(1)

(2)

(3)

(4)

(5)

全样本

国有

非国有

污染

非污染

ESG

−0.548^***

−0.612^***

−0.488^***

−0.328^**

−0.564^***

(−4.93)

(−6.20)

(−3.59)

(−2.66)

(−5.00)

Size

−0.0671^**

−0.0920^**

0.0254

−0.225^***

−0.0121

(−2.57)

(−2.25)

(0.49)

(−6.02)

(−0.34)

Lev

1.365^***

0.499

1.723^***

2.966^***

0.789^**

(7.98)

(1.71)

(10.95)

(11.46)

(2.98)

ROA

3.411^***

0.103

4.185^***

5.072^***

3.013^***

(4.84)

(0.11)

(5.36)

(5.84)

(3.42)

Cashflow

2.706^***

3.876^***

2.123^***

−0.912

3.677^***

(3.97)

(4.49)

(3.30)

(−1.36)

(4.45)

Indep

0.627^**

−2.099^**

2.871^***

1.467^*

0.574

(2.21)

(−3.06)

(5.74)

(1.90)

(1.13)

TobinQ

0.0508^*

0.0178

0.0727^***

0.0687

0.0442

(1.91)

(0.39)

(3.63)

(1.69)

(1.59)

SOE

−0.305^***

0

0

−0.349^**

−0.325^***

(−3.89)

(.)

(.)

(−2.79)

(−3.54)

FirmAge

−0.531^***

−0.612^***

−0.578^***

−0.488^*

−0.548^***

(−4.83)

(−4.18)

(−4.44)

(−2.16)

(−4.79)

Top1

0.341

−0.417

0.963^***

0.633

0.214

(1.48)

(−1.16)

(3.14)

(1.46)

(0.63)

常数项

7.217^***

9.866^***

3.859^**

9.465^***

6.250^***

(9.43)

(8.71)

(3.06)

(8.23)

(7.29)

YearDum

控制

控制

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样本量

24,970

10,000

14,970

7476

17,494