Table 1: Reputational harm

Table 1

Table 1: Reputational harm (Table currently in Paper)
 (1) Harm  (2) Treatment  (3) Treatment + Harm  (4) Treatment x Harm (Triple interaction)  (5) Subsample (T = 0)  (6) Subsample (T = 1)
Cost −0.348*** −0.216*** −0.374*** −0.530*** −0.322*** −0.228**
(0.067) (0.040) (0.066) (0.075) (0.091) (0.094)
Effective −0.020 0.217** −0.020 0.126 −0.032 0.145
(0.150) (0.106) (0.154) (0.196) (0.209) (0.212)
Socbenefit 0.470*** 0.467*** 0.465*** 0.472*** 0.450*** 0.488***
(0.050) (0.052) (0.051) (0.053) (0.072) (0.074)
Envbenefit 0.502*** 0.490*** 0.503*** 0.502*** 0.603*** 0.366***
(0.046) (0.045) (0.045) (0.046) (0.066) (0.062)
Partner_NGO −0.053 −0.047 −0.048 −0.052 −0.110 0.008
(0.078) (0.077) (0.077) (0.079) (0.107) (0.110)
Partner_Gov −0.018 −0.017 −0.013 −0.019 −0.032 −0.003
(0.090) (0.089) (0.090) (0.092) (0.126) (0.127)
Out −4.066*** −3.831*** −4.010*** −5.110*** −4.644*** −3.633***
(0.636) (0.470) (0.621) (0.742) (0.958) (0.898)
first 0.016 0.022 0.017 0.018 0.025 0.000
(0.048) (0.047) (0.048) (0.049) (0.066) (0.068)
Cost × Effective 0.106*** 0.087*** 0.104*** 0.102*** 0.120*** 0.066*
(0.027) (0.027) (0.027) (0.028) (0.037) (0.038)
Cost × negpublicity 0.060** 0.057** 0.126*** 0.031 0.041
(0.026) (0.025) (0.032) (0.036) (0.036)
Effective × negpublicity 0.111** 0.090* 0.034 0.062 0.129*
(0.051) (0.050) (0.073) (0.072) (0.070)
Out × negpublicity 0.011 0.051 0.624*** 0.287 −0.175
(0.168) (0.167) (0.236) (0.247) (0.233)
Cost × treatment 0.060 0.079** 0.405***
(0.037) (0.038) (0.115)
Effective × treatment 0.131* 0.116* −0.111
(0.070) (0.070) (0.237)
Out × treatment 0.198 0.158 1.809**
(0.238) (0.242) (0.788)
Cost × TreatxThreatCon −0.146***
(0.051)
Effective × TreatxThreatCon 0.103
(0.103)
Out × TreatxThreatCon −0.834**
(0.336)
Num.Obs. 10314 10368 10314 10314 5202 5112
RMSE 0.97 0.97 0.97 0.97 0.97 0.97
* p < 0.1, ** p < 0.05, *** p < 0.01

