(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