Enhancing environmental sustainability through corporate governance: the merger and acquisition perspective

Table 7 Pooled results for mining industry

Variables	Model 1	Model 2	Model 3
Variables	EC	GF	RD
GR	− 8.234e+06	− 287,322	1.869e+06
	(6.624e+06)	(8.542e+06)	(1.970e+07)
NP	0.00311**	0.000352	0.104***
	(0.00143)	(0.00185)	(0.00478)
BTMR	3.985e+08***	7.940e+07	6.513e+07
	(5.441e+07)	(7.016e+07)	(1.871e+08)
CEDR	− 142,000	− 28,506	− 72,554
	(254,014)	(327,558)	(565,176)
MA	6.826e+07*	3.452e+07	2.618e+08*
	(4.018e+07)	(5.181e+07)	(1.371e+08)
Constant	5.702e+06	− 3.248e+07	− 1.003e+08
	(3.569e+07)	(4.602e+07)	(1.228e+08)
Observations	1246	1246	644
R-squared	0.062	0.002	0.449

Robust standard errors are in parentheses, with ***, ** and * denoting significance at 1%, 5% and 10%, respectively. en = \({10}^{n}\), e.g., e−6=\({10}^{-6}\) and e+3 = \({10}^{3}\)

ISSN: 2192-0567