. Clustered standard errors in parentheses. * p < 0.10, ** p < 0.05, *** p < 0.01 Note: 1). Fixed-Effect in terms of factor (Stock) factor (Year) and factor (Industry) Methodology Hypothesis 2: Analysis of ESG

of Clustered Data Thai investors are classified into three clusters using investment proportions (Proportions of their money allocated to each investment type) Cash Holder 444 20% Old-Fashioned 1,573

, 2006). This specification also includes year fixed effects, industry fixed effects, and clustered standard errors by firm and year. Consistent with the 24 hypothesis II, I expect 𝛿1 to be positive

introduced of a registration platform for shareholder meetings to address challenges related to the ability of shareholders to participate in meetings, which are usually clustered around the month of April

companies and include both style and year fixed effects to account for unobservable factors that could affect fund flows. Standard errors are clustered at fund level to account for potential autocorrelation

keywords for their analysis by using the seed words provided by Guiso, Sapienza, and Zingalez (2015) and all other words clustered with the original seed words. A comprehensive list of all the keywords