|
| (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 |