(1)

(2)

(3)

VARIABLES

ES

ES

ES

lnESG

0.293^***

0.194^***

0.197^**

(3.27)

(2.70)

(2.48)

SA

−0.052

−0.020

0.006

(−1.17)

(−0.57)

(0.16)

ROE

0.123^**

0.120^***

0.089^*

(2.18)

(2.88)

(1.83)

GrossProfit

−0.736^***

−0.450^***

−0.413^**

(−4.05)

(−2.99)

(−2.54)

Lev

0.008

0.033

0.055

(0.11)

(0.57)

(0.86)

Constant

−0.984^***

−0.715^***

−0.631^**

(−3.52)

(−3.39)

(−2.56)

Observations

508

508

508

year Effect

YES

NO

YES

province Effect

NO

YES

YES

r2_a

0.0598

0.272

0.284