(1)

Risk

(2)

Risk

ESG_N

−0.0041^***

(−10.68)

ESG_W

−0.0003^**

(−2.19)

Size

−0.0021^***

(−3.76)

−0.0026^***

(−4.71)

Lev

−0.0018

(−1.02)

−0.0003

(−0.19)

ROA

0.0266^***

(7.17)

0.0231^***

(6.20)

Cash

0.0148^***

(7.11)

0.0144^***

(6.76)

Growth

0.0006^***

(3.70)

0.0006^***

(3.39)

C

0.0848^***

(6.97)

0.0864^***

(6.96)

Industry_Effects

YES

YES

Year_Effects

YES

YES

N

8213

8213

R²

0.3638

0.3483