|
| (1) | (2) |
|
| First stage | Second stage |
| 变量 | ESG | ROA |
| ESG_1 | 0.321*** |
|
|
| (13.83) |
|
| ESG |
| 0.011*** |
|
|
| (3.17) |
| lev | −0.979*** | −0.146*** |
|
| (−12.47) | (−23.15) |
| growth | −0.044** | 0.029*** |
|
| (−2.14) | (22.35) |
| size | 0.239*** | 0.014*** |
|
| (11.70) | (9.19) |
| turnover | 0.067* | 0.049*** |
|
| (1.67) | (17.54) |
| Age | 0.006 | −0.000 |
|
| (0.15) | (−0.15) |
| 时间效应 | 控制 | 控制 |
| 个体效应 | 控制 | 控制 |
| N | 16,477 | 16,477 |
| R2 |
| 0.235 |
| Number of id | 2603 | 2603 |