985    -3.91   0.000    -2.652203   -.8804545
indyrsic~y62 |  -1.569014   .4229222    -3.71   0.000    -2.397926   -.7401016
indyrsic~y63 |  -1.082349   .3964955    -2.73   0.006    -1.859466   -.3052322
indyrsic~y64 |  -.3140876   .3802406    -0.83   0.409    -1.059345    .4311704
indyrsic~y65 |   .2062816   .4846228     0.43   0.670    -.7435617    1.156125
indyrsic~y66 |  -.1100604   .4277709    -0.26   0.797    -.9484759    .7283552
indyrsic~y67 |  -3.865409   .9890613    -3.91   0.000    -5.803933   -1.926884
indyrsic~y68 |  -3.320301   .5774164    -5.75   0.000    -4.452017   -2.188586
indyrsic~y69 |  -3.124644   .5441085    -5.74   0.000    -4.191077   -2.058211
indyrsic~y70 |  -30.68395   .8836355   -34.72   0.000    -32.41584   -28.95205
indyrsic~y71 |  -1.749953   .9038364    -1.94   0.053     -3.52144    .0215337
indyrsic~y72 |  -.9095778   .9068008    -1.00   0.316    -2.686875    .8677191
indyrsic~y73 |  -26.29531   .8649867   -30.40   0.000    -27.99065   -24.59996
indyrsic~y74 |    -26.854   .8250622   -32.55   0.000    -28.47109   -25.23691
indyrsic~y75 |  -.1921481   1.233002    -0.16   0.876    -2.608788    2.224492
indyrsic~y76 |  -27.06685    .829395   -32.63   0.000    -28.69244   -25.44127
indyrsic~y77 |  -26.98243   .8307662   -32.48   0.000     -28.6107   -25.35416
indyrsic~y78 |   .0107731   .4942776     0.02   0.983    -.9579932    .9795395
indyrsic~y79 |  -.9647493   .6613969    -1.46   0.145    -2.261063    .3315647
indyrsic~y80 |  -.9067009     .91441    -0.99   0.321    -2.698912    .8855097
indyrsic~y81 |   .0180674   .5581378     0.03   0.974    -1.075863    1.111997
indyrsic~y82 |   .8535484   .4474787     1.91   0.056    -.0234938    1.730591
indyrsic~y83 |   .7245474   .4780328     1.52   0.130    -.2123798    1.661475
indyrsic~y84 |   .8162653   .4574133     1.78   0.074    -.0802482    1.712779
indyrsic~y85 |  -2.285944   .6750936    -3.39   0.001    -3.609103   -.9627851
indyrsic~y86 |  -2.108306   .5667583    -3.72   0.000    -3.219132   -.9974796
indyrsic~y87 |  -1.192559   .5530191    -2.16   0.031    -2.276456   -.1086613
indyrsic~y88 |   .3598658   .4337932     0.83   0.407    -.4903533    1.210085
indyrsic~y89 |  -1.492938   .5690474    -2.62   0.009    -2.608251   -.3776259
indyrsic~y90 |  -.7094038   .4489921    -1.58   0.114    -1.589412    .1706045
indyrsic~y91 |  -25.93611   .5208069   -49.80   0.000    -26.95687   -24.91534
indyrsic~y92 |  -.5736532   .6124424    -0.94   0.349    -1.774018    .6267117
indyrsic~y93 |  -.7106644   .7689932    -0.92   0.355    -2.217863    .7965345
indyrsic~y94 |  -27.22485   .5779775   -47.10   0.000    -28.35767   -26.09204
indyrsic~y95 |   .1284607   .8721844     0.15   0.883    -1.580989    1.837911
indyrsic~y96 |  -.5328967   .8054828    -0.66   0.508    -2.111614    1.045821
indyrsic~y97 |  -2.520133   .5553954    -4.54   0.000    -3.608688   -1.431578
indyrsic~y98 |  -1.780584   .4221163    -4.22   0.000    -2.607917    -.953251
indyrsic~y99 |  -2.012269   .4150812    -4.85   0.000    -2.825813   -1.198725
indyrsic~100 |  -.3991661    .526467    -0.76   0.448    -1.431023    .6326903
indyrsic~101 |   .0662105    .426379     0.16   0.877     -.769477    .9018981
indyrsic~102 |   .1282101   .4071392     0.31   0.753    -.6697681    .9261882
indyrsic~103 |  -1.784463   1.082946    -1.65   0.099    -3.906998    .3380726
indyrsic~104 |  -1.281825    1.09471    -1.17   0.242    -3.427417    .8637681
indyrsic~105 |  -26.34506   .5208398   -50.58   0.000    -27.36589   -25.32424
indyrsic~106 |  -27.24946   .5128906   -53.13   0.000    -28.25471   -26.24421
indyrsic~107 |   .0458999   .7190427     0.06   0.949    -1.363398    1.455198
indyrsic~108 |  -.1614754    .627353    -0.26   0.797    -1.391065    1.068114
indyrsic~109 |  -2.360065   .4640935    -5.09   0.000    -3.269672   -1.450458
indyrsic~110 |  -1.810008   .4855354    -3.73   0.000     -2.76164   -.8583758
indyrsic~111 |  -.9123091   .4413022    -2.07   0.039    -1.777246   -.0473726
indyrsic~112 |  -.9072848   .4111132    -2.21   0.027    -1.713052   -.1015177
indyrsic~113 |  -.9168417   .4225989    -2.17   0.030     -1.74512   -.0885632
indyrsic~114 |  -.2273523   .3915322    -0.58   0.561    -.9947413    .5400368
indyrsic~115 |  -1.387555   .5546004    -2.50   0.012    -2.474552   -.3005584
indyrsic~116 |  -.4292358    .488081    -0.88   0.379    -1.385857    .5273853
indyrsic~117 |  -.0558421   .5159589    -0.11   0.914    -1.067103    .9554188
indyrsic~118 |   .2119554   .4693895     0.45   0.652    -.7080311    1.131942
indyrsic~119 |   .6849298   .4660317     1.47   0.142    -.2284755    1.598335
indyrsic~120 |   .7540327   .4543529     1.66   0.097    -.1364826    1.644548
indyrsic~121 |  -2.370311   .9549677    -2.48   0.013    -4.242014   -.4986091
