(1) Invest

(2) SA

(3) Invest

ESG

−0.0016***

−0.0080***

−0.0017***

(0.0003)

(0.0007)

(0.0003)

SA

−0.0189***

(0.0025)

Controls

YES

YES

YES

_cons

0.1065***

1.9352***

0.1431***

(0.0059)

(0.0140)

(0.0076)

行业固定效应

YES

YES

YES

年份固定效应

YES

YES

YES

N

27904.0000

27904.0000

27904.0000

r²

0.1166

0.8037

0.1184