(1)

(2)

(3)

ESG

EDI

ESG

DCG

0.054*** (0.016)

0.181*** (0.013)

0.054*** (0.016)

EDI

0.112*** (0.017)

Lev

−0.010*** (0.003)

0.004*** (0.001)

−0.010*** (0.003)

Cashflow

−0.003 (0.111)

0.224** (0.094)

−0.002 (0.109)

Growth

−0.002*** (0.001)

−0.001 (0.001)

−0.002*** (0.001)

Board

−0.081 (0.109)

−0.413*** (0.089)

−0.075 (0.109)

Dual

−0.013 (0.039)

−0.054 (0.033)

−0.009 (0.038)

Top1

0.007*** (0.002)

−0.008*** (0.002)

0.006*** (0.002)

_cons

4.078*** (0.252)

3.401*** (0.204)

3.869*** (0.256)

个体/年份 FE

控制

控制

控制

样本量

12171.000

12171.000

12171.000

r2

0.016

0.060

0.021