(1) Invest

(2) Invest

(3) Invest

(4) Invest

ESG

−0.0036***

−0.0026***

−0.0030***

−0.0015***

(0.0003)

(0.0003)

(0.0003)

(0.0003)

Size

−0.0029***

−0.0042***

(0.0003)

(0.0003)

Firmage

−0.0150***

−0.0087***

(0.0009)

(0.0011)

Lev

−0.0069***

0.0053***

(0.0016)

(0.0017)

Board

−0.0054***

−0.0064***

(0.0015)

(0.0016)

Dual

0.0027***

0.0031***

(0.0007)

(0.0007)

_cons

0.0557***

0.0484***

0.1335***

0.1105***

(0.0012)

(0.0042)

(0.0045)

(0.0060)

行业固定效应

NO

YES

NO

YES

年份固定效应

NO

YES

NO

YES

N

27904.0000

27904.0000

27904.0000

27904.0000

r²

0.0064

0.0761

0.0267

0.0894