Table 1b: firm_large interactions

Table 1 with firm_large × attribute interactions

Table 1b: firm_large x attribute interactions
 (1) Harm  (2) Treatment  (3) Treatment + Harm  (4) Treatment x Harm (Triple interaction)  (5) Subsample (T = 0)  (6) Subsample (T = 1)
Cost −0.406*** −0.202*** −0.438*** 0.554*** −0.228* −0.355***
(0.085) (0.059) (0.087) (0.101) (0.123) (0.127)
Effective 0.076 0.171 0.013 0.326 0.051 0.227
(0.198) (0.146) (0.205) (0.264) (0.282) (0.285)
Socbenefit 0.492*** 0.481*** 0.491*** 0.478*** 0.554*** 0.438***
(0.063) (0.062) (0.064) (0.066) (0.095) (0.090)
Envbenefit 0.532*** 0.529*** 0.533*** 0.507*** 0.665*** 0.393***
(0.057) (0.057) (0.057) (0.059) (0.087) (0.082)
Partner_NGO −0.085 −0.076 −0.086 −0.051 −0.202 0.041
(0.096) (0.094) (0.097) (0.099) (0.138) (0.138)
Partner_Gov −0.153 −0.148 −0.153 −0.187 −0.281* −0.011
(0.111) (0.109) (0.112) (0.115) (0.160) (0.159)
Out −3.785*** −4.301*** −3.753*** −1.551* −4.777*** −4.540***
(0.854) (0.638) (0.865) (0.924) (1.396) (1.499)
first −0.006 0.003 −0.007 0.000 −0.060 0.025
(0.059) (0.058) (0.059) (0.062) (0.084) (0.085)
Cost × Effective 0.112*** 0.092*** 0.112*** 0.043 0.099** 0.102**
(0.033) (0.033) (0.034) (0.034) (0.046) (0.050)
Cost × negpublicity 0.081** 0.085*** −0.252*** 0.008 0.082*
(0.032) (0.032) (0.046) (0.047) (0.045)
Effective × negpublicity 0.027 0.035 0.006 −0.023 0.080
(0.063) (0.063) (0.095) (0.090) (0.089)
Out × negpublicity −0.202 −0.210 −0.946*** 0.067 −0.281
(0.212) (0.213) (0.303) (0.325) (0.321)
Cost × firm_large 0.025 0.009 0.025 −0.087 0.018 −0.009
(0.050) (0.049) (0.051) (0.055) (0.071) (0.073)
Effective × firm_large 0.182* 0.176* 0.178* 0.197** 0.356*** −0.007
(0.095) (0.093) (0.095) (0.100) (0.130) (0.142)
Out × firm_large 0.498 0.801** 0.528 0.442 0.316 0.787
(0.335) (0.337) (0.337) (0.354) (0.473) (0.538)
Cost × treatment 0.033 0.046 −0.639***
(0.045) (0.047) (0.160)
Effective × treatment 0.077 0.102 −0.008
(0.085) (0.087) (0.308)
Out × treatment 0.214 −0.045 −1.072
(0.295) (0.299) (1.036)
Cost × TreatxThreatCon 0.263***
(0.069)
Effective × TreatxThreatCon 0.059
(0.131)
Out × TreatxThreatCon 0.467
(0.446)
Num.Obs. 7038 7074 7038 7038 3456 3582
RMSE 0.97 0.97 0.97 0.97 0.97 0.96
* p < 0.1, ** p < 0.05, *** p < 0.01

Table 1c: all vs firm_large = 1 subsample

Each Table 1 model next to its re-estimate on the firm_large == 1 subsample (revenue ≥ 50M and ≥ 200 employees).

