| (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 |