变量

(1)

(2)

(3)

(4)

AUTI

IV

AUTI

AUTI

ESG

−0.0043^***

0.0148^***

−0.0041^**

(−2.6485)

(3.6308)

(−2.5118)

IV

−0.0143^***

(−3.6156)

L.ESG

−0.0060^***

(−3.4253)

Size

0.0420^***

0.1910^***

0.0447^***

0.0426^***

(6.3837)

(9.0495)

(6.7524)

(5.6954)

Lev

0.0276

−0.0375

0.0271

0.0272

(1.3617)

(−0.6034)

(1.3391)

(1.1805)

Roa

−0.2955^***

0.1168^*

−0.2938^***

−0.2715^***

(−11.2861)

(1.7542)

(−11.2440)

(−9.7063)

Tobinq

−0.0059^***

0.0713^***

−0.0049^**

−0.0025

(−3.1090)

(11.9529)

(−2.5607)

(−1.1638)

Age

−0.0015

−0.1413^***

−0.0035

−0.0211

(−0.1726)

(−5.1016)

(−0.4124)

(−1.5370)

First

0.0008^**

−0.0033^***

0.0007^**

0.0006

(2.2040)

(−3.5016)

(2.0654)

(1.5252)

Ihold

−0.0002

−0.0058^***

−0.0003

−0.0007^***

(−0.9577)

(−8.6268)

(−1.3338)

(−2.7279)

Fee

0.0092

0.0517^**

0.0099

0.0101

(1.0599)

(2.4205)

(1.1465)

(0.9795)

Opin

−0.0466^***

−0.0772^***

−0.0477^***

−0.0456^***

(−5.7692)

(−4.0475)

(−5.9205)

(−5.5547)

Constant

3.5639^***

1.9891^***

3.5924^***

3.5980^***

(22.6373)

(3.9248)

(22.9169)

(19.9875)

Year

YES

YES

YES

YES

Industry

YES

YES

YES

YES

Obs

13,840

13,840

13,840

10,380

R-sq

0.1501

0.2825

0.1513

0.1305

Number

3,172

3,172

3,172

2,606