(1)

(2)

(3)

(4)

ESG

ESG

ESG

ESG

L.DCG

0.031* (0.018)

DCG

0.055*** (0.016)

0.063*** (0.015)

0.054*** (0.014)

Lev

−0.01*** (0.003)

−0.008* (0.005)

−0.008 (0.005)

−0.010** (0.005)

Cashflow

−0.035 (0.113)

0.020 (0.112)

−0.047 (0.127)

−0.047 (0.123)

Growth

−0.007** (0.003)

−0.002*** (0.001)

−0.003** (0.001)

−0.002** (0.001)

Board

−0.096 (0.116)

−0.119 (0.093)

−0.053 (0.089)

−0.064 (0.082)

Dual

−0.025 (0.040)

−0.015 (0.033)

0.002 (0.031)

−0.007 (0.029)

Top1

0.006*** (0.002)

0.004*** (0.002)

0.007*** (0.002)

0.007*** (0.001)

_cons

4.131*** (0.267)

4.238*** (0.216)

3.965*** (0.205)

3.997***

个体/年份 FE

控制

控制

控制

控制

样本量

11072.000

8522.000

9739.000

10948.000

r2

0.014

0.015

0.017

0.016