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