VARIABLES

(1)

TobinQ

(2)

ESG

(3)

TobinQ

Innovate

0.031^**

0.071^***

0.028^**

(2.27)

(5.42)

(2.03)

ESG

0.066^***

(5.39)

SIZE

−0.395^***

0.377^***

−0.423^***

(−29.86)

(30.04)

(−30.26)

LEV

−0.380^***

−0.862^***

−0.312^***

(−3.78)

(−9.02)

(−3.09)

LIQ

0.067^***

−0.004

0.068^***

(8.76)

(−0.57)

(8.88)

Growth

−0.136^***

−0.143^***

−0.110^**

(−3.04)

(−3.37)

(−2.46)

TOP1

0.004^***

0.004^***

0.003^***

(3.81)

(4.21)

(3.60)

year

控制

控制

控制

Constant

11.508^***

−1.623^***

11.697^***

(41.39)

(−6.14)

(42.05)

Observations

7142

7304

7126

R-squared

0.340

0.147

0.345