(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 |