Table 1c: subsample firm_large = 1
 (1) Harm  (1) Harm (large=1)  (2) Treatment  (2) Treatment (large = 1)  (3) Treatment + Harm  (3) Treatment + Harm (large = 1)  (4) Treatment x Harm (Triple)  (4) Treatment x Harm (Triple) (large = 1)  (5) Subsample T = 0  (5) Subsample T = 0;large = 1)  (6) Subsample T = 1  (6) Subsample T = 1;large = 1)
Cost −0.348*** −0.600*** −0.216*** −0.240*** −0.374*** −0.620*** −0.530*** 0.562*** −0.322*** −0.583*** −0.228** −0.624***
(0.067) (0.104) (0.040) (0.058) (0.066) (0.105) (0.075) (0.113) (0.091) (0.137) (0.094) (0.163)
Effective −0.020 0.531** 0.217** 0.314** −0.020 0.551** 0.126 0.714** −0.032 0.267 0.145 0.576*
(0.150) (0.231) (0.106) (0.154) (0.154) (0.239) (0.196) (0.294) (0.209) (0.304) (0.212) (0.347)
Socbenefit 0.470*** 0.541*** 0.467*** 0.504*** 0.465*** 0.541*** 0.472*** 0.482*** 0.450*** 0.548*** 0.488*** 0.481***
(0.050) (0.083) (0.052) (0.078) (0.051) (0.083) (0.053) (0.079) (0.072) (0.112) (0.074) (0.119)
Envbenefit 0.502*** 0.532*** 0.490*** 0.499*** 0.503*** 0.533*** 0.502*** 0.475*** 0.603*** 0.678*** 0.366*** 0.391***
(0.046) (0.071) (0.045) (0.066) (0.045) (0.071) (0.046) (0.068) (0.066) (0.100) (0.062) (0.105)
Partner_NGO −0.053 −0.208* −0.047 −0.179 −0.048 −0.208* −0.052 −0.152 −0.110 −0.414** 0.008 0.034
(0.078) (0.119) (0.077) (0.112) (0.077) (0.120) (0.079) (0.115) (0.107) (0.161) (0.110) (0.175)
Partner_Gov −0.018 −0.207 −0.017 −0.153 −0.013 −0.209 −0.019 −0.205 −0.032 −0.416** −0.003 0.053
(0.090) (0.138) (0.089) (0.131) (0.090) (0.138) (0.092) (0.135) (0.126) (0.192) (0.127) (0.200)
Out −4.066*** −2.357*** −3.831*** −3.305*** −4.010*** −2.243*** −5.110*** −0.723 −4.644*** −2.904*** −3.633*** −1.385
(0.636) (0.718) (0.470) (0.590) (0.621) (0.753) (0.742) (0.986) (0.958) (1.102) (0.898) (0.948)
first 0.016 0.026 0.022 −0.001 0.017 0.027 0.018 0.011 0.025 −0.016 0.000 0.061
(0.048) (0.074) (0.047) (0.070) (0.048) (0.075) (0.049) (0.073) (0.066) (0.102) (0.068) (0.111)
Cost × Effective 0.106*** 0.142*** 0.087*** 0.119*** 0.104*** 0.140*** 0.102*** 0.070* 0.120*** 0.187*** 0.066* 0.128**
(0.027) (0.041) (0.027) (0.040) (0.027) (0.042) (0.028) (0.040) (0.037) (0.056) (0.038) (0.064)
Cost × negpublicity 0.060** 0.145*** 0.057** 0.144*** 0.126*** −0.293*** 0.031 0.114** 0.041 0.168***
(0.026) (0.040) (0.025) (0.040) (0.032) (0.053) (0.036) (0.053) (0.036) (0.059)
Effective × negpublicity 0.111** −0.127* 0.090* −0.130* 0.034 −0.104 0.062 −0.097 0.129* −0.098
(0.051) (0.077) (0.050) (0.077) (0.073) (0.109) (0.072) (0.103) (0.070) (0.113)
Out × negpublicity 0.011 −0.427* 0.051 −0.472* 0.624*** −1.052*** 0.287 −0.033 −0.175 −0.795**
(0.168) (0.240) (0.167) (0.244) (0.236) (0.332) (0.247) (0.327) (0.233) (0.361)
Cost × treatment 0.060 0.023 0.079** 0.044 0.405*** −0.913***
(0.037) (0.054) (0.038) (0.060) (0.115) (0.192)
Effective × treatment 0.131* −0.032 0.116* −0.009 −0.111 0.022
(0.070) (0.101) (0.070) (0.107) (0.237) (0.355)
Out × treatment 0.198 0.078 0.158 −0.066 1.809** −1.002
(0.238) (0.345) (0.242) (0.361) (0.788) (1.163)
Cost × TreatxThreatCon −0.146*** 0.378***
(0.051) (0.083)
Effective × TreatxThreatCon 0.103 −0.013
(0.103) (0.150)
Out × TreatxThreatCon −0.834** 0.302
(0.336) (0.502)
Num.Obs. 10314 4896 10368 4896 10314 4896 10314 4896 5202 2358 5112 2538
RMSE 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97
* p < 0.1, ** p < 0.05, *** p < 0.01

Table 2: Heterogeneity

Table 2

Table 2: Heterogeneity climate actions (table currently in paper)
 (1) Climate actions  (2) T = 0  (3) T = 1
Cost −0.398*** −0.516*** −0.296***
(0.056) (0.079) (0.083)
Effective 0.108 −0.133 0.342*
(0.129) (0.177) (0.197)
Socbenefit 0.475*** 0.458*** 0.486***
(0.052) (0.074) (0.075)
Envbenefit 0.503*** 0.617*** 0.386***
(0.046) (0.068) (0.063)
Partner_NGO −0.049 −0.104 0.015
(0.077) (0.110) (0.111)
Partner_Gov −0.023 −0.023 0.007
(0.090) (0.130) (0.128)
Out −2.629*** −3.186*** −1.707***
(0.428) (0.637) (0.574)
first 0.029 0.032 0.002
(0.048) (0.069) (0.069)
Cost × Effective 0.100*** 0.127*** 0.082**
(0.027) (0.038) (0.039)
Cost × count_climate_actions 0.066*** 0.090*** 0.045**
(0.015) (0.021) (0.022)
Effective × count_climate_actions 0.049* 0.086** 0.008
(0.028) (0.039) (0.043)
Out × count_climate_actions −0.342*** −0.248** −0.585***
(0.092) (0.123) (0.146)
Num.Obs. 10368 5220 5148
RMSE 0.97 0.97 0.97
* p < 0.1, ** p < 0.05, *** p < 0.01

