|
| (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 |
| R² | 0.146 | 0.121 |
| Adj_R² | 0.126 | 0.100 |
| IND | Yes | Yes |
| Year | Yes | Yes |