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