变量

(1) VOL

(2) VOL

ESG

−4.1206^***

(0.3029)

L.ESG

−1.3572^**

(0.5815)

L2.ESG

−2.0727^***

(0.6166)

Controls

YES

YES

Constant

117.5748^***

116.9921^***

(9.5200)

(12.4300)

Observations

16,629

9103

R-squared

0.7311

0.7541

行业固定

YES

YES

年份固定

YES

YES