indyrsic~122 |  -1.452369   .5355951    -2.71   0.007    -2.502116   -.4026219
indyrsic~123 |  -.5017741   .5142454    -0.98   0.329    -1.509677    .5061284
indyrsic~124 |   .0672771   .5420881     0.12   0.901    -.9951961     1.12975
indyrsic~125 |   .5195659   .4568226     1.14   0.255    -.3757899    1.414922
indyrsic~126 |    .770776   .4202767     1.83   0.067    -.0529511    1.594503
indyrsic~127 |  -25.76879   .5864939   -43.94   0.000     -26.9183   -24.61928
indyrsic~128 |  -25.95973   .5831484   -44.52   0.000    -27.10268   -24.81678
indyrsic~129 |  -.0061995   .7954169    -0.01   0.994    -1.565188    1.552789
indyrsic~130 |  -26.41207   .6114099   -43.20   0.000    -27.61041   -25.21373
indyrsic~131 |  -25.56454   .7037316   -36.33   0.000    -26.94383   -24.18525
indyrsic~132 |  -25.96407   .7021564   -36.98   0.000    -27.34027   -24.58787
indyrsic~133 |  -1.849322   .9060255    -2.04   0.041      -3.6251    -.073545
indyrsic~134 |  -27.72906   .5985865   -46.32   0.000    -28.90227   -26.55585
indyrsic~135 |  -.3643593   .6464387    -0.56   0.573    -1.631356    .9026374
indyrsic~136 |  -1.373703   .9517541    -1.44   0.149    -3.239107    .4917007
indyrsic~137 |  -27.62702   .5978084   -46.21   0.000     -28.7987   -26.45534
indyrsic~138 |  -.1523764   .6090013    -0.25   0.802    -1.345997    1.041244
indyrsic~139 |  -2.112604   .6680432    -3.16   0.002    -3.421945   -.8032637
indyrsic~140 |  -.6349073   .4967322    -1.28   0.201    -1.608484    .3386698
indyrsic~141 |   -.852802   .4485702    -1.90   0.057    -1.731983    .0263795
indyrsic~142 |  -.3801588   .4503543    -0.84   0.399    -1.262837    .5025194
indyrsic~143 |  -.0355022   .6923341    -0.05   0.959    -1.392452    1.321448
indyrsic~144 |   .6222537   .4326106     1.44   0.150    -.2256475    1.470155
indyrsic~145 |  -1.827714   .6677654    -2.74   0.006     -3.13651    -.518918
indyrsic~146 |   -25.0039   .4897834   -51.05   0.000    -25.96386   -24.04394
indyrsic~147 |  -2.115912   .6603586    -3.20   0.001    -3.410191    -.821633
indyrsic~148 |  -2.350932   .9954921    -2.36   0.018    -4.302061   -.3998038
indyrsic~149 |  -.9615008   .7207432    -1.33   0.182    -2.374131      .45113
indyrsic~150 |   -.892546   .5330244    -1.67   0.094    -1.937255    .1521625
indyrsic~151 |  -1.953665   .5016801    -3.89   0.000     -2.93694   -.9703904
indyrsic~152 |  -1.809379   .4681186    -3.87   0.000    -2.726875   -.8918836
indyrsic~153 |  -1.170533   .4094099    -2.86   0.004    -1.972961   -.3681041
indyrsic~154 |  -.9394281   .4307502    -2.18   0.029    -1.783683   -.0951734
indyrsic~155 |  -.6866378   .4776364    -1.44   0.151    -1.622788    .2495123
indyrsic~156 |  -.2066982   .4189335    -0.49   0.622    -1.027793    .6143964
indyrsic~157 |   -1.98974   .4565245    -4.36   0.000    -2.884512   -1.094969
indyrsic~158 |  -1.807673   .4139065    -4.37   0.000    -2.618915   -.9964311
indyrsic~159 |  -.3006077   .5453681    -0.55   0.581    -1.369509    .7682941
indyrsic~160 |  -.2225164   .4378074    -0.51   0.611    -1.080603    .6355703
indyrsic~161 |  -.3151519   .4693496    -0.67   0.502     -1.23506    .6047564
indyrsic~162 |  -.1475014   .4330675    -0.34   0.733     -.996298    .7012953
indyrsic~163 |  -2.582949   .5012643    -5.15   0.000    -3.565409   -1.600489
indyrsic~164 |  -2.010332   .5039287    -3.99   0.000    -2.998014    -1.02265
indyrsic~165 |  -1.295052    .394094    -3.29   0.001    -2.067462   -.5226418
indyrsic~166 |  -.6629671   .3784478    -1.75   0.080    -1.404711    .0787769
indyrsic~167 |  -.4262694   .3938984    -1.08   0.279    -1.198296    .3457572
indyrsic~168 |  -.1861093   .3813707    -0.49   0.626    -.9335822    .5613635
indyrsic~169 |  -2.606721    .557317    -4.68   0.000    -3.699043     -1.5144
indyrsic~170 |  -2.996455   .6148179    -4.87   0.000    -4.201476   -1.791434
indyrsic~171 |  -1.449303   .4304164    -3.37   0.001    -2.292904   -.6057028
indyrsic~172 |  -1.340111    .460582    -2.91   0.004    -2.242835   -.4373868
indyrsic~173 |  -1.245435    .537754    -2.32   0.021    -2.299414   -.1914568
indyrsic~174 |  -.4553257    .438646    -1.04   0.299    -1.315056    .4044046
indyrsic~175 |  -25.34695   .6771894   -37.43   0.000    -26.67422   -24.01968
indyrsic~176 |  -1.444708   .8017367    -1.80   0.072    -3.016083    .1266671
indyrsic~177 |  -1.422621   .7663142    -1.86   0.063    -2.924569    .0793274
indyrsic~178 |   -1.24598   .5741752    -2.17   0.030    -2.371343   -.1206171
indyrsic~179 |  -.2527082   .5351052    -0.47   0.637    -1.301495    .7960787
indyrsic~180 |   .6871108   .5038647     1.36   0.173    -.3004458    1.674667
indyrsic~181 |  -27.99459   .7060008   -39.65   0.000    -29.37832   -26.61085
indyrsic~182 |  -1.507341   .6013395    -2.51   0.012    -2.685945   -.3287376
