|   
  |       (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  |