| VARIABLES | (1) | (2) |
| Value | Tobinq | |
| ESG | 0.030*** |
|
|
| (0.000) |
|
| ESG |
| 0.102*** |
|
|
| (0.001) |
| Constant | 20.533*** | −2.600* |
|
| (0.000) | (0.081) |
| Observations | 7412 | 7412 |
| R-squared | 0.447 | 0.216 |
| Number of stkcd | 2806 | 2806 |
| Control | Yes | Yes |
| year | Yes | Yes |
| industry | Yes | Yes |