Table 2b: firm_large interactions

Table 2 specifications with firm_large × attribute interactions

Table 2b: firm_large x attribute interactions
 (1) Climate actions  (2) T = 0  (3) T = 1
Cost −0.455*** −0.457*** −0.355***
(0.077) (0.103) (0.118)
Effective −0.120 −0.554** 0.445
(0.177) (0.239) (0.279)
Socbenefit 0.531*** 0.610*** 0.464***
(0.110) (0.156) (0.155)
Envbenefit 0.621*** 0.679*** 0.519***
(0.096) (0.134) (0.138)
Partner_NGO 0.102 0.161 −0.008
(0.180) (0.256) (0.255)
Partner_Gov −0.117 0.030 −0.311
(0.205) (0.288) (0.298)
Out −2.504*** −2.859*** −2.503***
(0.560) (0.854) (0.867)
first 0.002 −0.052 0.041
(0.060) (0.084) (0.086)
Cost × Effective 0.120*** 0.116** 0.110**
(0.034) (0.046) (0.050)
Cost × count_climate_actions 0.075*** 0.077*** 0.051*
(0.020) (0.027) (0.029)
Effective × count_climate_actions 0.098** 0.195*** −0.030
(0.038) (0.052) (0.060)
Out × count_climate_actions −0.371*** −0.285* −0.631***
(0.118) (0.170) (0.190)
Cost × firm_large 0.016 0.021 −0.011
(0.054) (0.075) (0.077)
Effective × firm_large 0.123 0.273** 0.018
(0.098) (0.133) (0.147)
Socbenefit × firm_large −0.057 −0.078 −0.000
(0.128) (0.183) (0.182)
Envbenefit × firm_large −0.104 −0.022 −0.149
(0.107) (0.150) (0.153)
Partner_NGO × firm_large −0.276 −0.558* 0.019
(0.213) (0.303) (0.301)
Partner_Gov × firm_large −0.055 −0.479 0.385
(0.243) (0.346) (0.351)
Out × firm_large 0.651* 0.152 1.355**
(0.385) (0.550) (0.573)
Num.Obs. 7074 3456 3618
RMSE 0.97 0.97 0.96
* p < 0.1, ** p < 0.05, *** p < 0.01

Table 2c: all vs firm_large = 1 subsample

Each Table 2 specification next to its re-estimate on firm_large == 1

Table 2c: subsample firm_large = 1
 (1) Climate actions  (1) Climate actions (large = 1)  (2) T = 0  (2) T = 0 (firm_large = 1)  (3) T = 1  (3) T = 1 (firm_large = 1)
Cost −0.398*** −0.439*** −0.516*** −0.590*** −0.296*** −0.246*
(0.056) (0.088) (0.079) (0.126) (0.083) (0.140)
Effective 0.108 −0.016 −0.133 −0.374 0.342* 0.423
(0.129) (0.200) (0.177) (0.269) (0.197) (0.335)
Socbenefit 0.475*** 0.528*** 0.458*** 0.550*** 0.486*** 0.482***
(0.052) (0.081) (0.074) (0.115) (0.075) (0.116)
Envbenefit 0.503*** 0.528*** 0.617*** 0.683*** 0.386*** 0.367***
(0.046) (0.068) (0.068) (0.104) (0.063) (0.096)
Partner_NGO −0.049 −0.207* −0.104 −0.421** 0.015 0.015
(0.077) (0.114) (0.110) (0.164) (0.111) (0.164)
Partner_Gov −0.023 −0.185 −0.023 −0.423** 0.007 0.058
(0.090) (0.134) (0.130) (0.194) (0.128) (0.190)
Out −2.629*** −1.177** −3.186*** −2.124*** −1.707*** 0.318
(0.428) (0.488) (0.637) (0.760) (0.574) (0.734)
first 0.029 0.010 0.032 −0.031 0.002 0.052
(0.048) (0.072) (0.069) (0.104) (0.069) (0.103)
Cost × Effective 0.100*** 0.142*** 0.127*** 0.191*** 0.082** 0.094
(0.027) (0.040) (0.038) (0.056) (0.039) (0.060)
Cost × count_climate_actions 0.066*** 0.055** 0.090*** 0.090*** 0.045** 0.014
(0.015) (0.023) (0.021) (0.034) (0.022) (0.035)
Effective × count_climate_actions 0.049* 0.074 0.086** 0.137** 0.008 −0.012
(0.028) (0.046) (0.039) (0.064) (0.043) (0.074)
Out × count_climate_actions −0.342*** −0.587*** −0.248** −0.359* −0.585*** −0.968***
(0.092) (0.142) (0.123) (0.192) (0.146) (0.232)
Num.Obs. 10368 4896 5220 2358 5148 2538
RMSE 0.97 0.97 0.97 0.97 0.97 0.97
* p < 0.1, ** p < 0.05, *** p < 0.01