(1)

(2)

(3)

Opinion

Risk1

Opinion

ESG

0.1633***

−0.0031***

0.1516***

(0.032)

(0.000)

(0.032)

Risk1

−3.7092***

(0.935)

_cons

−1.7449

0.2560***

−0.8654

(1.162)

(0.024)

(1.184)

N

8799

8865

8799

r2_a

0.0458

Control

Yes

Yes

Yes

year

Yes

Yes

Yes

industry

Yes

Yes

Yes