全样本

(1)

(2)

ESG

INVH_t−1

0.421^***

(3.800)

INVW2_t−1

0.187^***

(8.085)

ROA

1.359^***

1.337^***

(4.925)

(4.886)

EPS

0.035

0.034

(0.955)

(0.950)

TobinQ

0.008

0.008

(0.728)

(0.789)

LEV

−0.802^***

−0.814^***

(−8.444)

(−8.630)

SIZE

0.389^***

0.401^***

(20.012)

(21.523)

MB

−0.229^**

−0.275^***

(−2.357)

(−2.903)

SOE

0.381^***

0.367^***

(9.455)

(9.160)

DDBL

0.349

0.293

(1.334)

(1.130)

POWER

−0.071^**

−0.076^**

(−2.087)

(−2.247)

TOPSQ

−0.023

0.469^***

(−0.103)

(2.875)

Cons

−2.304^***

−2.475^***

(−5.410)

(−5.963)

年度效应

Yes

Yes

行业效应

Yes

Yes

观测值

16106

16106

Adj R²

0.299

0.303