(1)

(2)

(3)

Opinion

Opinion

Opinion

Opinion

L.ESG

0.1206***

(0.037)

ESG2

0.3457***

(0.077)

ESG

0.3247***

(0.080)

CSR

0.0026

(0.003)

_cons

−2.0920

−1.5221

−1.4915

(1.279)

(1.151)

(1.153)

N

7528.0000

8799.0000

8797.0000

Control

Yes

Yes

Yes

year

Yes

Yes

Yes

industry

Yes

Yes

Yes