|
| (1) |
| VARIABLES | esg |
| pre_5 | −0.304 |
|
| (0.254) |
| pre_4 | −0.224 |
|
| (0.246) |
| pre_3 | −0.147 |
|
| (0.246) |
| pre_2 | 0.134 |
|
| (0.237) |
| pre_1 | 0.402* |
|
| (0.206) |
| current | 0.457** |
|
| (0.200) |
| Size | 1.241*** |
|
| (0.212) |
| Lev | −1.315* |
|
| (0.707) |
| ROA | 2.516* |
|
| (1.291) |
| ATO | −0.312 |
|
| (0.398) |
| Cashflow | −0.091 |
|
| (0.784) |
| Indep | 1.068 |
|
| (1.643) |
| Top1 | 2.008* |
|
| (1.024) |
| SOE | 0.357 |
|
| (0.444) |
| FirmAge | 0.586 |
|
| (1.452) |
| Constant | −10.343 |
|
| (6.530) |
| Observations | 9940 |
| R-squared | 0.786 |
| industry | YES |
| year | YES |
| F | 4.018 |