907 Adjusted R2 (%) 0.9 8.3 6.3

Dependent Variable

EnvAll (Hospitality and Tourism

Firms) EnvStr (Hospitality and Tourism

Firms) EnvCon (Hospitality and Tourism

Firms)

Independent Variables Model 7 Model 8 Model 9

Intercept 1.115** 0.153** 0.038** InvGrade 0.195** 0.258** 0.087** Stock return 0.024 0.028 0.006 LogSizea 0.100** 0.152** 0.057** N 606 606 606 Adjusted R2 (%) 7.0 12.0 7.4

(continued)

at CALIFORNIA STATE UNIV on June 12