| (1) | (2) | |
| lnlscx | lnlscx | |
| ESG | 0.0325*** | −0.0206** |
| (4.95) | (−1.98) | |
| INST | 0.000319 | |
| (0.55) | ||
| INST * ESG | −0.0000761 | |
| (−0.60) | ||
| index | 0.000725 | |
| (1.29) | ||
| Index * ESG | 0.000149*** | |
| (3.76) | ||
| Controls | YES | YES |
| 行业固定效应 | YES | YES |
| 时间固定效应 | YES | YES |
| _cons | −0.0994 | 0.155 |
| (−0.80) | (0.72) | |
| N | 31370 | 27242 |