变量

(1)

(1)

ESG_WIND

ESG_PB

EGP

0.031^**

0.386^***

(2.408)

(3.033)

LEV

−0.355^***

−3.468^***

(−3.422)

(−3.445)

ROA

−0.039

0.890

(−0.288)

(0.449)

SIZE

0.193^***

1.252^***

(5.615)

(4.238)

INDEP

0.572^*

6.197^**

(1.912)

(2.389)

BOARD

0.112

0.974

(1.067)

(1.082)

DUAL

−0.051^*

−0.068

(−1.914)

(−0.233)

FIRST

0.468^***

2.327

(2.720)

(1.376)

AGE

0.020

0.956^*

(0.351)

(1.909)

GROWTH

−0.038

0.071

(−1.565)

(0.314)

CONSTANT

1.005

−15.803^**

(1.224)

(−2.230)

IND

Yes

Yes

YEAR

Yes

Yes

N

9677

5583

ADJ.R²

0.062

0.687