| (1) 总样本 | (2) 大规模企业 | (3) 小规模企业 |
VARIABLES | VAR_ADJ | VAR_ADJ | VAR_ADJ |
ESG_DID | −0.105*** | −0.156*** | −0.001 |
| (0.025) | (0.031) | (0.068) |
Constant | 6.416*** | 5.911*** | 6.834*** |
| (0.522) | (0.798) | (1.069) |
Observations | 15,959 | 7978 | 7981 |
R-squared | 0.311 | 0.335 | 0.329 |
CONTR | YES | YES | YES |
YEAR and FIRM | YES | YES | YES |
P值 |
| 0.001*** |