(1)

(2)

(3)

(4)

(5)

ROA

KZ

ROA

Media

ROA

ESG

0.004^***

−0.066^***

0.003^***

0.011^**

0.004^***

(7.64)

(−5.20)

(6.46)

(2.00)

(7.52)

KZ

−0.012^***

(−41.61)

Media

0.006^***

(10.94)

Lev

−0.144^***

6.872^***

−0.062^***

0.013

−0.144^***

(−27.13)

(47.56)

(−11.98)

(0.24)

(−27.21)

Size

−0.007^***

0.192^***

−0.005^***

0.122^***

−0.008^***

(−5.14)

(4.30)

(−3.77)

(8.37)

(−5.66)

Gr

0.005^***

−0.073^***

0.004^***

0.021^***

0.005^***

(8.79)

(−4.29)

(7.80)

(3.11)

(8.53)

Indep

−0.030^**

1.154^***

−0.016

0.099

−0.030^**

(−2.46)

(3.39)

(−1.44)

(0.71)

(−2.50)

Age

−0.009^***

0.395^***

−0.004^***

0.049^***

−0.009^***

(−6.98)

(9.10)

(−3.48)

(2.70)

(−7.24)

Top1

0.069^***

−1.078^***

0.056^***

−0.249^***

0.070^***

(8.47)

(−4.58)

(7.66)

(−2.66)

(8.63)

SOE

−0.010^***

0.160^**

−0.008^***

−0.070^**

−0.009^***

(−3.21)

(2.38)

(−2.69)

(−2.21)

(−3.05)

Constant

0.252^***

−6.994^***

0.168^***

0.167

0.250^***

(8.23)

(−7.07)

(5.95)

(0.52)

(8.17)

个体效应λ

控制

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控制

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时间效应μ

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控制

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控制

控制

N

24,246

24,246

24,246

24,246

24,246

R-squared

0.556

0.727

0.610

0.843

0.559