(1) Invest

(2) Invest

(3) Invest

(4) Invest

L.ESG

−0.0015***

(0.0003)

L2.ESG

−0.0020***

(0.0003)

L3.ESG

−0.0022***

(0.0003)

L4.ESG

−0.0015***

(0.0004)

Controls

YES

YES

YES

YES

_cons

0.0983^***

0.0924^***

0.0883^***

0.1182^***

(0.0065)

(0.0069)

(0.0075)

(0.0080)

行业固定效应

YES

YES

YES

YES

年份固定效应

YES

YES

YES

YES

N

23134.0000

19984.0000

17122.0000

14324.0000

r²

0.0989

0.1076

0.1129

0.1080