| (1) | (2) | |
| VARIABLES | lnPled | ES |
| lnPled | −0.029*** | |
| (−3.19) | ||
| lnESG | −2.299* | 0.078 |
| (−1.73) | (0.72) | |
| SA | 0.280 | 0.032 |
| (0.44) | (0.55) | |
| ROE | −1.091 | 0.027 |
| (−1.27) | (0.40) | |
| GrossProfit | 1.949 | −0.495** |
| (0.86) | (−2.26) | |
| Lev | −2.372** | −0.082 |
| (−2.14) | (−0.88) | |
| Constant | 2.758 | −0.402 |
| (0.66) | (−1.12) | |
| Observations | 253 | 253 |
| Year Effect | YES | YES |
| Province Effect | YES | YES |
| r2_a | 0.303 | 0.369 |