|
| (1) | (2) |
|
| Opinion | Opinion |
| Opinion |
|
|
| ESG | 0.1615*** | 0.1612*** |
|
| (0.031) | (0.031) |
| Size | 0.1205*** | 0.1437*** |
|
| (0.046) | (0.048) |
| Lev | −1.5655*** | −1.6697*** |
|
| (0.253) | (0.260) |
| Roa | 4.4225*** | 4.0504*** |
|
| (0.700) | (0.719) |
| TobinQ | −0.0222 | −0.0236 |
|
| (0.034) | (0.035) |
| Loss | −0.2591** | −0.2717** |
|
| (0.123) | (0.124) |
| Cash | 0.3552 | 0.3706 |
|
| (0.248) | (0.252) |
| Rec | 2.3906*** | 2.6061*** |
|
| (0.591) | (0.606) |
| Inv | 1.5028*** | 1.5258*** |
|
| (0.471) | (0.474) |
| Liq | −0.4539 | −0.5022* |
|
| (0.291) | (0.296) |
| Soe | 0.1220 | 0.0939 |
|
| (0.092) | (0.093) |
| Inst | 0.2426 | 0.2638 |
|
| (0.227) | (0.232) |
| Top1 | 0.2020 | 0.1393 |
|
| (0.304) | (0.314) |
| Indep | 0.3419 | 0.3840 |
|
| (0.722) | (0.732) |
| Big4 | −0.0677 | −0.1064 |
|
| (0.154) | (0.156) |
| Tenure | 0.0075 | 0.0084 |
|
| (0.007) | (0.007) |
| _cons | −1.5601 | −1.5136 |
|
| (1.102) | (1.147) |
| N | 8839 | 8839 |
| r2_a |
|
|
| year | No | Yes |
| industry | Yes | Yes |