|
| (1) | (2) | (3) |
|
| ROA | TRANS | ROA |
| ESG | 0.002*** | 0.013*** | 0.001* |
|
| (4.14) | (8.64) | (1.67) |
| TRANS |
|
| 0.114*** |
|
|
|
| (30.55) |
| Lev | −0.156*** | −0.158*** | −0.138*** |
|
| (−25.15) | (−11.26) | (−23.66) |
| Growth | 0.028*** | 0.035*** | 0.024*** |
|
| (21.06) | (9.92) | (19.97) |
| Size | 0.016*** | 0.068*** | 0.009*** |
|
| (9.43) | (15.09) | (5.34) |
| Turnover | 0.050*** | 0.075*** | 0.041*** |
|
| (12.48) | (8.12) | (11.55) |
| Age | −0.001 | 0.007 | −0.001 |
|
| (−0.20) | (0.73) | (−0.50) |
| Cons | −0.278*** | −1.175*** | −0.145*** |
|
| (−7.26) | (−11.61) | (−4.05) |
| 时间效应 | 控制 | 控制 | 控制 |
| 个体效应 | 控制 | 控制 | 控制 |
| N | 16,961 | 16,961 | 16,961 |
| R2 | 0.258 | 0.119 | 0.339 |
| F | 100.910 | 68.929 | 151.503 |