write for master thesis, correct if neccesary: 1.	Multivariate analysis

1.1.	Introduction

In today’s increasingly complex and competitive business environment, understanding the multifaceted relationships between various financial and non-financial metrics is crucial for informed decision-making. Multivariate analysis offers a robust framework for examining such intricate dynamics, allowing researchers and professionals to simultaneously consider multiple variables and their interdependencies. This analytical approach not only provides deeper insights into the underlying patterns but also enhances the predictive accuracy of the models.
The objective of this study is to employ multivariate analysis to explore and quantify the determinants impacting a critical financial measure, PD2023 (presumably a performance metric for the year 2023). By analyzing a comprehensive dataset that includes both traditional financial metrics and environmental performance indicators, this study aims to identify key determinants and understand their relationships with PD2023.
Specifically, the analysis will focus on the following:
1. Control variables: Previous year’s performance (PD2022), firm size (size_2023), leverage (LV_2023), return on assets (ROA_2023), capital expenditure (CAPEX_2023), and other control variables that are traditionally considered influential in financial performance analysis.
2. physical risk (composite score at four scenarios: low, medium, highmedium and high levels of physical risk)in 3 time horizons 2030, 2040 and 2050 … write this part  
3. Environmental Performance: Absolute emissions (LN_EMISIONES_2022) and relative emissions (LN_EMISSIONSREL_2022). These variables are particularly important in the context of increasing regulatory scrutiny and stakeholder interest in corporate sustainability practices.
4. Enviromental initiative (ENV_INV_INI_2022) and compensation for sustainabitlity (COMP_SUST_2022) variables … write this part
1.1.1. Hypotheses and Analytical Approach
The hypotheses driving this study are centered around the anticipated impact of financial metrics and environmental performance on PD2023:
- H1: Control variables such as PD2022, size_2023, LV_2023, ROA_2023, and CAPEX_2023 significantly influence PD2023.
- H2: if physical risk impact in PD write this part
- H3: emission and environmental actions. Seen if the effect of physical risk is different for companies with more active in terms of environmental responsibility
To test these hypotheses, this study estimates a series of twelve multivariate regression models. The models vary in complexity, with some focusing solely on financial metrics and others incorporating emission variables. This approach enables the identification of consistent patterns and robust relationships, facilitating a nuanced understanding of how different factors contribute to financial performance.
1.2.	Estimated models
1.2.1.	General Model with Control variables:
Model 1: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + Asset_turnover_2023 + CAPEX_2023
Model 2: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + CAPEX_2023
Model 3: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023
Model 4: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023

Results:
Model	Model 1	Model 2	Model 3	Model 4
intercept	 0.0783671***	 0.0621015** 	 0.0694160***	 
PD2022	 0.5111060***	 0.5106081***	 0.5128044***	 0.5097252***
size_2023	-0.0056918***	-0.0050308***	-0.0055663***	-0.0009534** 
BTM_2023	 0.0043432***	 0.0043876***	 0.0044810***	 0.0043743***
LV_2023	 0.1292126***	 0.1293215***	 0.1371421***	 0.1428434***
ROA_2023	-0.0901572***	-0.0954977***	-0.0875209***	-0.0913884***
Asset_turnover_2023	-0.0095013*  	 	 	 
CAPEX_2023	 0.1267542*  	 0.1320588*  	 	 
R-squared	0.4114	0.4104	0.4088	0.4733
***, **,  *, . denote significance at the 0.1%, 1%, 5% and 10%, respectively.	 	 	 	 

