| VARIABLES | (1) 总样本 | (2) 高杠杆企业 | (3) 低杠杆企业 |
| VAR_ADJ | VAR_ADJ | VAR_ADJ | |
| ESG_DID | −0.105*** | −0.131*** | −0.079** |
|
| (0.025) | (0.035) | (0.038) |
| Constant | 6.416*** | 5.895*** | 6.637*** |
|
| (0.522) | (0.674) | (0.876) |
| Observations | 15,959 | 7980 | 7979 |
| R-squared | 0.311 | 0.330 | 0.321 |
| CONTR | YES | YES | YES |
| YEAR and FIRM | YES | YES | YES |
| P值 |
| 0.067* | |