变量

(1) OLS

(2) FE

ESG

−3.1137^***

−4.1206^***

(0.3529)

(0.3029)

Age

−0.7108^***

−0.4267^***

(0.0598)

(0.0527)

Beta

31.2502^***

72.6937^***

(1.2715)

(1.7478)

BM

−64.8953^***

−66.9975^***

(1.8847)

(1.8015)

LEV

23.7758^***

23.0257^***

(2.5633)

(2.2874)

ROE

−0.0293

−0.3857

(0.4326)

(0.2835)

size

2.4490^**

1.7272^*

(1.0480)

(0.9366)

Top10

1.2735^***

1.2175^***

(0.0319)

(0.0273)

TUR

0.1825^***

0.1512^***

(0.0018)

(0.0018)

NPM

−9.2982^***

−7.1737^***

(2.5991)

(2.2802)

Constant

134.3230^***

117.5748^***

(9.0660)

(9.5200)

Observations

16,629

16,629

R-squared

0.5928

0.7311

行业控制

NO

YES

年度控制

NO

YES