变量名

Inve

Overinvest

Underinvest

Inve

Overinvest

Underinvest

ESG

−0.032^***

−0.064^***

−0.014^***

−0.021^***

−0.043^**

−0.010^**

(−4.36)

(−3.78)

(−3.14)

(−2.60)

(−2.29)

(−1.99)

Med

0.016^**

0.023^*

0.015^***

(2.43)

(1.68)

(3.15)

ESG * Med

−0.090^***

−0.150^**

−0.065^***

(−3.08)

(−2.27)

(−3.31)

Size

0.003^***

0.003^**

0.002^***

0.003^***

0.004^***

0.003^***

(5.60)

(2.56)

(8.53)

(5.72)

(2.94)

(8.41)

Lev

0.012^***

0.042^***

−0.008^***

0.011^***

0.040^***

−0.008^***

(3.60)

(5.21)

(−4.16)

(3.46)

(5.02)

(−4.32)

Tang

−0.024^**

−0.027

0.022^***

−0.023^**

−0.025

0.017^***

(−2.41)

(−1.41)

(3.54)

(−2.31)

(−1.30)

(2.76)

Roa

0.053^***

0.128^***

−0.028^***

0.052^***

0.128^***

−0.023^***

(5.70)

(5.62)

(−5.72)

(5.66)

(5.60)

(−4.68)

Age

−0.010^***

−0.013^***

−0.010^***

−0.010^***

−0.013^***

−0.010^***

(−10.38)

(−5.96)

(−16.46)

(−10.49)

(−6.10)

(−16.28)

Cash

−0.014^***

−0.014

−0.004

−0.014^***

−0.014

−0.001

(−3.45)

(−1.33)

(−1.61)

(−3.36)

(−1.27)

(−0.30)

Board

−0.007^***

−0.011^**

−0.002

−0.007^***

−0.011^**

−0.003^**

(−2.79)

(−2.09)

(−1.51)

(−2.81)

(−2.08)

(−2.22)

Constant

0.060^***

0.070^**

0.007

0.051^***

0.051

0.006

(3.90)

(2.07)

(0.74)

(3.07)

(1.39)

(0.68)

Year

控制

控制

控制

控制

控制

控制

Industry

控制

控制

控制

控制

控制

控制

N

7297

2872

4425

7297

2872

4425

R-squared

0.083

0.088

0.207

0.084

0.090

0.200