indyrsic~183 |  -1.905935   .3997664    -4.77   0.000    -2.689463   -1.122407
indyrsic~184 |  -.7812019   .5641608    -1.38   0.166    -1.886937    .3245329
indyrsic~185 |   .1364877    .454438     0.30   0.764    -.7541945     1.02717
indyrsic~186 |  -.0471352    .578168    -0.08   0.935    -1.180324    1.086053
indyrsic~187 |  -26.59673   .9630574   -27.62   0.000    -28.48429   -24.70918
indyrsic~188 |  -25.76345   1.079331   -23.87   0.000     -27.8789     -23.648
indyrsic~189 |  -25.90603   1.075731   -24.08   0.000    -28.01442   -23.79763
indyrsic~190 |  -25.55782   1.073446   -23.81   0.000    -27.66173    -23.4539
indyrsic~191 |   -26.0738   1.071476   -24.33   0.000    -28.17385   -23.97374
indyrsic~192 |  -26.70459   1.066122   -25.05   0.000    -28.79415   -24.61503
indyrsic~193 |   -1.63837   .4596267    -3.56   0.000    -2.539222    -.737518
indyrsic~194 |  -1.882323   .4345984    -4.33   0.000     -2.73412   -1.030526
indyrsic~195 |  -.8638139    .448013    -1.93   0.054    -1.741903    .0142755
indyrsic~196 |  -1.025503   .4249841    -2.41   0.016    -1.858456   -.1925493
indyrsic~197 |   .1602499   .4682935     0.34   0.732    -.7575885    1.078088
indyrsic~198 |   .2769927   .4331595     0.64   0.523    -.5719844     1.12597
indyrsic~199 |  -.3647448   .7924992    -0.46   0.645    -1.918015    1.188525
indyrsic~200 |  -26.39339   .5506912   -47.93   0.000    -27.47272   -25.31405
indyrsic~201 |  -27.03821   .5667207   -47.71   0.000    -28.14896   -25.92746
indyrsic~202 |  -.2884734   1.075611    -0.27   0.789    -2.396633    1.819686
indyrsic~203 |      1.153   .9006503     1.28   0.200    -.6122424    2.918242
indyrsic~204 |  -.1665041   .5681596    -0.29   0.769    -1.280076    .9470684
indyrsic~205 |  -2.550041   .4623189    -5.52   0.000    -3.456169   -1.643912
indyrsic~206 |  -2.210843   .4401576    -5.02   0.000    -3.073536    -1.34815
indyrsic~207 |  -1.201162    .423909    -2.83   0.005    -2.032008   -.3703155
indyrsic~208 |  -.3300661   .4444599    -0.74   0.458    -1.201191    .5410593
indyrsic~209 |  -.3793926   .4322936    -0.88   0.380    -1.226673    .4678873
indyrsic~210 |  -.1633202   .3902943    -0.42   0.676     -.928283    .6016426
indyrsic~211 |          0  (omitted)
indyrsic~212 |    .773155   .4701106     1.64   0.100    -.1482449    1.694555
indyrsic~213 |  -27.59097    .966774   -28.54   0.000    -29.48581   -25.69613
indyrsic~214 |  -27.30602   1.004662   -27.18   0.000    -29.27512   -25.33692
indyrsic~215 |  -27.80707   1.084792   -25.63   0.000    -29.93323   -25.68092
indyrsic~216 |  -27.09121      1.087   -24.92   0.000     -29.2217   -24.96073
indyrsic~217 |  -1.352174   .6411897    -2.11   0.035    -2.608883   -.0954651
indyrsic~218 |  -.4271656   .9899446    -0.43   0.666    -2.367421     1.51309
indyrsic~219 |  -27.43316   .8121757   -33.78   0.000      -29.025   -25.84133
indyrsic~220 |   -27.5943   .8115761   -34.00   0.000    -29.18496   -26.00364
indyrsic~221 |  -1.019252   .5396034    -1.89   0.059    -2.076856    .0383507
indyrsic~222 |  -.0539857   .6106963    -0.09   0.930    -1.250928    1.142957
indyrsic~223 |  -3.113229   .5399852    -5.77   0.000    -4.171581   -2.054878
indyrsic~224 |  -1.982931   .4506512    -4.40   0.000    -2.866191   -1.099671
indyrsic~225 |  -1.215389   .4384063    -2.77   0.006    -2.074649   -.3561284
indyrsic~226 |   -.698439   .4168972    -1.68   0.094    -1.515543    .1186645
indyrsic~227 |   -.384638   .4193736    -0.92   0.359    -1.206595    .4373192
indyrsic~228 |  -.3209024   .4049847    -0.79   0.428    -1.114658     .472853
indyrsic~229 |  -1.965068   .4147483    -4.74   0.000    -2.777959   -1.152176
indyrsic~230 |  -.3162242   .3939147    -0.80   0.422    -1.088283    .4558344
indyrsic~231 |  -.3422447    .394733    -0.87   0.386    -1.115907    .4314177
indyrsic~232 |   .0505927   .3915565     0.13   0.897     -.716844    .8180294
indyrsic~233 |   .2959484   .3921337     0.75   0.450    -.4726195    1.064516
indyrsic~234 |   .0793258   .3907703     0.20   0.839    -.6865699    .8452216
indyrsic~235 |  -26.85736   .4649445   -57.76   0.000    -27.76863   -25.94608
indyrsic~236 |  -26.61889   .4627083   -57.53   0.000    -27.52578     -25.712
indyrsic~237 |  -2.231046   .8104195    -2.75   0.006    -3.819439   -.6426532
indyrsic~238 |  -1.918025   .7516302    -2.55   0.011    -3.391193   -.4448573
indyrsic~239 |  -26.89464   .4664452   -57.66   0.000    -27.80886   -25.98043
indyrsic~240 |   .1387714   .4184517     0.33   0.740    -.6813788    .9589217
indyrsic~241 |  -24.32004   .6574967   -36.99   0.000    -25.60871   -23.03137
indyrsic~242 |  -3.479663   .7869545    -4.42   0.000    -5.022066   -1.937261
indyrsic~243 |  -2.275823   .6814357    -3.34   0.001    -3.611412   -.9402332