Interpretation:
1. Intercept: The intercept shows statistical significance at the 10% level in Models 2 and 9, and at the 5% level in Model 3. In the other models, it is not significant. This suggests that the base level of the dependent variable (when all predictors are zero) varies and that additional factors might need consideration.
2. PD2022: The coefficient for PD2022 is highly consistent and statistically significant at the 1% level across all models, with values around 0.49-0.50. This indicates a strong and highly stable positive relationship between PD2022 and the dependent variable, suggesting that PD2022 is a crucial determinant in this analysis.
3. size_2023: The coefficient for size_2023 is negative and statistically significant across several models, particularly strong with effects in Models 1, 2, 3, 4, 8, and 9 at varying levels of significance (1% - 5%). This implies that size in 2023 has a negative impact on the dependent variable.
4. BTM_2023: The BTM_2023 coefficient is not significant in most models, indicating that this variable might have a negligible impact on the dependent variable.
5. LV_2023: The coefficient for LV_2023 (leverage) is positive and highly significant across all models (1% level). This suggests a robust and positive relationship between leverage and the dependent variable.
6. ROA_2023: The ROA_2023 coefficient is negative and statistically significant at the 1% level across all models. This suggests a strong negative relationship between return on assets and the dependent variable.
7. Asset_turnover_2023: Asset_turnover_2023 appears in some models with positive coefficients but it’s not statistically significant, indicating limited or no impact on the dependent variable.
8. CAPEX_2023: CAPEX_2023 shows positive and statistically significant coefficients in several models (1%, 5%, and 10% levels). The relationship between capital expenditure and the dependent variable is strongly positive, highlighting its importance.
11. R-squared: The R-squared values range from 0.3864 to 0.4499, indicating that the models explain roughly 38.64% to 44.99% of the variability in the dependent variable. Models 4, 8, and 12 have higher R-squared values, suggesting a better fit compared to others. Correct
Conclusion:
Model 3 and model 4 is better, so we will use this model for continues analysis
1.2.2.	Model including pyshical risk scenarios
Model 3 Scenario 1: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_30
Model 3 Scenario 2: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_30
Model 3 Scenario 3: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_30
Model 3 Scenario 4: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_30
Model 3 Scenario 5: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_40
Model 3 Scenario 6: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_40
Model 3 Scenario 7: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_40
Model 3 Scenario 8: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_40
Model 3 Scenario 9: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_50
Model 3 Scenario 10: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_50
Model 3 Scenario 11: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_50
Model 3 Scenario 12: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_50
Model 4 Scenario 1: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_30
Model 4 Scenario 2: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_30
Model 4 Scenario 3: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_30
Model 4 Scenario 4: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_30
Model 4 Scenario 5: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_40
Model 4 Scenario 6: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_40
Model 4 Scenario 7: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_40
Model 4 Scenario 8: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_40
Model 4 Scenario 9: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + LOW_50
Model 4 Scenario 10: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUM_50
Model 4 Scenario 11: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + MEDIUMHIGH_50
Model 4 Scenario 12: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 + HIGH_50 
Result:
Model	Model 3. Score 1	Model 3. Score 2	Model 3. Score 3	Model 3. Score 4	Model 3. Score 5	Model 3. Score 6	Model 3. Score 7	Model 3. Score 8	Model 3. Score 9	Model 3. Score 10	Model 3. Score 11	Model 3. Score 12
intercept	 0.1333379***	 0.1312233***	 0.1359114***	 0.1338333***	 0.1390164***	 0.1372199***	 0.1405299***	 0.1433760***	 0.1399665***	 0.1421692***	 0.1519492***	 0.1537219***
PD2022	 0.5154807***	 0.5155672***	 0.5154683***	 0.5156095***	 0.5150503***	 0.5152366***	 0.5149512***	 0.5148515***	 0.5151348***	 0.5148965***	 0.5148420***	 0.5147547***
size_2023	-0.0053289***	-0.0053181***	-0.0053093***	-0.0053141***	-0.0053134***	-0.0053146***	-0.0053057***	-0.0052735***	-0.0053068***	-0.0052768***	-0.0052854***	-0.0052702***
BTM_2023	 0.0045383***	 0.0045367***	 0.0045431***	 0.0045455***	 0.0045460***	 0.0045421***	 0.0045462***	 0.0045477***	 0.0045454***	 0.0045466***	 0.0045475***	 0.0045481***
LV_2023	 0.1377720***	 0.1378585***	 0.1377943***	 0.1378692***	 0.1380262***	 0.1379483***	 0.1379325***	 0.1379518***	 0.1379379***	 0.1379927***	 0.1379244***	 0.1379152***
ROA_2023	-0.0847510***	-0.0845869***	-0.0846011***	-0.0844892***	-0.0845821***	-0.0846266***	-0.0847131***	-0.0847733***	-0.0846537***	-0.0847370***	-0.0847662***	-0.0849210***
LOW_30	-0.0013004***	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.0012842***	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.0013425***	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.0012962***	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.0013545***	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0013134***	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.0013347***	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.0013539***	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.0013526***	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.0013437***	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.0014363***	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0014242***
R-squared	0.4124	0.4125	0.4127	0.4126	0.4127	0.4126	0.4125	0.4126	0.4127	0.4125	0.4127	0.4126
 
Interpretation:
How affect the different scenarios to PD… write this part
How affect intercept… write this part
Conclusion:
Write this part

1.2.3.	Model including emissions and environmental actions
Emisiones: 
Model 3 Scenario 1 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ LN_EMISIONES_2022
Model 3 Scenario 2 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ LN_EMISIONES_2022
Model 3 Scenario 3 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ LN_EMISIONES_2022
Model 3 Scenario 4 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ LN_EMISIONES_2022
Model 3 Scenario 5 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ LN_EMISIONES_2022
Model 3 Scenario 6 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ LN_EMISIONES_2022
Model 3 Scenario 7 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ LN_EMISIONES_2022
Model 3 Scenario 8 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ LN_EMISIONES_2022
Model 3 Scenario 9 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ LN_EMISIONES_2022
Model 3 Scenario 10 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ LN_EMISIONES_2022
Model 3 Scenario 11 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ LN_EMISIONES_2022
Model 3 Scenario 12 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ LN_EMISIONES_2022

