变量 | (1) | (2) | (3) | (4) |
ESG | E | S | G | |
DO | 2.778*** | 5.338*** | 1.748*** | 1.588*** |
| (0.246) | (0.478) | (0.25) | (0.412) |
Size | 1.304*** | 1.901*** | 1.802*** | 0.357* |
| (0.123) | (0.241) | (0.126) | (0.207) |
Age | 0.096 | 0.435 | 0.184 | 0.162 |
| (0.199) | (0.391) | (0.204) | (0.333) |
Soe | −0.333 | −0.666 | 0.198 | −0.62 |
| (0.347) | (0.676) | (0.353) | (0.582) |
Roa | 3.67 | 0.751 | 3.275 | 6.996 |
| (2.774) | (5.431) | (2.826) | (4.652) |
Roe | 0.499 | 4.941** | 0.871 | −4.482** |
| (1.126) | (2.199) | (1.146) | (1.887) |
Dual | 0.257 | 0.542* | −0.175 | 0.425 |
| (0.162) | (0.318) | (0.166) | (0.272) |
Lev | −2.753*** | −3.041*** | −1.522*** | −4.572*** |
| (0.569) | (1.111) | (0.579) | (0.954) |
Growth | 0.05 | 0.024 | −0.229* | 0.364* |
| (0.127) | (0.248) | (0.129) | (0.213) |
Lhr | 2.145*** | 2.4 | 1.011 | 3.495*** |
| (0.796) | (1.559) | (0.811) | (1.335) |
Cf | 0.192 | 0.809 | −0.728 | −0.24 |
| (0.862) | (1.687) | (0.879) | (1.445) |
_cons | −9.923** | −45.09*** | −32.623*** | 39.967*** |
| (4.195) | (8.262) | (4.281) | (7.034) |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
N | 8988 | 8900 | 8959 | 8988 |
R-squared | 0.707 | 0.38 | 0.311 | 0.728 |