(1)

(2)

(3)

(4)

ESG

E

S

G

LnPay

0.878^***

1.392^***

0.516^***

0.815^***

(0.133)

(0.265)

(0.132)

(0.222)

Listage

0.545^*

0.679

0.35

0.472

(0.311)

(0.617)

(0.308)

(0.52)

Soe

−0.336

−0.55

0.046

−0.574

(0.359)

(0.712)

(0.356)

(0.6)

TobinQ

0.239^***

0.568^***

0.238^***

−0.073

(0.042)

(0.083)

(0.041)

(0.069)

Dual

0.202

0.534^*

−0.132

0.285

(0.153)

(0.305)

(0.152)

(0.255)

Top1

0.016^**

0.018

0.001

0.027^**

(0.008)

(0.015)

(0.008)

(0.013)

Cash

−0.095

−0.197

−0.032

0.006

(0.236)

(0.471)

(0.234)

(0.393)

Size

1.412^***

2.524^***

1.853^***

0

(0.129)

(0.256)

(0.128)

(0.215)

Lev

−2.627^***

−3.587^***

−2.24^***

−2.657^***

(.535)

(1.064)

(0.531)

(0.893)

ROA

1.136

3.145

0.894

−1.537

(1.089)

(2.166)

(1.08)

(1.818)

_cons

−29.447^***

−79.507^***

−45.312^***

34.062^***

(4.131)

(8.221)

(4.095)

(6.896)

Year

是

是

是

是

Industry

是

是

是

是

Observations

9831

9740

9818

9831

R-squared

0.704

0.371

0.286

0.739