(1)

(2)

(3)

VARIABLES

esg_env

esg_soc

esg_gov

did

1.378^***

0.173

0.553^***

(0.330)

(0.363)

(0.181)

Size

2.489^***

2.688^***

1.209^***

(0.086)

(0.101)

(0.050)

Lev

−3.400^***

−5.443^***

−0.923^***

(0.563)

(0.661)

(0.337)

ROA

−4.693^***

−2.074

−3.229^***

(1.581)

(1.817)

(0.993)

ATO

1.048^***

1.134^***

0.629^***

(0.230)

(0.267)

(0.125)

Cashflow

4.726^***

1.731

0.934

(1.236)

(1.465)

(0.791)

Indep

2.159

0.235

1.735^**

(1.438)

(1.663)

(0.858)

Top1

0.892

−1.210^*

1.332^***

(0.562)

(0.650)

(0.330)

SOE

0.477^***

1.714^***

0.996^***

(0.185)

(0.210)

(0.113)

FirmAge

0.544^**

0.591^*

1.622^***

(0.253)

(0.317)

(0.162)

Constant

−49.140^***

−39.049^***

10.610^***

(2.024)

(2.399)

(1.227)

Observations

8434

9706

9942

R-squared

0.263

0.190

0.232

industry

YES

YES

YES

year

YES

YES

YES

F

113.5

99.85

114.9

Adj R-squared

0.255

0.182

0.225