indyrsic~244 |   -.589186   .5080279    -1.16   0.246    -1.584902    .4065303
indyrsic~245 |  -1.230478    .754545    -1.63   0.103    -2.709359    .2484035
indyrsic~246 |   .0424588    .629706     0.07   0.946    -1.191742     1.27666
indyrsic~247 |  -24.26964   .9047142   -26.83   0.000    -26.04285   -22.49643
indyrsic~248 |  -2.980794    .443129    -6.73   0.000    -3.849311   -2.112277
indyrsic~249 |  -29.04787   .8134629   -35.71   0.000    -30.64223   -27.45351
indyrsic~250 |  -2.755624   1.285276    -2.14   0.032    -5.274717   -.2365297
indyrsic~251 |   .5775512   .6207896     0.93   0.352    -.6391741    1.794276
indyrsic~252 |   .4910815    .674507     0.73   0.467    -.8309278    1.813091
indyrsic~253 |  -2.594658   .4892018    -5.30   0.000    -3.553476    -1.63584
indyrsic~254 |  -1.263444   .4263328    -2.96   0.003    -2.099041   -.4278467
indyrsic~255 |  -.5661488   .3878652    -1.46   0.144    -1.326351    .1940529
indyrsic~256 |   .0683115   .4078784     0.17   0.867    -.7311154    .8677384
indyrsic~257 |   .2756309   .4798446     0.57   0.566    -.6648473    1.216109
indyrsic~258 |  -.3339923   .4949211    -0.67   0.500     -1.30402    .6360351
indyrsic~259 |  -1.079837    .680812    -1.59   0.113    -2.414203    .2545304
indyrsic~260 |  -.9942399   .5729264    -1.74   0.083    -2.117155    .1286751
indyrsic~261 |  -1.838603    .826867    -2.22   0.026    -3.459233   -.2179738
indyrsic~262 |  -.3135871   .4281643    -0.73   0.464    -1.152774    .5255995
indyrsic~263 |   .2812734    .824565     0.34   0.733    -1.334844    1.897391
indyrsic~264 |   .5755823   .8436901     0.68   0.495     -1.07802    2.229184
indyrsic~265 |  -.7660064   .7517069    -1.02   0.308    -2.239325     .707312
indyrsic~266 |  -26.06215   .5196317   -50.16   0.000    -27.08061   -25.04369
indyrsic~267 |  -26.11961    .518996   -50.33   0.000    -27.13683    -25.1024
indyrsic~268 |  -1.573605   1.088262    -1.45   0.148    -3.706559      .55935
indyrsic~269 |  -1.165027   .6866189    -1.70   0.090    -2.510776    .1807209
indyrsic~270 |  -.2665288   .4695783    -0.57   0.570    -1.186885    .6538278
indyrsic~271 |  -1.161831   .6758996    -1.72   0.086     -2.48657    .1629076
indyrsic~272 |  -1.132308   .7374462    -1.54   0.125    -2.577677    .3130596
indyrsic~273 |    .263093   .6138311     0.43   0.668     -.939994     1.46618
indyrsic~274 |   1.360103   .5352554     2.54   0.011     .3110216    2.409184
indyrsic~275 |   1.425334   .5468683     2.61   0.009     .3534915    2.497176
indyrsic~276 |   .8796192   .4592853     1.92   0.055    -.0205635    1.779802
indyrsic~277 |  -1.381404   .5916604    -2.33   0.020    -2.541037   -.2217707
indyrsic~278 |  -2.421244   .5352003    -4.52   0.000    -3.470217   -1.372271
indyrsic~279 |   -1.20707   .6363823    -1.90   0.058    -2.454356    .0402165
indyrsic~280 |  -1.508228   .7385633    -2.04   0.041    -2.955786   -.0606708
indyrsic~281 |  -.5659174   .6080513    -0.93   0.352    -1.757676    .6258412
indyrsic~282 |   .2937462   .4233239     0.69   0.488    -.5359534    1.123446
indyrsic~283 |  -1.715612   .4473043    -3.84   0.000    -2.592312   -.8389113
indyrsic~284 |  -1.618802   .4632036    -3.49   0.000    -2.526664   -.7109393
indyrsic~285 |  -.4282143    .630169    -0.68   0.497    -1.663323    .8068943
indyrsic~286 |   .4294039    .457063     0.94   0.347    -.4664232    1.325231
indyrsic~287 |   1.413431   .4239793     3.33   0.001     .5824468    2.244415
indyrsic~288 |   1.527152   .4443095     3.44   0.001     .6563209    2.397982
indyrsic~289 |  -2.079228   .6399923    -3.25   0.001     -3.33359   -.8248663
indyrsic~290 |  -2.465247   .4321913    -5.70   0.000    -3.312326   -1.618168
indyrsic~291 |  -1.646399   .4220472    -3.90   0.000    -2.473596   -.8192016
indyrsic~292 |  -.5703316   .4449442    -1.28   0.200    -1.442406    .3017431
indyrsic~293 |  -.2466469   .4744096    -0.52   0.603    -1.176473    .6831787
indyrsic~294 |  -.6713999   .3912296    -1.72   0.086    -1.438196    .0953959
indyrsic~295 |  -1.685919   .9536592    -1.77   0.077    -3.555056     .183219
indyrsic~296 |  -27.97853    .859639   -32.55   0.000    -29.66339   -26.29366
indyrsic~297 |  -.5644986   .4278464    -1.32   0.187    -1.403062     .274065
indyrsic~298 |   -27.3378   .9314208   -29.35   0.000    -29.16335   -25.51225
indyrsic~299 |  -26.97569   .8379962   -32.19   0.000    -28.61813   -25.33324
indyrsic~300 |   1.039613   .6197218     1.68   0.093    -.1750191    2.254246
indyrsic~301 |  -26.34302   .7507132   -35.09   0.000    -27.81439   -24.87165
indyrsic~302 |  -1.277796   1.166883    -1.10   0.273    -3.564845    1.009253
indyrsic~303 |  -27.73363   .7090384   -39.11   0.000    -29.12332   -26.34394
indyrsic~304 |  -27.50445   .8146402   -33.76   0.000    -29.10111   -25.90778
