(1)

(2)

(3)

VARIABLES

COD

COD

COD

COD

COD

SOE = 1

SOE = 0

Pollute = 1

Pollute = 0

Scorehz

0.017^***

0.0205^**

0.00847

0.00840

0.0231^***

(3.01)

(2.48)

(1.10)

(0.85)

(3.34)

TAT

0.091^***

−0.0274

0.198^***

0.0296

0.133^***

(2.84)

(−0.66)

(3.96)

(0.55)

(3.33)

SIZE

−0.111^***

−0.121^***

−0.0753^**

−0.00630

−0.147^***

(−4. 86)

(−3.59)

(−2.35)

(−0.14)

(−5.48)

ROA

0.457^***

1.114^***

0.302^**

0.841^***

0.335 ^***

(4.53)

(5.19)

(2.54)

(4.30)

(2.84)

Tobinq

−0.004

−0.00199

−0.00336

−0.0413^***

0.00372

(−0.87)

(−0.23)

(−0.50)

(−3.50)

(0.65)

CR

0.000

0.0000149

0.000851

−0.00156^**

0.00000390

(0.14)

(0.39)

(1.00)

(−2.20)

(0.10)

Growth

0.036^*

0.0912^***

0.00233

−0.0169

0.0409^*

(1.82)

(3.33)

(0.08)

(−0.35)

(1.94)

year

Control

Control

Control

Control

Control

Constant

2.727^***

3.002^***

1.904^**

0.342

3.511^***

(5.04)

(3.67)

(2.58)

(0.33)

(5.57)

Observations

2604

1362

1242

789

1815