国有

非国有

VARIABLES

esg

esg

did

0.599

1.236^***

(0.371)

(0.331)

Size

2.451^***

2.073^***

(0.087)

(0.108)

Lev

−4.475^***

−1.652^***

(0.661)

(0.551)

ROA

−8.906^***

−0.800

(2.141)

(1.478)

ATO

0.953^***

0.961^***

(0.228)

(0.276)

Cashflow

3.649^**

2.953^**

(1.454)

(1.258)

Indep

1.911

−0.892

(1.681)

(1.513)

Top1

2.221^***

−1.598^**

(0.594)

(0.634)

FirmAge

0.821^**

1.752^***

(0.340)

(0.249)

Constant

−37.880^***

−32.290^***

(2.216)

(2.500)

Observations

5006

4934

R-squared

0.337

0.259

industry

YES

YES

year

YES

YES

F

106.4

59.69

Adj R-squared

0.327

0.247