- Note: Standard errors are in parentheses. *** p < 0.01, ** p < 0.05, * p < 0.1. The lag-variable model (LV1) was used from Model 1 to Model 9. The independent variables of the environment are Environmental Score; Carbon Emissions Score; Raw Material Sourcing Score; Water Stress Score; Water Stress (Management Score); Toxic Emissions & Waste Score; Toxic Emissions & Waste (Management Score); Opportunities in Clean Tech Score, and Opportunities in Clean Tech (Management Score). The sample size is smaller than the number of total observation is because the missing values of independent variables