indyrsic~305 |  -28.07566   .7742884   -36.26   0.000    -29.59324   -26.55808
indyrsic~306 |  -28.37188    .768727   -36.91   0.000    -29.87856   -26.86521
indyrsic~307 |  -1.940304   .3989132    -4.86   0.000    -2.722159   -1.158449
indyrsic~308 |  -1.898653   .4457187    -4.26   0.000    -2.772246    -1.02506
indyrsic~309 |   -.810399   .4318414    -1.88   0.061    -1.656793    .0359946
indyrsic~310 |  -.0480678    .400774    -0.12   0.905    -.8335705    .7374349
indyrsic~311 |   .2684493   .4001732     0.67   0.502    -.5158758    1.052774
indyrsic~312 |  -.0554651   .4068358    -0.14   0.892    -.8528487    .7419185
indyrsic~313 |   -26.9475   .6433479   -41.89   0.000    -28.20844   -25.68656
indyrsic~314 |  -1.322214   .5752529    -2.30   0.022    -2.449689   -.1947392
indyrsic~315 |  -26.67043   .6955223   -38.35   0.000    -28.03363   -25.30723
indyrsic~316 |  -28.00325   .6682872   -41.90   0.000    -29.31307   -26.69343
indyrsic~317 |  -.4712875   .4824793    -0.98   0.329     -1.41693    .4743544
indyrsic~318 |  -.4111609   .4619061    -0.89   0.373     -1.31648    .4941584
indyrsic~319 |  -26.41793   .6214812   -42.51   0.000    -27.63601   -25.19984
indyrsic~320 |  -.1915639    1.06985    -0.18   0.858    -2.288431    1.905304
indyrsic~321 |  -.4900831   .6951334    -0.71   0.481     -1.85252    .8723533
indyrsic~322 |  -26.98133   .7074579   -38.14   0.000    -28.36792   -25.59474
indyrsic~323 |  -.0405231   .6709983    -0.06   0.952    -1.355656    1.274609
indyrsic~324 |   .7786646   .5597679     1.39   0.164    -.3184604     1.87579
indyrsic~325 |  -27.55237   .6177156   -44.60   0.000    -28.76307   -26.34167
indyrsic~326 |  -3.627647   1.158363    -3.13   0.002    -5.897997   -1.357297
indyrsic~327 |  -1.957762   .4530828    -4.32   0.000    -2.845788   -1.069736
indyrsic~328 |  -3.005373   .8065675    -3.73   0.000    -4.586216    -1.42453
indyrsic~329 |  -3.056044   .9628512    -3.17   0.002    -4.943197    -1.16889
indyrsic~330 |   -.295545   .5554702    -0.53   0.595    -1.384247    .7931566
indyrsic~331 |  -1.889585   .7617162    -2.48   0.013    -3.382522    -.396649
indyrsic~332 |  -1.180136   .6878425    -1.72   0.086    -2.528283    .1680103
indyrsic~333 |  -1.791502   .7830876    -2.29   0.022    -3.326326   -.2566788
indyrsic~334 |  -.5557311   .5401261    -1.03   0.304    -1.614359    .5028966
indyrsic~335 |  -1.151653   .6064561    -1.90   0.058    -2.340285    .0369786
indyrsic~336 |   -.193799   .4295752    -0.45   0.652    -1.035751    .6481528
indyrsic~337 |  -26.01411   1.079123   -24.11   0.000    -28.12915   -23.89907
indyrsic~338 |  -26.04625   1.080177   -24.11   0.000    -28.16336   -23.92914
indyrsic~339 |  -26.17418   1.084078   -24.14   0.000    -28.29894   -24.04943
indyrsic~340 |  -24.99201   .6444498   -38.78   0.000    -26.25511   -23.72891
indyrsic~341 |  -24.89194   .6129546   -40.61   0.000    -26.09331   -23.69057
indyrsic~342 |  -1.012996   .8353555    -1.21   0.225    -2.650262    .6242712
indyrsic~343 |  -1.033841   .7850078    -1.32   0.188    -2.572428    .5047462
indyrsic~344 |  -.0506485   1.089914    -0.05   0.963     -2.18684    2.085544
indyrsic~345 |  -27.51256   .5850082   -47.03   0.000    -28.65916   -26.36597
indyrsic~346 |  -25.60302   .7420198   -34.50   0.000    -27.05735   -24.14869
indyrsic~347 |  -26.57836   .7138267   -37.23   0.000    -27.97743   -25.17928
indyrsic~348 |  -26.61199   .8616186   -30.89   0.000    -28.30074   -24.92325
indyrsic~349 |  -27.03615   .9988363   -27.07   0.000    -28.99383   -25.07846
indyrsic~350 |  -26.68249   .8662852   -30.80   0.000    -28.38038    -24.9846
indyrsic~351 |  -26.77699   .8397425   -31.89   0.000    -28.42285   -25.13112
indyrsic~352 |  -1.112528   .7614527    -1.46   0.144    -2.604948    .3798921
indyrsic~353 |  -.6889667   .6954747    -0.99   0.322    -2.052072    .6741387
indyrsic~354 |  -1.060821   .7314142    -1.45   0.147    -2.494367    .3727244
indyrsic~355 |  -.1619912   .5533787    -0.29   0.770    -1.246593    .9226111
indyrsic~356 |   .6178822   .5967057     1.04   0.300    -.5516394    1.787404
indyrsic~357 |   .2632401   .7535518     0.35   0.727    -1.213694    1.740175
indyrsic~358 |  -3.116259   .1709994   -18.22   0.000    -3.451411   -2.781106
indyrsic~359 |   -2.13291   .3676107    -5.80   0.000    -2.853414   -1.412406
indyrsic~360 |  -1.209884   .4858202    -2.49   0.013    -2.162074   -.2576941
indyrsic~361 |   .0527857   .4064529     0.13   0.897    -.7438474    .8494187
indyrsic~362 |  -.0829595   .1966953    -0.42   0.673    -.4684752    .3025561
indyrsic~363 |          0  (omitted)
       _cons |  -9.463966   .5383043   -17.58   0.000    -10.51902   -8.408909
------------------------------------------------------------------------------

