VARIABLES

(1)

(2)

(3)

VAR_ADJ

VAR_RAW

VAR_ADJ

ESG_DID

−0.122***

−0.417**

−0.105*

(0.041)

(0.103)

(0.056)

Observations

4757

15,959

15,959

R-squared

0.255

0.119

0.551

CONTR

YES

YES

YES

yearfix and idfix

YES

YES

YES