| Variables | 1 | 2 | 3 |
| KZ | Hold | KZ | |
| LnESG | −0.4127*** | 0.8238*** | −0.4050*** |
| −0.0362 | −0.1251 | −0.0356 | |
| Hold |
|
| −0.0095*** |
|
|
| −0.0019 | |
| lnAge | 2.7096*** | −11.7822*** | 2.6158*** |
| −0.303 | −2.3009 | −0.3016 | |
| lnSize | −0.1479*** | 5.2462*** | −0.0995* |
| −0.0558 | −0.4145 | −0.0569 | |
| LEV | −(0.0538) | 0.3461*** | −0.0013 |
| 0.0047 | −0.0789 | −0.053 | |
| ROA | −(0.6733) | 2.2317** | −0.9418 |
| 0.9641 | −1.0886 | −0.6645 | |
| EM | 0.0076* | −0.0093** | 0.0076* |
| −0.0041 | −0.0046 | −0.004 | |
| lnEx | 0.2689** | 2.5695** | 0.2851** |
| −0.1251 | −1.0371 | −0.1252 | |
| Growth | −0.0101 | −0.0460 | −0.0103 |
| −0.0095 | −0.0472 | −0.0098 | |
| N | 22,183 | 22,808 | 22,157 |
| Firm Effect | YES | YES | YES |
| Year Effect | YES | YES | YES |