(1)

(2)

(3)

变量名

PAT

PAT

PAT

ESGP

0.044***

0.050***

0.046***

(12.67)

(12.53)

(10.74)

Media

0.148**

0.096

(2.10)

(1.33)

ESGM

−0.006***

0.002

(−2.78)

(0.56)

ESGM2

−0.001***

(−3.31)

SIZE

0.391***

0.405***

0.390***

(20.56)

(19.69)

(18.57)

bod

−0.127

−0.120

−0.117

(−1.30)

(−1.23)

(−1.20)

Growth

0.231***

0.227***

0.225***

(3.70)

(3.64)

(3.60)

Lev

−0.997***

−1.013***

−0.998***

(−8.24)

(−8.36)

(−8.24)

Age

−1.079***

−1.068***

−1.044***

(−11.28)

(−11.15)

(−10.87)

行业效应

Yes

Yes

Yes

时间效应

Yes

Yes

Yes

常数项

−2.847***

−3.346***

−3.044***

(−5.57)

(−6.07)

(−5.45)

观测值

8631

8631

8631

R-squared

0.130

0.131

0.132