| (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 |