| Variable | 1 | 2 | 3 | 4 |
| H1 | H2 | I | I | |
| LnESG |
|
| 0.1033*** | 0.1033*** |
|
|
| −0.0274 | −0.0334 | |
| ROA | 1.0657*** | 1.0657*** | 0.342 | 0.342 |
| −0.2208 | −0.2776 | −0.2132 | −0.4798 | |
| lnAge | −0.3394 | −(0.3842) | 1.2507*** | 1.2507*** |
| −0.3597 | 0.3394 | −0.3713 | −0.3632 | |
| lnSize | 0.0379 | 0.0379 | −0.0403 | −0.0403 |
| −0.0417 | −0.0331 | −0.0428 | −0.0408 | |
| LEV | −0.3565** | −0.3565** | −0.0249 | −0.0249 |
| −0.1453 | −0.1522 | −0.0614 | −0.0761 | |
| EM | −0.0017 | −(0.0020) | −0.0001 | −0.0001 |
| −0.002 | 0.0017 | −0.0011 | −0.0057 | |
| lnEx | −0.1670 | −(0.1801) | −0.3374** | −0.3374** |
| −0.1612 | 0.1670 | −0.1676 | −0.1571 | |
| Growth | 0.0037 | 0.0037 | 0.0101 | 0.0101 |
| −0.0105 | −0.0132 | −0.0114 | −0.0191 | |
| N | 21,203 | 21,203 | 21,902 | 21,902 |
| Firm effect | Yes | Yes | Yes | Yes |
| Year effect | Yes | Yes | Yes | Yes |
| Pseudo_R2 | 2.60% | 2.60% | 13.84% | 13.84% |