VARIABLES

(1)

ROA

(2)

ESG

(3)

ROA

(4)

TobinQ

Innovate

0.003^***

0.071^***

0.002^***

(3.79)

(5.42)

(3.25)

ESG

0.005^***

(8.71)

L.Innovate

0.028^**

(1.98)

SIZE

0.012^***

0.377^***

0.010^***

−0.342^***

(19.54)

(30.04)

(15.65)

(−25.32)

LEV

−0.152^***

−0.862^***

−0.148^***

−0.258^**

(−31.91)

(−9.02)

(−30.91)

(−2.50)

LIQ

0.001

−0.004

0.001

0.073^***

(0.26)

(−0.57)

(0.33)

(8.92)

Growth

0.057^***

−0.143^***

0.057^***

−0.037

(27.02)

(−3.37)

(27.25)

(−0.74)

TOP1

0.001^***

0.004^***

0.001^***

0.005^***

(12.49)

(4.21)

(12.12)

(4.73)

year

控制

控制

控制

控制

Constant

−0.199^***

−1.623^***

−0.191^***

9.838^***

(−15.09)

(−6.14)

(−14.53)

(34.45)

Observations

7,320

7,304

7,304

5,755

R-squared

0.277

0.147

0.283

0.283