-------------------------------------------------------------------------------

. /*===========================================================================
> ===================
>  *     Examine the relation between sister firm status and subsequent regulat
> ory violations    *
>  ============================================================================
> ==================*/
. 
. global input "/Volumes/T9/stata data/input"

. global wip "/Volumes/T9/stata data/wip"

. global output "/Volumes/T9/stata data/output"

. 
. set more off

. set type double

. 
. use "$output/regression_sample.dta", clear

. destring gvkey, replace
gvkey: all characters numeric; replaced as long

. sort gvkey year

. xtset gvkey year

Panel variable: gvkey (unbalanced)
 Time variable: year, 1991 to 2015, but with gaps
         Delta: 1 unit

. gen kld_esg1=l.kld_esg
(4,905 missing values generated)

. *Merge the regression sample with the regulatory violation data 
. merge 1:1 gvkey year using "$output/violation_var.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        33,390
        from master                    26,873  (_merge==1)
        from using                      6,517  (_merge==2)

    Matched                             6,056  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(6,517 observations deleted)

. drop _merge

. replace penalty_indicator=0 if penalty_indicator==.
(26,873 real changes made)

. replace penalty_env_indicator=0 if penalty_env_indicator==.
(26,873 real changes made)

. replace penalty_labor_indicator=0 if penalty_labor_indicator==.
(26,873 real changes made)

. replace penalty_consumer_indicator=0 if penalty_consumer_indicator==.
(26,873 real changes made)

. gen sic2=substr(sic,1,2)

. keep if year>=2010&year<=2015
(21,784 observations deleted)

. egen indyrsic2=group(sic2 year)

