| (1) | (2) | |
| VARIABLES | ES | VaR |
| lnESG | 0.199** | 0.195** |
| (2.14) | (2.03) | |
| SA | 0.006 | 0.002 |
| (0.11) | (0.05) | |
| ROE | 0.060 | 0.064 |
| (1.12) | (1.17) | |
| GrossProfit | −0.423*** | −0.423*** |
| (−2.67) | (−2.64) | |
| Lev | 0.042 | 0.042 |
| (0.60) | (0.58) | |
| Constant | −0.625** | −0.614** |
| (−2.15) | (−2.07) | |
| Observations | 508 | 508 |
| Year Effect | YES | YES |
| Province Effect | YES | YES |
| r2_a | 0.336 | 0.345 |