变量

Heckman检验

滞后一期

高维固定

缩减样本

(1)

(2)

(3)

(4)

ESG

ESG

ESG

ESG

DO

2.461^***

2.672^***

2.256^***

(0.266)

(0.25)

(0.478)

IMR

1.062^**

(0.513)

L.DO

2.983^***

(0.313)

_cons

−8.937

7.764

−16.721^***

19.842^***

(7.767)

(7.209)

(4.653)

(6.478)

Controls

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Year & Industry

-

-

Yes

-

Year & Province

-

-

Yes

-

N

7673

7689

8988

5286

R-squared

0.698

0.698

0.736

0.654