(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

VARIABLES

esg

esg

esg

esg

esg

esg

esg

esg

esg

esg

did

1.161^***

1.071^***

1.049^***

1.060^***

1.056^***

1.064^***

1.063^***

1.067^***

1.083^***

1.036^***

(0.280)

(0.252)

(0.252)

(0.252)

(0.252)

(0.252)

(0.251)

(0.251)

(0.251)

(0.250)

Size

2.199^***

2.342^***

2.357^***

2.366^***

2.366^***

2.360^***

2.348^***

2.358^***

2.282^***

(0.058)

(0.064)

(0.065)

(0.065)

(0.064)

(0.064)

(0.065)

(0.065)

(0.066)

Lev

−2.087^***

−2.300^***

−2.922^***

−2.922^***

−2.914^***

−2.884^***

−3.346^***

−3.316^***

(0.380)

(0.426)

(0.433)

(0.432)

(0.432)

(0.431)

(0.433)

(0.428)

ROA

−1.241

−3.575^***

−5.223^***

−5.215^***

−5.309^***

−5.529^***

−3.995^***

(1.078)

(1.120)

(1.206)

(1.206)

(1.209)

(1.205)

(1.199)

ATO

1.095^***

1.048^***

1.051^***

1.031^***

1.068^***

0.935^***

(0.173)

(0.173)

(0.173)

(0.172)

(0.171)

(0.171)

Cashflow

3.379^***

3.355^***

3.329^***

3.113^***

3.366^***

(0.956)

(0.956)

(0.956)

(0.953)

(0.947)

Indep

1.311

1.196

1.739

1.817^*

(1.093)

(1.095)

(1.098)

(1.095)

Top1

0.570

1.034^**

0.153

(0.411)

(0.414)

(0.425)

FirmAge

1.692^***

1.355^***

(0.199)

(0.198)

SOE

1.381^***

(0.140)

Constant

20.457^***

−30.348^***

−32.645^***

−32.831^***

−33.361^***

−33.448^***

−33.806^***

−33.701^***

−39.005^***

−36.666^***

(0.076)

(1.320)

(1.389)

(1.396)

(1.393)

(1.392)

(1.438)

(1.440)

(1.539)

(1.566)

Observations

9942

9942

9942

9942

9942

9942

9942

9942

9942

9942

R-squared

0.163

0.294

0.296

0.296

0.299

0.300

0.300

0.300

0.305

0.312

industry

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

year

YES

YES

YES

YES

YES

YES

YES

YES

YES

YES

F

17.23

732.4

499.5

375.8

311.2

260.9

223.7

196

186.5

183.2

Adj R-squared

0.156

0.288

0.290

0.290

0.293

0.294

0.294

0.294

0.299

0.306