. 
. *sister firm status
. reghdfe penalty_indicator sister log_assets btm age leverage sales roa ret ca
> pex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue , a
> bs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      49.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2820
                                                  Adj R-squared   =     0.2582
                                                  Within R-sq.    =     0.1813
Number of clusters (gvkey)   =      2,649         Root MSE        =     0.3724

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
penalty_in~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0888472   .0235069     3.78   0.000     .0427535     .134941
  log_assets |   .0922731   .0066521    13.87   0.000     .0792293    .1053168
         btm |  -.0039906   .0063207    -0.63   0.528    -.0163846    .0084033
         age |   .0468339    .009956     4.70   0.000     .0273116    .0663563
    leverage |  -.1144019   .0365174    -3.13   0.002    -.1860074   -.0427964
       sales |  -.0450615   .0193552    -2.33   0.020    -.0830145   -.0071086
         roa |  -.0791543   .0302505    -2.62   0.009    -.1384714   -.0198372
         ret |   .0022497   .0060265     0.37   0.709    -.0095673    .0140668
       capex |   -.055877   .0164922    -3.39   0.001    -.0882159   -.0235381
         rnd |  -.0051727   .0056325    -0.92   0.359    -.0162172    .0058719
   rnd_dummy |   .0293249   .0182163     1.61   0.108    -.0063947    .0650445
   dividends |   .2701463   .2463338     1.10   0.273    -.2128799    .7531724
cash_holding |  -.0989251   .0309029    -3.20   0.001    -.1595213   -.0383288
          ad |  -.4278364   .1757977    -2.43   0.015     -.772551   -.0831218
         ior |  -.0795764   .0267899    -2.97   0.003    -.1321077   -.0270451
log_analys~e |   .0262019   .0104299     2.51   0.012     .0057504    .0466534
        Blue |   .0017541   .0133332     0.13   0.895    -.0243905    .0278987
       _cons |  -.5161786   .0424235   -12.17   0.000    -.5993652   -.4329921
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe penalty_env_indicator sister log_assets btm age leverage sales roa re
> t capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Blue
>  , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      18.34
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2203
                                                  Adj R-squared   =     0.1944
                                                  Within R-sq.    =     0.1065
Number of clusters (gvkey)   =      2,649         Root MSE        =     0.2691

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
penalty_en~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0468544    .020423     2.29   0.022     .0068077     .086901
  log_assets |   .0513592    .005055    10.16   0.000      .041447    .0612713
         btm |  -.0007393   .0040521    -0.18   0.855    -.0086849    .0072063
         age |   .0205538   .0067972     3.02   0.003     .0072255    .0338822
    leverage |  -.0838451   .0241315    -3.47   0.001    -.1311636   -.0365265
       sales |   .0173261   .0147806     1.17   0.241    -.0116565    .0463087
         roa |  -.0646384   .0206131    -3.14   0.002    -.1050579   -.0242189
         ret |   .0008301   .0036821     0.23   0.822      -.00639    .0080502
       capex |  -.0208215    .013427    -1.55   0.121      -.04715    .0055069
         rnd |  -.0083403   .0042285    -1.97   0.049    -.0166319   -.0000487
   rnd_dummy |   .0032778   .0116699     0.28   0.779    -.0196051    .0261608
   dividends |   .0697071   .1327321     0.53   0.600    -.1905621    .3299763
cash_holding |  -.0483243   .0195053    -2.48   0.013    -.0865714   -.0100772
          ad |  -.3788325   .1103264    -3.43   0.001    -.5951673   -.1624978
         ior |  -.0612654   .0181962    -3.37   0.001    -.0969456   -.0255852
log_analys~e |   .0102303   .0073764     1.39   0.166    -.0042338    .0246944
        Blue |  -.0010883   .0093243    -0.12   0.907    -.0193719    .0171954
       _cons |  -.2957943    .030687    -9.64   0.000    -.3559672   -.2356214
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe penalty_labor_indicator sister log_assets btm age leverage sales roa 
> ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage Bl
> ue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =      35.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2473
                                                  Adj R-squared   =     0.2223
                                                  Within R-sq.    =     0.1430
Number of clusters (gvkey)   =      2,649         Root MSE        =     0.3529

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
penalty_la~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0869502   .0225319     3.86   0.000     .0427683    .1311321
  log_assets |   .0755798   .0062296    12.13   0.000     .0633645    .0877951
         btm |  -.0066671   .0043689    -1.53   0.127    -.0152338    .0018996
         age |   .0387653   .0089727     4.32   0.000     .0211712    .0563595
    leverage |  -.0860186   .0330898    -2.60   0.009    -.1509031   -.0211341
       sales |  -.0722544   .0169579    -4.26   0.000    -.1055065   -.0390023
         roa |  -.0769084   .0266312    -2.89   0.004    -.1291284   -.0246884
         ret |   .0008532   .0054287     0.16   0.875    -.0097918    .0114982
       capex |  -.0429344   .0142104    -3.02   0.003     -.070799   -.0150697
         rnd |  -.0029602   .0047752    -0.62   0.535    -.0123237    .0064034
   rnd_dummy |   .0379297   .0170373     2.23   0.026     .0045218    .0713376
   dividends |    .173073   .2349556     0.74   0.461     -.287642    .6337881
cash_holding |  -.0765342   .0278357    -2.75   0.006    -.1311162   -.0219523
          ad |  -.5479453   .1598732    -3.43   0.001    -.8614344   -.2344561
         ior |  -.0457974   .0234952    -1.95   0.051    -.0918682    .0002734
log_analys~e |   .0179797    .009865     1.82   0.068    -.0013642    .0373237
        Blue |   .0005482   .0122775     0.04   0.964    -.0235264    .0246227
       _cons |  -.4197898    .038654   -10.86   0.000    -.4955849   -.3439947
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. reghdfe penalty_consumer_indicator sister log_assets btm age leverage sales r
> oa ret capex rnd rnd_dummy dividends cash_holding ad ior log_analyst_coverage
>  Blue , abs(indyrsic2 ) cluster(gvkey)
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  17,   2648) =       8.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1244
                                                  Adj R-squared   =     0.0954
                                                  Within R-sq.    =     0.0546
Number of clusters (gvkey)   =      2,649         Root MSE        =     0.1429

