| 润灵esg | L润灵esg | L2润灵esg | L3润灵esg |
Patent | 0.008*** | 0.010*** | 0.007*** | 0.003* |
| (0.002) | (0.002) | (0.002) | (0.002) |
risk | −0.124 | −0.331*** | −0.367*** | −0.318*** |
| (0.077) | (0.090) | (0.088) | (0.075) |
_cons | −2.308*** | −2.725*** | −2.021*** | −1.018*** |
| (0.143) | (0.177) | (0.187) | (0.173) |
N | 39042 | 33613.000 | 29578.000 | 26201.000 |
r2 | 0.191 | 0.209 | 0.222 | 0.207 |
Controls | √ | √ | √ | √ |
IND | Yes | Yes | Yes | Yes |
year | Yes | Yes | Yes | Yes |