大规模

中小规模

VARIABLES

esg

esg

did

1.181^***

0.839^***

(0.404)

(0.278)

Size

3.195^***

0.747^***

(0.116)

(0.115)

Lev

−3.730^***

−0.957^**

(0.799)

(0.477)

ROA

0.923

−2.309^*

(2.380)

(1.276)

ATO

1.449^***

0.457^**

(0.264)

(0.201)

Cashflow

2.562

2.384^**

(1.615)

(1.057)

Indep

0.407

0.318

(1.701)

(1.281)

Top1

0.357

0.267

(0.669)

(0.496)

SOE

0.772^***

1.866^***

(0.235)

(0.162)

FirmAge

1.833^***

1.569^***

(0.320)

(0.246)

Constant

−59.789^***

−3.314

(2.922)

(2.614)

Observations

4967

4973

R-squared

0.357

0.177

industry

YES

YES

year

YES

YES

F

96.11

27.06

Adj R-squared

0.347

0.163