Model 4 Scenario 1 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ LN_EMISIONES_2022
Model 4 Scenario 2 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ LN_EMISIONES_2022
Model 4 Scenario 3 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ LN_EMISIONES_2022
Model 4 Scenario 4 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ LN_EMISIONES_2022
Model 4 Scenario 5 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ LN_EMISIONES_2022
Model 4 Scenario 6 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ LN_EMISIONES_2022
Model 4 Scenario 7 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ LN_EMISIONES_2022
Model 4 Scenario 8 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ LN_EMISIONES_2022
Model 4 Scenario 9 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ LN_EMISIONES_2022
Model 4 Scenario 10 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ LN_EMISIONES_2022
Model 4 Scenario 11 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ LN_EMISIONES_2022
Model 4 Scenario 12 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ LN_EMISIONES_2022
Emisiones relativos:
Model 3 Scenario 1 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ LN_EMISSIONSREL_2022
Model 3 Scenario 2 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ LN_EMISSIONSREL_2022
Model 3 Scenario 3 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ LN_EMISSIONSREL_2022
Model 3 Scenario 4 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ LN_EMISSIONSREL_2022
Model 3 Scenario 5 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ LN_EMISSIONSREL_2022
Model 3 Scenario 6 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ LN_EMISSIONSREL_2022
Model 3 Scenario 7 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ LN_EMISSIONSREL_2022
Model 3 Scenario 8 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ LN_EMISSIONSREL_2022
Model 3 Scenario 9 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ LN_EMISSIONSREL_2022
Model 3 Scenario 10 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ LN_EMISSIONSREL_2022
Model 3 Scenario 11 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ LN_EMISSIONSREL_2022
Model 3 Scenario 12 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ LN_EMISSIONSREL_2022

Model 4 Scenario 1 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ LN_EMISSIONSREL_2022
Model 4 Scenario 2 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ LN_EMISSIONSREL_2022
Model 4 Scenario 3 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ LN_EMISSIONSREL_2022
Model 4 Scenario 4 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ LN_EMISSIONSREL_2022
Model 4 Scenario 5 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ LN_EMISSIONSREL_2022
Model 4 Scenario 6 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ LN_EMISSIONSREL_2022
Model 4 Scenario 7 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ LN_EMISSIONSREL_2022
Model 4 Scenario 8 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ LN_EMISSIONSREL_2022
Model 4 Scenario 9 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ LN_EMISSIONSREL_2022
Model 4 Scenario 10 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ LN_EMISSIONSREL_2022
Model 4 Scenario 11 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ LN_EMISSIONSREL_2022
Model 4 Scenario 12 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ LN_EMISSIONSREL_2022
Environmental initiative:
Model 3 Scenario 1 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ ENV_INV_INI_2022Y
Model 3 Scenario 2 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ ENV_INV_INI_2022Y
Model 3 Scenario 3 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ ENV_INV_INI_2022Y
Model 3 Scenario 4 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ ENV_INV_INI_2022Y
Model 3 Scenario 5 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ ENV_INV_INI_2022Y
Model 3 Scenario 6 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ ENV_INV_INI_2022Y
Model 3 Scenario 7 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ ENV_INV_INI_2022Y
Model 3 Scenario 8 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ ENV_INV_INI_2022Y
Model 3 Scenario 9 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ ENV_INV_INI_2022Y
Model 3 Scenario 10 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ ENV_INV_INI_2022Y
Model 3 Scenario 11 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ ENV_INV_INI_2022Y
Model 3 Scenario 12 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ ENV_INV_INI_2022Y

Model 4 Scenario 1 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 2 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 3 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 4 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 5 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 6 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 7 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 8 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 9 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 10 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 11 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Model 4 Scenario 12 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ ENV_INV_INI_2022N + ENV_INV_INI_2022Y
Compensation for sustainability
Model 3 Scenario 1 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ COMP_SUST_2022Y
Model 3 Scenario 2 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ COMP_SUST_2022Y
Model 3 Scenario 3 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ COMP_SUST_2022Y
Model 3 Scenario 4 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ COMP_SUST_2022Y
Model 3 Scenario 5 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ COMP_SUST_2022Y
Model 3 Scenario 6 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ COMP_SUST_2022Y
Model 3 Scenario 7 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ COMP_SUST_2022Y
Model 3 Scenario 8 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ COMP_SUST_2022Y
Model 3 Scenario 9 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ COMP_SUST_2022Y
Model 3 Scenario 10 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ COMP_SUST_2022Y
Model 3 Scenario 11 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ COMP_SUST_2022Y
Model 3 Scenario 12 + EMISIONES_2022: PD2023 = intercept + PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ COMP_SUST_2022Y

Model 4 Scenario 1 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_30+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 2 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_30+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 3 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_30+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 4 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_30+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 5 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_40+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 6 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_40+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 7 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_40+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 8 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_40+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 9 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +LOW_50+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 10 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUM_50+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 11 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +MEDIUMHIGH_50+ COMP_SUST_2022N + COMP_SUST_2022Y
Model 4 Scenario 12 + EMISIONES_2022: PD2023 = PD2022 + size_2023 + BTM_2023 + LV_2023 + ROA_2023 +HIGH_50+ COMP_SUST_2022N + COMP_SUST_2022Y
Result: 
 
