(1)

(2)

(3)

InvEff

OverInv

UnderInv

ESG

−0.229^***

−0.329^***

−0.172^***

(−9.36)

(−5.09)

(−11.89)

Size

−0.0697^**

−0.0603

−0.167^***

(−2.47)

(−0.84)

(−9.67)

Lev

1.285^***

4.858^***

−0.341^***

(8.08)

(10.63)

(−3.76)

ROA

3.771^***

12.51^***

−2.083^***

(7.59)

(8.26)

(−7.40)

Cashflow

2.497^***

2.832^**

−0.323

(6.22)

(2.43)

(−1.40)

Indep

0.621

1.098

0.101

(1.32)

(0.90)

(0.36)

TobinQ

0.0566^**

−0.0627

0.0819^***

(2.37)

(−0.97)

(5.77)

SOE

−0.257^***

−0.858^***

0.315^***

(−4.36)

(−5.31)

(9.13)

FirmAge

−0.528^***

−0.977^***

0.308^***

(−6.05)

(−4.45)

(5.77)

Top1

0.280

0.202

0.256^**

(1.55)

(0.44)

(2.35)

常数项

7.401^***

9.040^***

6.877^***

(11.42)

(5.54)

(17.38)

YearDum

控制

控制

控制

样本量

24,970

8666

16,304