融资约束小

融资约束大

VARIABLES

esg

esg

did

0.787^**

1.101^***

(0.366)

(0.325)

Size

2.662^***

1.416^***

(0.092)

(0.111)

Lev

−4.061^***

−1.369^**

(0.671)

(0.555)

ROA

−1.809

−2.243

(1.761)

(1.608)

ATO

0.712^**

0.475^**

(0.279)

(0.211)

Cashflow

2.367

2.963^**

(1.465)

(1.204)

Indep

4.597^***

−3.194^**

(1.647)

(1.415)

Top1

0.599

−0.036

(0.713)

(0.515)

SOE

0.796^***

1.608^***

(0.244)

(0.173)

FirmAge

1.737^***

3.051^***

(0.330)

(0.523)

Constant

−46.839^***

−21.202^***

(2.136)

(2.595)

Observations

4966

4975

R-squared

0.412

0.231

industry

YES

YES

year

YES

YES

F

127.2

47.74

Adj R-squared

0.402

0.218