| (1) | (2) | (3) | |
| lnlscx | lnlscx | lnlscx | |
| ESG | 0.0256*** | 0.0290*** | 0.0294*** |
| (8.44) | (8.93) | (9.06) | |
| Cashflow | −0.0302 | −0.0605 | |
| (−0.66) | (−1.30) | ||
| Liquid | −0.00299 | −0.0005 | |
| (−0.94) | (−0.16) | ||
| FIXED | −0.111*** | −0.0628* | |
| (−3.35) | (−1.81) | ||
| ROA | 0.0588 | 0.109** | |
| (1.08) | (2.00) | ||
| Lev | −0.00324 | −0.00682** | |
| (−1.16) | (−2.45) | ||
| Indep | 0.000477 | 0.000803 | |
| (0.56) | (0.95) | ||
| TOP1 | −0.000661* | −0.000359 | |
| (−1.77) | (−0.97) | ||
| FirmAge | 0.137*** | −0.0638*** | |
| (10.56) | (−2.67) | ||
| TobinQ | −0.00735*** | −0.00313 | |
| (−2.77) | (−1.08) | ||
| Dual | −0.000132 | −0.00867 | |
| (−0.02) | (−1.01) | ||
| Board | 0.0310 | 0.0751*** | |
| (1.16) | (2.83) | ||
| 行业固定效应 | NO | NO | YES |
| 时间固定效应 | NO | NO | YES |
| _cons | 0.214*** | −0.196** | −0.0857 |
| (13.59) | (−2.08) | (−0.72) | |
| N | 35,325 | 32,399 | 32,399 |