变量

(1)

(2)

AUTI

AUTI

非国有企业

国有企业

ESG

−0.0044**

−0.0032

(−2.2602)

(−1.0405)

Size

0.0458***

0.0313***

(5.3862)

(2.5929)

Lev

0.0222

0.0695*

(0.9176)

(1.6740)

Roa

−0.3026***

−0.2845***

(−10.0365)

(−4.5311)

Tobinq

−0.0060***

−0.0054

(−2.7414)

(−1.3321)

Age

0.0062

−0.0151

(0.5809)

(−0.6780)

First

0.0006

0.0008

(1.1444)

(1.3166)

Ihold

−0.0004

0.0005

(−1.5929)

(1.1707)

Fee

0.0146

−0.0000

(1.2790)

(−0.0002)

Opin

−0.0547***

−0.0338*

(−5.8064)

(−1.9213)

Constant

3.4934***

3.7873***

(17.4589)

(13.7759)

Year

YES

YES

Industry

YES

YES

Obs

9295

4545

R-sq

0.1423

0.1885

Number

2330

997