VARIABLES

(1)

(2)

(3)

(4)

ESG

ESG

ESG

ESG

Digital

0.00303^***

0.00409

0.00133

0.000939

(0.000994)

(0.00293)

(0.00464)

(0.0100)

JR

−0.255^***

−0.202^*

−0.0885

0.112

(0.0496)

(0.114)

(0.145)

(0.138)

HMP

0.198^***

0.500^***

−0.400

0.665

(0.0757)

(0.187)

(0.282)

(0.404)

Ln_Scale

0.151^***

0.166^***

0.149^***

0.125^**

(0.0156)

(0.0350)

(0.0538)

(0.0597)

DT

0.000835^**

0.00186^**

0.000930

0.00384

(0.000386)

(0.000806)

(0.00298)

(0.00390)

NOP

−0.0252

−0.397

−0.366^***

−0.706

(0.0728)

(0.290)

(0.141)

(0.705)

NOCB

−0.00109

0.0195

0.0453^***

0.0261

(0.00211)

(0.0125)

(0.0161)

(0.0271)

Constant

2.536^***

4.420^*

4.903^**

8.630

(0.681)

(2.482)

(2.136)

(7.489)

Observations

7137

1369

834

386

R-squared

0.179

0.315

0.290

0.550