 
Model	Model 3. EMISIONES 1	Model 3. EMISIONES 2	Model 3. EMISIONES 3	Model 3. EMISIONES 4	Model 3. EMISIONES 5	Model 3. EMISIONES 6	Model 3. EMISIONES 7	Model 3. EMISIONES 8	Model 3. EMISIONES 9	Model 3. EMISIONES 10	Model 3. EMISIONES 11	Model 3. EMISIONES 12
intercept	 0.1372033***	 0.1351360***	 0.1395774***	 0.1375316***	 0.1425669***	 0.1407266***	 0.1438981***	 0.1464936***	 0.1434529***	 0.1453627***	 0.1547703***	 0.1562412***
PD2022	 0.5144815***	 0.5145766***	 0.5144936***	 0.5146283***	 0.5140971***	 0.5142724***	 0.5139911***	 0.5139113***	 0.5141750***	 0.5139472***	 0.5139057***	 0.5138230***
size_2023	-0.0046400** 	-0.0046385** 	-0.0046373** 	-0.0046439** 	-0.0046418** 	-0.0046447** 	-0.0046298** 	-0.0046112** 	-0.0046343** 	-0.0046095** 	-0.0046224** 	-0.0046123** 
BTM_2023	 0.0045000***	 0.0044990***	 0.0045055***	 0.0045078***	 0.0045084***	 0.0045046***	 0.0045081***	 0.0045102***	 0.0045077***	 0.0045089***	 0.0045101***	 0.0045107***
LV_2023	 0.1391847***	 0.1392490***	 0.1391730***	 0.1392403***	 0.1393932***	 0.1393148***	 0.1393128***	 0.1393065***	 0.1393113***	 0.1393550***	 0.1392808***	 0.1392627***
ROA_2023	-0.0849573***	-0.0847985***	-0.0848090***	-0.0847044***	-0.0847894***	-0.0848365***	-0.0849214***	-0.0849771***	-0.0848591***	-0.0849443***	-0.0849663***	-0.0851190***
LOW_30	-0.0012380***	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.0012233***	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.0012798***	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.0012347***	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.0012920***	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0012506***	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.0012700***	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.0012883***	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.0012895***	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.0012781***	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.0013689***	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0013544***
LN_EMISIONES_2022	-0.0017027   	-0.0016810   	-0.0016630   	-0.0016587   	-0.0016613   	-0.0016580   	-0.0016741   	-0.0016448   	-0.0016645   	-0.0016567   	-0.0016440   	-0.0016349   
R-squared	0.4129	0.413	0.4131	0.4131	0.4132	0.413	 0.4129	0.413	0.4131	0.413	0.4131	0.413


 

Model	Model 4. EMISIONES 1	Model 4. EMISIONES 2	Model 4. EMISIONES 3	Model 4. EMISIONES 4	Model 4. EMISIONES 5	Model 4. EMISIONES 6	Model 4. EMISIONES 7	Model 4. EMISIONES 8	Model 4. EMISIONES 9	Model 4. EMISIONES 10	Model 4. EMISIONES 11	Model 4. EMISIONES 12
intercept	 	 	 	 	 	 	 	 	 	 	 	 
PD2022	 0.4968205***	 0.4968329***	 0.4967552***	 0.4968376***	 0.4967294***	 0.4967973***	 0.4967999***	 0.4968055***	 0.4967372***	 0.4968158***	 0.4968822***	 0.49697231***
size_2023	 0.0011401   	 0.0012372   	 0.0012512   	 0.0011852   	 0.0011473   	 0.0011092   	 0.0009869   	 0.0009765   	 0.0011198   	 0.0009504   	 0.0008230   	 0.00068561   
BTM_2023	-0.0006102   	-0.0006071   	-0.0006068   	-0.0006066   	-0.0006114   	-0.0006120   	-0.0006168   	-0.0006174   	-0.0006131   	-0.0006181   	-0.0006220   	-0.00062495   
LV_2023	 0.1982232***	 0.1984612***	 0.1984853***	 0.1983364***	 0.1982436***	 0.1981224***	 0.1978182***	 0.1977608***	 0.1981543***	 0.1977221***	 0.1974126***	 0.19707316***
ROA_2023	-0.1705435***	-0.1701236***	-0.1702031***	-0.1703078***	-0.1705158***	-0.1705844***	-0.1710610***	-0.1711579***	-0.1706126***	-0.1712265***	-0.1716460***	-0.17209274***
LOW_30	-0.0002377  	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.0002756  	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.0002718  	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.0026845*  	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.0002293   	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0002169   	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.0001725 	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.0001646 	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.0002169   	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.0001584  	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.0001142	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.00007406
LN_EMISIONES_2022	-0.0026960*  	-0.0026810*  	-0.0026849*  	-0.0002506 	-0.0026977*  	-0.0026970*  	-0.0027104*  	-0.0027095*  	-0.0027017*  	-0.0027117*  	-0.0027248*  	-0.00273084*  
R-squared	0.4457	0.4458	0.4458	0.4457	0.4457	0.4457	0.4456	0.4456	0.4457	0.4456	0.4456	0.4456

