| VARIABLES | (1) | (2) |
| IIP | IIP | |
| ESG | 3.126*** | 1.066*** |
|
| (0.474) | (0.360) |
| Digital | −0.00931 | 0.00448 |
|
| (0.0184) | (0.0139) |
| JR |
| −1.557* |
|
|
| (0.907) |
| HMP |
| −78.21*** |
|
|
| (1.565) |
| Ln_scale |
| 9.466*** |
|
|
| (0.287) |
| DT |
| −0.0566*** |
|
|
| (0.0107) |
| NOCB |
| 0.0579 |
|
|
| (0.0368) |
| NOP |
| −2.981** |
|
|
| (1.273) |
| Constant | 28.53*** | −81.62*** |
|
| (7.702) | (10.85) |
| Year | YES | YES |
| Industry | YES | YES |