| (1) | (2) | (3) | |
| lnlscx1 | lnlscx | lnlscx | |
| ESG | 0.0164*** | 0.0189*** | |
| (7.54) | (5.62) | ||
| ESG1 | 0.0219*** | ||
| (6.40) | |||
| Controls | YES | YES | YES |
| 行业固定效应 | YES | YES | YES |
| 时间固定效应 | YES | YES | YES |
| 个体固定效应 | NO | NO | YES |
| _cons | −0.299*** | −0.0132 | −0.109 |
| (−3.94) | (−0.10) | (−0.64) | |
| N | 32399 | 29615 | 32399 |