Model	Model 3. EMISSIONSREL 1	Model 3. EMISSIONSREL 2	Model 3. EMISSIONSREL 3	Model 3. EMISSIONSREL 4	Model 3. EMISSIONSREL 5	Model 3. EMISSIONSREL 6	Model 3. EMISSIONSREL 7	Model 3. EMISSIONSREL 8	Model 3. EMISSIONSREL 9	Model 3. EMISSIONSREL 10	Model 3. EMISSIONSREL 11	Model 3. EMISSIONSREL 12
intercept	 0.1269910***	 0.1247362***	 0.1297759***	 0.1262328***	 0.1303181***	 0.1283068***	 0.1316277***	 0.1337368***	 0.1315412***	 0.1321394***	 0.1404204***	 0.1413043***
PD2022	 0.5050857***	 0.5052116***	 0.5051322***	 0.5052150***	 0.5047766***	 0.5049183***	 0.5046450***	 0.5046948***	 0.5047595***	 0.5045969***	 0.5046710***	 0.5046256***
size_2023	-0.0054980** 	-0.0054822** 	-0.0054595** 	-0.0054793** 	-0.0054586** 	-0.0054596** 	-0.0054664** 	-0.0054360** 	-0.0054476** 	-0.0054390** 	-0.0054440** 	-0.0054351** 
BTM_2023	-0.0005158   	-0.0005175   	-0.0005108   	-0.0005081   	-0.0005177   	-0.0005185   	-0.0005237   	-0.0005244   	-0.0005205   	-0.0005263   	-0.0005288   	-0.0005320   
LV_2023	 0.1870193***	 0.1870104***	 0.1869547***	 0.1869940***	 0.1870622***	 0.1869567***	 0.1868944***	 0.1866786***	 0.1869872***	 0.1868847***	 0.1867495***	 0.1865755***
ROA_2023	-0.1861718***	-0.1858455***	-0.1860314***	-0.1857991***	-0.1858847***	-0.1857293***	-0.1860043***	-0.1862306***	-0.1858442***	-0.1862215***	-0.1861325***	-0.1864395***
LOW_30	-0.0010646*  	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.0010444*  	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.0011217** 	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.0010431*  	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.0010937** 	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0010496*	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.0010738*  	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.0010882*  	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.0011020** 	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.0010685*  	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.0011522** 	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0011323*  
LN_EMISSIONSREL_2022	-0.0023691   	-0.0023513   	-0.0023066   	-0.0023305   	-0.0023325   	-0.0023475   	-0.0023498   	-0.0023128   	-0.0023318   	-0.0023374   	-0.0023063   	-0.0023053   
R-squared	0.3885	0.3886	0.3888	0.3886	0.3887	0.3885	0.3885	0.3886	0.3887	0.3885	0.3886	0.3885

 
Model	Model 4. EMISSIONSREL 1	Model 4. EMISSIONSREL 2	Model 4. EMISSIONSREL 3	Model 4. EMISSIONSREL 4	Model 4. EMISSIONSREL 5	Model 4. EMISSIONSREL 6	Model 4. EMISSIONSREL 7	Model 4. EMISSIONSREL 8	Model 4. EMISSIONSREL 9	Model 4. EMISSIONSREL 10	Model 4. EMISSIONSREL 11	Model 4. EMISSIONSREL 12
intercept	 	 	 	 	 	 	 	 	 	 	 	 
PD2022	 0.4982708***	 0.4982774***	 0.4982263***	 0.4982801***	 0.4982179***	 0.4982571***	 0.49828289***	 0.4982899***	 0.4982270***	 0.49829957***	 0.49838208***	 0.49846427***
size_2023	-0.0004997   	-0.0003760   	-0.0003800   	-0.0004377   	-0.0005123   	-0.0005437   	-0.00070258   	-0.0007183   	-0.0005497   	-0.00074557   	-0.00092354   	-0.00107871   
BTM_2023	-0.0005483   	-0.0005456   	-0.0005456   	-0.0005457   	-0.0005494   	-0.0005498   	-0.00055360   	-0.0005541   	-0.0005506   	-0.00055456   	-0.00055759   	-0.00055971   
LV_2023	 0.1985856***	 0.1987812***	 0.1987800***	 0.1986798***	 0.1985708***	 0.1984980***	 0.19823225***	 0.1981912***	 0.1984984***	 0.19815664***	 0.19785772***	 0.19759744***
ROA_2023	-0.1766911***	-0.1762419***	-0.1763428***	-0.1764446***	-0.1767279***	-0.1767927***	-0.17732197***	-0.1773967***	-0.1768481***	-0.17747140***	-0.17799542***	-0.17843322***
LOW_30	-0.0001515   	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.0001949   	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.0001882   	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.0001694   	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.0001410   	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0001306   	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.00007926   	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.0000724   	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.0001274   	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.00006514   	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.00001281   	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	 0.00002892 
LN_EMISSIONSREL_2022	-0.0026240.  	-0.0025818.  	-0.0025882.  	-0.0025998.  	-0.0026297.  	-0.0026369.  	-0.00268372.  	-0.0026876.  	-0.0026419.  	-0.00269508.  	-0.00274259.  	-0.00278059.  
R-squared	0.4455	0.4456	0.4456	0.4456	0.4455	0.4455	0.4455	0.4455	0.4455	0.4455	0.4455	0.4455
 
