Panel A全样本描述性统计 | ||||||||
变量名 | 样本量 | 均值 | 标准差 | 最小值 | Q1 | 中位数 | Q3 | 最大值 |
ESG | 22,908 | 6.533 | 1.147 | 3.000 | 6.000 | 6.000 | 7.000 | 9.000 |
INVH | 22,908 | 0.370 | 0.225 | 0.000 | 0.175 | 0.377 | 0.546 | 0.860 |
INVW | 22,908 | 0.506 | 0.500 | 0.000 | 0.000 | 1.000 | 1.000 | 1.000 |
ROA | 22,908 | 0.034 | 0.070 | −0.483 | 0.011 | 0.033 | 0.064 | 0.231 |
EPS | 22,908 | 0.326 | 0.594 | −2.591 | 0.073 | 0.242 | 0.518 | 3.573 |
TobinQ | 22,908 | 2.133 | 1.590 | 0.791 | 1.227 | 1.638 | 2.415 | 17.982 |
LEV | 22,908 | 0.455 | 0.205 | 0.052 | 0.296 | 0.452 | 0.609 | 0.934 |
SIZE | 22,908 | 22.355 | 1.291 | 19.478 | 21.461 | 22.192 | 23.092 | 26.516 |
MB | 22,908 | 0.616 | 0.260 | 0.056 | 0.414 | 0.611 | 0.815 | 1.265 |
SOE | 22,908 | 0.413 | 0.492 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
DDBL | 22,908 | 0.375 | 0.054 | 0.300 | 0.333 | 0.357 | 0.429 | 0.600 |
POWER | 22,908 | 0.233 | 0.423 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
TOPSQ | 22,908 | 0.099 | 0.109 | 0.000 | 0.013 | 0.061 | 0.151 | 0.562 |
Panel A子样本描述性统计 | ||||||||
变量 | 稳定型机构投资者 | 交易型机构投资者 | 差异性检验 | |||||
均值 | 中位数 | 标准差 | 均值 | 中位数 | 标准差 | 均值 | 中位数 | |
ESG | 6.679 | 6.000 | 1.160 | 6.383 | 6.000 | 1.114 | 19.664*** | 19.822*** |
INVH | 0.444 | 0.452 | 0.195 | 0.293 | 0.254 | 0.228 | 54.012*** | 51.305*** |
ROA | 0.036 | 0.034 | 0.064 | 0.031 | 0.033 | 0.074 | 5.551*** | 2.253** |
EPS | 0.363 | 0.256 | 0.604 | 0.289 | 0.229 | 0.581 | 9.423*** | 7.188*** |
TobinQ | 2.180 | 1.648 | 1.699 | 2.084 | 1.629 | 1.469 | 4.577*** | 0.741** |
LEV | 0.465 | 0.465 | 0.204 | 0.444 | 0.439 | 0.205 | 7.860*** | 7.972*** |
SIZE | 22.477 | 22.323 | 1.339 | 22.231 | 22.063 | 1.226 | 14.472*** | 14.567*** |
MB | 0.616 | 0.607 | 0.268 | 0.617 | 0.614 | 0.251 | −0.240 | −0.741** |
SOE | 0.501 | 1.000 | 0.500 | 0.322 | 0.000 | 0.467 | 28.074*** | 27.604*** |
DDBL | 0.375 | 0.357 | 0.055 | 0.376 | 0.357 | 0.054 | −1.473 | −1.814* |
POWER | 0.195 | 0.000 | 0.396 | 0.273 | 0.000 | 0.446 | −14.028*** | −13.968*** |
TOPSQ | 0.123 | 0.089 | 0.114 | 0.075 | 0.032 | 0.099 | 33.533*** | 42.172*** |
观测值 | 11596 | 11312 |
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