(1)

(2)

Tobinq

Tobinq

ESG

0.0789^***

0.0570^***

(0.017)

(0.017)

Age

2.2375^***

1.8113^***

(0.184)

(0.463)

Growth

−0.0165^***

−0.0215^***

(0.003)

(0.003)

Lev

−0.3826^*

−0.2379

(0.220)

(0.207)

Roa

4.0948^***

4.3108^***

(1.245)

(1.173)

Mfee

2.1493^***

−2.2384^***

(0.443)

(0.457)

Roe

0.9995

0.5946

(0.724)

(0.683)

Dual

−0.1633^***

−0.1635^***

(0.050)

(0.047)

Ind

0.0030

0.0033

(0.004)

(0.004)

Mshare

−0.0253^***

−0.0156^***

(0.003)

(0.003)

_cons

−3.5376^***

−2.6989^*

(0.928)

(1.489)

N

7412.0000

7412.0000

r2_a

−0.4373

−0.2765

Year

No

Yes

Industry

Yes

Yes