(3-2)

(3-3)

CAR

BHAR

ESG

0.015**

0.048**

(2.01)

(2.05)

Size

0.128***

0.360**

(2.60)

(2.03)

Age

0.013

0.054*

(1.46)

(1.75)

SOE

0.311***

0.991***

(3.97)

(3.80)

Pollu

−0.049

−0.023

(−0.46)

(−0.06)

CEODep

−0.026

0.016

(−0.27)

(0.05)

Top1

−0.003

−0.009

(−1.15)

(−0.90)

IndepR

−0.149

−0.548

(−0.22)

(−0.24)

Growth

−0.002

−0.007

(−1.12)

(−1.02)

Lev

−0.003

−0.008

(−1.16)

(−0.73)

PPER

0.315

0.792

(1.01)

(0.73)

MerSize

0.204

−0.162

(0.76)

(−0.17)

Pay

−0.036

0.092

(−0.32)

(0.23)

MerRel

−0.116

−0.348

(−1.23)

(−1.06)

MerType

−0.004

0.028

(−0.10)

(0.21)

_cons

−3.093***

−8.802***

(−3.24)

(−2.64)

N

1688

1688

0.146

0.121

Adj_R²

0.126

0.100

IND

Yes

Yes

Year

Yes

Yes