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
penalty_co~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
      sister |   .0434638   .0115334     3.77   0.000     .0208483    .0660792
  log_assets |    .019061   .0021315     8.94   0.000     .0148815    .0232405
         btm |  -.0015709   .0013509    -1.16   0.245    -.0042197     .001078
         age |   .0082966   .0027482     3.02   0.003     .0029077    .0136855
    leverage |  -.0218285   .0113825    -1.92   0.055     -.044148     .000491
       sales |  -.0062456    .003776    -1.65   0.098    -.0136498    .0011586
         roa |  -.0303344   .0092736    -3.27   0.001    -.0485186   -.0121502
         ret |   -.002469   .0021347    -1.16   0.248    -.0066548    .0017168
       capex |  -.0024258   .0031872    -0.76   0.447    -.0086754    .0038238
         rnd |  -.0002546   .0011661    -0.22   0.827    -.0025412    .0020321
   rnd_dummy |    .000339   .0054599     0.06   0.950    -.0103671    .0110452
   dividends |  -.0547664   .0645094    -0.85   0.396    -.1812603    .0717275
cash_holding |   .0253613   .0093558     2.71   0.007     .0070159    .0437066
          ad |   .0719108   .0695984     1.03   0.302    -.0645619    .2083836
         ior |  -.0425716   .0074721    -5.70   0.000    -.0572234   -.0279198
log_analys~e |   .0013802   .0026009     0.53   0.596    -.0037199    .0064802
        Blue |   -.001223   .0042611    -0.29   0.774    -.0095785    .0071324
       _cons |  -.1133647   .0133262    -8.51   0.000    -.1394955   -.0872339
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

. 
. *rating changes  
. gen change_kld_esg=kld_esg-kld_esg1
(890 missing values generated)

. gen sister_inflated=1 if sister==1&change_kld_esg>0&change_kld_esg!=.
(10,764 missing values generated)

. replace sister_inflated=0 if sister_inflated==.
(10,764 real changes made)

. gen sister_notinflated=1 if sister==1&change_kld_esg<=0&change_kld_esg!=.
(10,712 missing values generated)

. replace sister_notinflated=0 if sister_notinflated==. 
(10,712 real changes made)

.  
. reghdfe penalty_indicator sister_inflated sister_notinflated kld_esg_con log_
> assets btm age leverage sales roa ret capex rnd rnd_dummy dividends cash_hold
> ing ad ior log_analyst_coverage Blue , abs(indyrsic2 ) cluster(gvkey) 
(dropped 22 singleton observations)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     11,123
Absorbing 1 HDFE group                            F(  19,   2648) =      49.37
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2910
                                                  Adj R-squared   =     0.2674
                                                  Within R-sq.    =     0.1915
Number of clusters (gvkey)   =      2,649         Root MSE        =     0.3701

                              (Std. err. adjusted for 2,649 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
penalty_in~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
sister_inf~d |   .0948736   .0280966     3.38   0.001     .0397801    .1499671
sister_not~d |   .0498724   .0254216     1.96   0.050     .0000242    .0997206
 kld_esg_con |   .0341579   .0045643     7.48   0.000      .025208    .0431078
  log_assets |   .0819653   .0064985    12.61   0.000     .0692225     .094708
         btm |  -.0041222   .0059049    -0.70   0.485    -.0157008    .0074564
         age |    .043627   .0098626     4.42   0.000     .0242879    .0629661
    leverage |  -.1006187   .0362575    -2.78   0.006    -.1717146   -.0295228
       sales |  -.0486722   .0189258    -2.57   0.010     -.085783   -.0115614
         roa |   -.056984   .0295234    -1.93   0.054    -.1148752    .0009072
         ret |   .0021462   .0059729     0.36   0.719    -.0095659    .0138582
       capex |  -.0522348   .0159776    -3.27   0.001    -.0835646   -.0209051
         rnd |  -.0044226   .0054422    -0.81   0.416     -.015094    .0062488
   rnd_dummy |   .0333475   .0180112     1.85   0.064      -.00197    .0686649
   dividends |    .226686   .2444148     0.93   0.354    -.2525772    .7059493
cash_holding |  -.1085194   .0303647    -3.57   0.000    -.1680603   -.0489784
          ad |  -.4044322   .1737778    -2.33   0.020    -.7451861   -.0636782
         ior |  -.0611988   .0265216    -2.31   0.021    -.1132039   -.0091937
log_analys~e |   .0288501   .0101781     2.83   0.005     .0088923    .0488079
        Blue |   .0040227   .0132106     0.30   0.761    -.0218814    .0299268
       _cons |   -.501869   .0415306   -12.08   0.000    -.5833048   -.4204333
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
   indyrsic2 |       341           0         341     |
-----------------------------------------------------+

-------------------------------------------------------------------------------

