|
| 商道esg | L商道esg | L2商道esg | L3商道esg |
| Patent | 0.035*** | 0.036*** | 0.036*** | 0.024*** |
|
| (0.005) | (0.006) | (0.006) | (0.006) |
| risk | −0.278 | −0.925*** | −1.564*** | −1.913*** |
|
| (0.210) | (0.229) | (0.248) | (0.259) |
| _cons | −13.315*** | −11.251*** | −9.184*** | −6.581*** |
|
| (0.390) | (0.448) | (0.526) | (0.601) |
| N | 39042 | 33613.000 | 29578.000 | 26201.000 |
| r2 | 0.253 | 0.254 | 0.245 | 0.230 |
| Controls | √ | √ | √ | √ |
| IND | Yes | Yes | Yes | Yes |
| year | Yes | Yes | Yes | Yes |