(1)

(2)

(3)

(4)

SA1

lnlscx

gov

lnlscx

SA1

−0.368^***

(−9.62)

gov

0.00799^***

(3.77)

ESG

−0.00616^***

0.0272^***

0.101^***

0.0239^***

(−13.43)

(8.36)

(7.97)

(5.98)

Controls

YES

YES

YES

YES

行业固定效应

YES

YES

YES

YES

时间固定效应

YES

YES

YES

YES

_cons

2.476^***

0.781^***

14.46^***

−0.161

(138.22)

(5.25)

(35.60)

(−1.13)

N

32399

32399

22377

22377