VARIABLES | (1) | (2) | (3) | (4) | (5) |
VAR_ADJ | TP | VAR_ADJ | Top5 | VAR_ADJ | |
ESG_DID | −0.105*** | 0.051** | −0.098*** | 0.010** | −0.103*** |
| (0.025) | (0.023) | (0.025) | (0.004) | (0.025) |
TP |
|
| −0.139*** |
|
|
|
|
| (0.012) |
|
|
Top5 |
|
|
|
| −0.386*** |
|
|
|
|
| (0.139) |
Constant | 6.416*** | 1.686*** | 6.650*** | 0.492*** | 6.460*** |
| (0.522) | (0.386) | (0.518) | (0.097) | (0.524) |
Sobel检验 | −2.904 < −0.97 | −3.762 < −0.97 | |||
Observations | 15,959 | 15,959 | 15,959 | 15,959 | 15,959 |
R-squared | 0.311 | 0.056 | 0.317 | 0.393 | 0.311 |
CONTR | YES | YES | YES | YES | YES |
YEAR and FIRM | YES | YES | YES | YES | YES |