(1)

(2)

VARIABLES

esg

esg

did1

0.095

0.006

(0.252)

(0.222)

Size

2.283***

(0.066)

Lev

−3.305***

(0.428)

ROA

−3.725***

(1.199)

ATO

0.936***

(0.172)

Cashflow

3.327***

(0.949)

Indep

1.827*

(1.095)

Top1

0.124

(0.426)

SOE

1.394***

(0.140)

FirmAge

1.344***

(0.198)

Constant

20.635***

−36.497***

(0.076)

(1.566)

Observations

9942

9942

R-squared

0.161

0.310

industry

YES

YES

year

YES

YES

F

0.141

181.8

Adj R-squared

0.155

0.304