| (1) 双向固定效应模型 | (2) 解释变量滞后一期 | |
| VARIABLES | ES | ES |
| lnESG | 0.199** | |
| (2.14) | ||
| lnESG1 | 0.398*** | |
| (3.40) | ||
| SA | 0.006 | −0.100 |
| (0.11) | (−1.60) | |
| ROE | 0.060 | 0.117 |
| (1.12) | (1.48) | |
| GrossProfit | −0.423*** | −1.047*** |
| (−2.67) | (−5.47) | |
| Lev | 0.042 | −0.086 |
| (0.60) | (−0.92) | |
| Constant | −0.625** | −1.270*** |
| (−2.15) | (−3.60) | |
| Observations | 508 | 405 |
| Year Effect | YES | YES |
| Province Effect | YES | YES |
| r2_a | 0.336 | 0.169 |