(1)

(2)

ESG

ESG2

Hold

0.146^***

0.040^***

(0.026)

(0.011)

Size

0.291^***

0.087^***

(0.006)

(0.002)

Age

−0.234^***

−0.089^***

(0.007)

(0.003)

Lev

−0.915^***

−0.322^***

(0.035)

(0.015)

ROE

1.066^***

0.342^***

(0.054)

(0.021)

Cashflow

0.098

0.083^**

(0.083)

(0.034)

Board

−0.083^***

−0.011

(0.028)

(0.012)

Dual

−0.067^***

−0.022^***

(0.012)

(0.005)

_cons

−1.426^***

0.180^***

(0.131)

(0.053)

N

35023

35023

R²

0.189

0.131

行业FE

YES

YES

年度FE

YES

YES