The Multifaceted Sustainable Development and Export Intensity of Emerging Market Firms under Financial Constraints: The Role of ESG and Innovative Activity

Table 3

Potential determinants of financial constraints.

Variables	Expected direction of influence	Paper/reason
Workcap_banks	+	Zhang et al. [100]
Workcap_nonbanks	+	Zhang et al. [100]
Workcap_bonds	±	Teplova et al. [48]
Techlicence	−	Companies that have an ISO certificate or a foreign license have already passed the quality control procedure for business processes and products; therefore, these indicators serve as a quality criterion and a signal of sustainability
Iso	−
R&D	−	Zhang et al. [100]
Safe_energy_prod	−	Zhang et al. [100]
Advanced_lighting	−	Zhang et al. [100]
Foreign_share	−	Teplova et al. [17]
Gov_share	+	Teplova et al. [48]
Age	+	Teplova et al. [17]; Zhang et al. [100]
Age_sqr	−
Sizecode	−	Zhang et al. [100]
Num_empl	−	Zhang et al. [100]
Dummy_Asia	+	Macro-indicators characterize the level of a country’s economic development and business climate. The hypothesis about the significant influence of regional affiliation was confirmed by Teplova et al. [48]; Cai et al. [97]
Rate	+
Gdp_ln	−
Ind_ef	−
Ind_ps	−
Dummy_public	−	Public companies have passed the listing procedure, which is an external assessment of sustainability and reduces investment risks
Ownshare	+	Zhang et al. [100]
Shadow_econ	+	We assume that the presence of competitors causes certain restrictions for firms in connection with the struggle for resources, including financial ones. A similar conclusion was obtained by Eliwa et al. [101]
Num_competitors	+
Environment_manager	−	Zhang et al. [100]
Eco_standards	−	Zhang et al. [100]
Water_control	−	Zhang et al. [100]
Politic_gifts	−	Zhang et al. [94]
CEO_experience	−	Eliwa et al. [101]
Share_females_workers	−	Eliwa et al. [101]
Empl_education	−	Eliwa et al. [101]