Model	Model 3. ENV_INV_INI 1	Model 3. ENV_INV_INI 2	Model 3. ENV_INV_INI 3	Model 3. ENV_INV_INI 4	Model 3. ENV_INV_INI 5	Model 3. ENV_INV_INI 6	Model 3. ENV_INV_INI 7	Model 3. ENV_INV_INI 8	Model 3. ENV_INV_INI 9	Model 3. ENV_INV_INI 10	Model 3. ENV_INV_INI 11	Model 3. ENV_INV_INI 12
intercept	 0.09181814** 	 0.08955373** 	 0.09427877** 	 0.09187821** 	 0.09580378** 	 0.09398086** 	 0.09765361** 	 0.09934115** 	 0.09688006** 	 0.09834841** 	 0.10747123** 	 0.1083332** 
PD2022	 0.52620556***	 0.52624538***	 0.52616975***	 0.52626514***	 0.52576702***	 0.52594113***	 0.52566443***	 0.52566269***	 0.52578115***	 0.52560058***	 0.52559636***	 0.5255627***
size_2023	-0.00321405*  	-0.00320779*  	-0.00318586.  	-0.00320487.  	-0.00317520.  	-0.00317908.  	-0.00316930.  	-0.00313889.  	-0.00316592.  	-0.00313878.  	-0.00313815.  	-0.0031261.  
BTM_2023	-0.00004537   	-0.00004609   	-0.00003865   	-0.00003416   	-0.00004748   	-0.00004763   	-0.00005396   	-0.00005278   	-0.00005062   	-0.00005494   	-0.00005784   	-0.0000606   
LV_2023	 0.17271723***	 0.17280254***	 0.17279489***	 0.17284058***	 0.17286369***	 0.17278426***	 0.17276424***	 0.17266728***	 0.17276698***	 0.17277580***	 0.17268178***	 0.1725444***
ROA_2023	-0.09077967***	-0.09062646***	-0.09064974***	-0.09052490***	-0.09069279***	-0.09067223***	-0.09071497***	-0.09079697***	-0.09067613***	-0.09084464***	-0.09082943***	-0.0908865***
LOW_30	-0.00118256**	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.00116086** 	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.00122735** 	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.00117155** 	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.00121719** 	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.00117556** 	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.00120688** 	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.00120919** 	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.00122014** 	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.00120218** 	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.00129351** 	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0012697** 
ENV_INV_INI_2022Y	-0.01079555   	-0.01073313   	-0.01068283   	-0.01063678   	-0.01076058   	-0.01080412   	-0.01089093   	-0.01086163   	-0.01080057   	-0.01090849   	-0.01085645   	-0.0109473   
R-squared	0.3839	0.3839	0.3841	0.384	0.3841	0.3839	0.3839	0.3839	0.384	0.3839	0.3841	0.3839

 
Model	Model 4. ENV_INV_INI 1	Model 4. ENV_INV_INI 2	Model 4. ENV_INV_INI 3	Model 4. ENV_INV_INI 4	Model 4. ENV_INV_INI 5	Model 4. ENV_INV_INI 6	Model 4. ENV_INV_INI 7	Model 4. ENV_INV_INI 8	Model 4. ENV_INV_INI 9	Model 4. ENV_INV_INI 10	Model 4. ENV_INV_INI 11	Model 4. ENV_INV_INI 12
intercept	 	 	 	 	 	 	 	 	 	 	 	 
PD2022	 0.52620556***	 0.52624538***	 0.52616975***	 0.52626514***	 0.52576702***	 0.52594113***	 0.52566443***	 0.52566269***	 0.52578115***	 0.52560058***	 0.52559636***	 0.5255627***
size_2023	-0.00321405*  	-0.00320779*  	-0.00318586.  	-0.00320487.  	-0.00317520.  	-0.00317908.  	-0.00316930.  	-0.00313889.  	-0.00316592.  	-0.00313878.  	-0.00313815.  	-0.0031261.  
BTM_2023	-0.00004537   	-0.00004609   	-0.00003865   	-0.00003416   	-0.00004748   	-0.00004763   	-0.00005396   	-0.00005278   	-0.00005062   	-0.00005494   	-0.00005784   	-0.0000606   
LV_2023	 0.17271723***	 0.17280254***	 0.17279489***	 0.17284058***	 0.17286369***	 0.17278426***	 0.17276424***	 0.17266728***	 0.17276698***	 0.17277580***	 0.17268178***	 0.1725444***
ROA_2023	-0.09077967***	-0.09062646***	-0.09064974***	-0.09052490***	-0.09069279***	-0.09067223***	-0.09071497***	-0.09079697***	-0.09067613***	-0.09084464***	-0.09082943***	-0.0908865***
LOW_30	-0.00118256** 	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.00116086** 	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.00122735** 	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.00117155** 	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.00121719** 	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.00117556** 	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.00120688** 	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.00120919** 	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.00122014** 	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.00120218** 	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.00129351** 	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0012697** 
ENV_INV_INI_2022N	 0.09181814** 	 0.08955373** 	 0.09427877** 	 0.09187821** 	 0.09580378** 	 0.09398086** 	 0.09765361** 	 0.09934115** 	 0.09688006** 	 0.09834841** 	 0.10747123** 	 0.1083332** 
ENV_INV_INI_2022Y	 0.08102260*  	 0.07882060*  	 0.08359594*  	 0.08124143*  	 0.08504320*  	 0.08317673*  	 0.08676268*  	 0.08847952** 	 0.08607949*  	 0.08743992*  	 0.09661479** 	 0.0973859** 
R-squared	0.4465	0.4466	0.4467	0.4466	0.4467	0.4466	0.4465	0.4466	0.4467	0.4465	0.4467	0.4466

