(3-4)

(3-5)

(3-6)

SA

CAR

BHAR

ESG

−0.002^***

0.017^**

0.055^**

(−3.67)

(2.24)

(2.29)

0.947^**

3.272^**

(2.32)

(2.19)

Size

−0.102^***

0.225^***

0.694^**

(−27.39)

(2.81)

(2.34)

Age

0.040^***

−0.024

−0.076

(62.71)

(−1.27)

(−1.08)

SOE

0.004

0.307^***

0.979^***

(0.68)

(3.93)

(3.75)

Pollu

0.001

−0.049

−0.024

(0.02)

(−0.46)

(−0.07)

CEODep

−0.009

−0.017

0.045

(−1.36)

(−0.18)

(0.14)

Top1

0.001^**

−0.004

−0.010

(2.00)

(−1.25)

(−1.00)

IndepR

−0.090^**

−0.064

−0.252

(−1.99)

(−0.10)

(−0.12)

Growth

0.001^***

−0.002

−0.008

(2.99)

(−1.27)

(−1.16)

Lev

0.001^***

−0.004

−0.010

(3.34)

(−1.32)

(−0.88)

PPER

−0.030^*

0.343

0.890

(−1.70)

(1.11)

(0.83)

MerSize

−0.132^***

0.329

0.271

(−3.81)

(1.20)

(0.27)

Pay

0.014^*

−0.050

0.047

(1.67)

(−0.43)

(0.12)

MerRel

0.010^**

−0.126

−0.381

(2.08)

(−1.33)

(−1.15)

MerType

−0.005^*

0.001

0.045

(−1.90)

(0.02)

(0.33)

_cons

5.464^***

−8.269^***

−26.678^**

(65.71)

(−2.92)

(−2.57)

N

1688

1688

1688

R²

0.862

0.149

0.124

Adj_ R²

0.858

0.128

0.102

IND

Yes

Yes

Yes

Year

Yes

Yes

Yes