|
| (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 |