Model	Model 3. COMP_SUST 1	Model 3. COMP_SUST 2	Model 3. COMP_SUST 3	Model 3. COMP_SUST 4	Model 3. COMP_SUST 5	Model 3. COMP_SUST 6	Model 3. COMP_SUST 7	Model 3. COMP_SUST 8	Model 3. COMP_SUST 9	Model 3. COMP_SUST 10	Model 3. COMP_SUST 11	Model 3. COMP_SUST 12
intercept	 0.1007621***	 0.09835028***	 0.10313436***	 0.10069735***	 0.10480646***	 0.1029617***	 0.10683185***	 0.10853926***	 0.10594653***	 0.10756161***	 0.11681148***	 0.1178206***
PD2022	 0.5278887***	 0.52791760***	 0.52783041***	 0.52792332***	 0.52742695***	 0.5276140***	 0.52734313***	 0.52733384***	 0.52745122***	 0.52727732***	 0.52726256***	 0.5272406***
size_2023	-0.0040762*  	-0.00406212*  	-0.00403602*  	-0.00405027*  	-0.00403326*  	-0.0040398*  	-0.00404029*  	-0.00400345*  	-0.00403036*  	-0.00400810*  	-0.00400169*  	-0.0039957*  
BTM_2023	 0.0000838   	 0.00008199   	 0.00008903   	 0.00009323   	 0.00008093   	 0.0000813   	 0.00007604   	 0.00007652   	 0.00007862   	 0.00007489   	 0.00007097   	 0.0000690   
LV_2023	 0.1723753***	 0.17246645***	 0.17246024***	 0.17251504***	 0.17251936***	 0.1724407***	 0.17240873***	 0.17230889***	 0.17242089***	 0.17241537***	 0.17232514***	 0.1721716***
ROA_2023	-0.0912498***	-0.09108856***	-0.09111133***	-0.09097113***	-0.09117036***	-0.0911450***	-0.09120279***	-0.09128829***	-0.09115008***	-0.09134472***	-0.09132262***	-0.0913965***
LOW_30	-0.0012247** 	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.00120191** 	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.00126914** 	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.00121329** 	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.00125914** 	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0012165** 	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.00124870** 	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.00125093** 	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.00126199** 	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.00124386** 	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.00133580** 	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0013121** 
COMP_SUST_2022Y	 0.0050404   	 0.00496997   	 0.00494940   	 0.00492037   	 0.00500833   	 0.0050187   	 0.00510544   	 0.00504067   	 0.00508592   	 0.00507363   	 0.00501398   	 0.0050355   
R-squared	0.3833	0.3834	0.3836	0.3835	0.3835	0.3834	0.3834	0.3834	0.3835	0.3833	0.3835	0.3834
 
