全样本

INVW2 = 1

INVW2 = 0

(1)

(4)

(5)

INVH

ESG

0.007^***

0.009^***

0.002

(3.758)

(3.890)

(0.939)

ROA

−0.032

0.014

−0.058

(−0.756)

(0.250)

(−1.261)

EPS

0.020^***

0.019^***

0.015^**

(3.552)

(3.098)

(2.260)

TobinQ

0.010^***

0.006^***

0.013^***

(5.752)

(2.726)

(5.326)

LEV

0.026^**

0.021

0.013

(1.987)

(1.436)

(0.861)

SIZE

0.037^***

0.029^***

0.042^***

(12.260)

(8.754)

(11.343)

MB

−0.143^***

−0.139^***

−0.131^***

(−10.569)

(−9.339)

(−7.466)

SOE

0.041^***

0.021^***

0.045^***

(7.323)

(3.468)

(6.354)

DDBL

−0.149^***

−0.092^**

−0.193^***

(−4.223)

(−2.368)

(−4.651)

POWER

−0.031^***

−0.027^***

−0.028^***

(−6.250)

(−4.340)

(−5.109)

TOPSQ

1.277^***

1.116^***

1.416^***

(50.541)

(43.729)

(40.288)

Cons

−0.503^***

−0.322^***

−0.595^***

(−8.071)

(−4.604)

(−7.953)

年度效应

Yes

Yes

Yes

行业效应

Yes

Yes

Yes

观测值

16106

8296

7810

Adj R²

0.613

0.578

0.642