|
| (1) | (2) | (3) |
| 变量 | ESG | ESG | ESG |
| EGP | 0.050*** | 0.027*** | 0.025** |
|
| (5.961) | (3.305) | (1.981) |
| LEV |
| −0.724*** | −0.812*** |
|
|
| (−15.215) | (−8.236) |
| ROA |
| 2.659*** | 0.696*** |
|
|
| (18.481) | (3.382) |
| SIZE |
| 0.233*** | 0.247*** |
|
|
| (30.730) | (9.675) |
| INDEP |
| 1.670*** | 1.140*** |
|
|
| (10.243) | (3.983) |
| BOARD |
| 0.146** | 0.089 |
|
|
| (3.137) | (0.884) |
| DUAL |
| −0.006 | 0.015 |
|
|
| (−0.395) | (0.543) |
| FIRST |
| −0.055 | 0.123 |
|
|
| (−1.071) | (0.825) |
| AGE |
| −0.196*** | −0.201*** |
|
|
| (−20.696) | (−6.859) |
| GROWTH |
| −0.154*** | −0.070*** |
|
|
| (−6.736) | (−3.002) |
| CONSTANT | 4.118*** | −1.363*** | −1.201 |
|
| (345.812) | (−7.624) | (−1.637) |
| IND | 未控制 | 未控制 | 控制 |
| YEAR | 未控制 | 未控制 | 控制 |
| F | 36 | 255 | 12 |
| N | 19325 | 19325 | 19325 |
| ADJ.R2 | 0.002 | 0.116 | 0.041 |