(1)

(2)

(3)

ESG

ESG

ESG

Lndigital

0.00118***

0.00201***

0.00181***

(0.000239)

(0.000379)

(0.000390)

sca

0.387***

0.368***

(0.0278)

(0.0294)

age

−0.0796***

−0.0732***

(0.00497)

(0.00551)

indepen

0.317*

(0.164)

top1

0.00355*

(0.00201)

board

−0.0143***

(0.00483)

Constant

6.169***

−1.647***

−1.359**

(0.0199)

(0.584)

(0.631)

Observations

10,778

10,709

10,186

R-squared

0.046

0.038

Number of stkcd

2,394

2,386

2,340