(1)

(2)

(3)

(4)

ESG

E

S

G

Multi

0.713***

1.016***

0.779***

0.488*

(0.163)

(0.321)

(0.166)

(0.271)

Size

1.39***

2.112***

1.902***

0.308

(0.124)

(0.244)

(0.126)

(0.206)

Age

1.675***

1.625***

0.689***

2.657***

(0.026)

(0.052)

(0.027)

(0.044)

Soe

−0.541

−0.755

0.122

−1.129*

(0.367)

(0.716)

(0.371)

(0.608)

Roa

2.029**

6.922***

2.096**

−3.613**

(0.895)

(1.749)

(0.906)

(1.482)

Dual

0.28*

0.596*

−0.152

0.419

(0.166)

(0.325)

(0.168)

(0.274)

Lev

−3.173***

−3.381***

−1.872***

−5.412***

(0.558)

(1.094)

(0.566)

(0.925)

Growth

0

0

−0.001**

0

(0)

(0.001)

(0)

(0)

Lhr

3.185***

4.072***

1.402*

4.745***

(0.796)

(1.562)

(0.806)

(1.319)

Board

−0.56

−1.022

−1.894***

1.661**

(0.432)

(0.845)

(0.438)

(0.716)

_cons

−31.72***

−63.286***

−37.258***

4.147

(3.191)

(6.302)

(3.229)

(5.288)

Year

是

是

是

是

Industry

是

是

是

是

Observations

8906

8815

8873

8906

R-squared

0.703

0.372

0.313

0.728