Model	Model 4. COMP_SUST 1	Model 4. COMP_SUST 2	Model 4. COMP_SUST 3	Model 4. COMP_SUST 4	Model 4. COMP_SUST 5	Model 4. COMP_SUST 6	Model 4. COMP_SUST 7	Model 4. COMP_SUST 8	Model 4. COMP_SUST 9	Model 4. COMP_SUST 10	Model 4. COMP_SUST 11	Model 4. COMP_SUST 12
intercept	 	 	 	 	 	 	 	 	 	 	 	 
PD2022	 0.5278887***	 0.52791760***	 0.52783041***	 0.52792332***	 0.52742695***	 0.5276140***	 0.52734313***	 0.52733384***	 0.52745122***	 0.52727732***	 0.52726256***	 0.5272406***
size_2023	-0.0040762*  	-0.00406212*  	-0.00403602*  	-0.00405027*  	-0.00403326*  	-0.0040398*  	-0.00404029*  	-0.00400345*  	-0.00403036*  	-0.00400810*  	-0.00400169*  	-0.0039957*  
BTM_2023	 0.0000838   	 0.00008199   	 0.00008903   	 0.00009323   	 0.00008093   	 0.0000813   	 0.00007604   	 0.00007652   	 0.00007862   	 0.00007489   	 0.00007097   	 0.0000690   
LV_2023	 0.1723753***	 0.17246645***	 0.17246024***	 0.17251504***	 0.17251936***	 0.1724407***	 0.17240873***	 0.17230889***	 0.17242089***	 0.17241537***	 0.17232514***	 0.1721716***
ROA_2023	-0.0912498***	-0.09108856***	-0.09111133***	-0.09097113***	-0.09117036***	-0.0911450***	-0.09120279***	-0.09128829***	-0.09115008***	-0.09134472***	-0.09132262***	-0.0913965***
LOW_30	-0.0012247** 	 	 	 	 	 	 	 	 	 	 	 
MEDIUM_30	 	-0.00120191** 	 	 	 	 	 	 	 	 	 	 
MEDIUMHIGH_30	 	 	-0.00126914** 	 	 	 	 	 	 	 	 	 
HIGH_30	 	 	 	-0.00121329** 	 	 	 	 	 	 	 	 
LOW_40	 	 	 	 	-0.00125914** 	 	 	 	 	 	 	 
MEDIUM_40	 	 	 	 	 	-0.0012165** 	 	 	 	 	 	 
MEDIUMHIGH_40	 	 	 	 	 	 	-0.00124870** 	 	 	 	 	 
HIGH_40	 	 	 	 	 	 	 	-0.00125093** 	 	 	 	 
LOW_50	 	 	 	 	 	 	 	 	-0.00126199** 	 	 	 
MEDIUM_50	 	 	 	 	 	 	 	 	 	-0.00124386** 	 	 
MEDIUMHIGH_50	 	 	 	 	 	 	 	 	 	 	-0.00133580** 	 
HIGH_50	 	 	 	 	 	 	 	 	 	 	 	-0.0013121** 
COMP_SUST_2022N	 0.1007621***	 0.09835028***	 0.10313436***	 0.10069735***	 0.10480646***	 0.1029617***	 0.10683185***	 0.10853926***	 0.10594653***	 0.10756161***	 0.11681148***	 0.1178206***
COMP_SUST_2022Y	 0.1058025***	 0.10332025***	 0.10808377***	 0.10561772***	 0.10981479***	 0.1079804***	 0.11193729***	 0.11357994***	 0.11103245***	 0.11263524***	 0.12182546***	 0.1228561***
R-squared	 0.446	 0.446	0.4462	0.4461	0.4461	 0.446	 0.446	 0.446	0.4461	 0.446	0.4462	 0.446




 
Interpretation:
emission and environmental actions. Seen if the effect of physical risk is different for companies with more active in terms of environmental responsibility … write this part
How affect intercept… write this part
Conclusion:
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2. Conclusion

This analysis provides a comprehensive examination of the determinants impacting PD2023, with a specific focus on emissions variables. By estimating 12 different models, we have identified several key insights and robust findings.
2.1 PD2022 and control variables

1. PD2022: Consistently positive and highly significant across all models, indicating a strong predictive power for PD2023.
2. size_2023: Generally exhibits a negative and significant relationship with PD2023, suggesting larger firm size tends to reduce PD2023.
3. LV_2023 (Leverage): Shows a positive and significant impact across all models, highlighting that higher leverage is associated with higher PD2023.
4. ROA_2023 (Return on Assets): Demonstrates a negative and significant relationship, implying that higher profitability is linked with lower PD2023.
5. CAPEX_2023 (Capital Expenditure): Positive and significant in many models, indicating that higher capital expenditure is positively correlated with PD2023.
2.2. Physical escecearios
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2.2 PD2022 Emissions and environmental actions Variables:

Absolute Emissions (LN_EMISIONES_2022):
- Models 5-8 incorporate LN_EMISIONES_2022.
- Consistently negative and significant coefficients across these models indicate that higher absolute emissions in 2022 are associated with lower PD2023.
- Significance levels increase from 10% to 1% as models are streamlined, reinforcing the robustness of this relationship.

Relative Emissions (LN_EMISSIONSREL_2022):
- Models 9-12 incorporate LN_EMISSIONSREL_2022.
- Similar to absolute emissions, LN_EMISSIONSREL_2022 shows a consistent negative and significant relationship with PD2023.
- Increasing significance from 10% to 1% across models indicates that higher relative emissions also detract from PD2023.

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2.3 Overall Insights

1. Strong Predictors: Key determinants such as PD2022, LV_2023, ROA_2023, and CAPEX_2023 consistently show significant impacts on PD2023, highlighting their importance in predictive models.
2. Emissions Impact: The negative relationships with PD2023 for both absolute emissions (LN_EMISIONES_2022) and relative emissions (LN_EMISSIONSREL_2022) underscore the importance of environmental performance on financial outcomes.
3. Model Robustness: The stability and significance of emissions variables across different model configurations imply that emissions are an indispensable component of understanding PD2023 dynamics.

2.4 Concluding Remarks
This study underscores the multi-faceted nature of determinants affecting PD2023, emphasizing both traditional financial metrics and environmental performance. The consistent negative impact of emissions highlights the growing imperative for sustainable business practices. Companies should prioritize reducing emissions and improving environmental performance to potentially achieve better financial outcomes and enhance stakeholder trust. These insights can guide strategic decisions, policy-making, and further research, advancing the understanding of the complex interplay between environmental factors and financial performance.