全样本

INVW = 1

INVW = 0

(1)

(2)

(3)

INVH

ESG

0.006^***

0.007^***

0.003

(3.517)

(3.331)

(1.423)

ROA

−0.051

−0.006

−0.090^**

(−1.331)

(−0.121)

(−2.207)

EPS

0.014^***

0.017^***

0.012^**

(2.615)

(2.898)

(2.040)

TobinQ

0.012^***

0.009^***

0.010^***

(7.218)

(5.517)

(4.348)

LEV

0.031^***

0.017

0.028^**

(2.649)

(1.339)

(2.143)

SIZE

0.042^***

0.033^***

0.044^***

(15.252)

(11.237)

(14.159)

MB

−0.165^***

−0.137^***

−0.164^***

(−13.383)

(−10.978)

(−9.885)

SOE

0.047^***

0.022^***

0.053^***

(9.227)

(4.176)

(8.919)

DDBL

−0.207^***

−0.148^***

−0.233^***

(−6.336)

(−4.142)

(−6.566)

POWER

−0.026^***

−0.019^***

−0.023^***

(−5.783)

(−3.676)

(−4.960)

TOPSQ

1.318^***

1.107^***

1.478^***

(60.805)

(53.584)

(46.611)

Cons

−0.613^***

−0.391^***

−0.672^***

(−10.640)

(−6.278)

(−10.340)

年度效应

Yes

Yes

Yes

行业效应

Yes

Yes

Yes

观测值

22908

11596

11312

Adj R²

0.613

0.588

0.614