| VARIABLES | (1) | (2) |
| ESG | ESG | |
| Digital | 0.00481*** | 0.00399*** |
|
| (0.000572) | (0.000567) |
| JR |
| −0.219*** |
|
|
| (0.0411) |
| HMP |
| 0.234*** |
|
|
| (0.0650) |
| Ln_scale |
| 0.153*** |
|
|
| (0.0128) |
| DT |
| 0.00129*** |
|
|
| (0.000424) |
| NOCB |
| −0.00186 |
|
|
| (0.00143) |
| NOP |
| 0.0403 |
|
|
| (0.0488) |
| Constant | 3.911*** | 1.539*** |
|
| (0.235) | (0.437) |
| Year | YES | YES |
| Industry | YES | YES |
| Observations | 10,218 | 10,218 |
| R-squared | 0.136 | 0.177 |