| Variables | State-Owned | Non-state |
| Constant | 0.095 (2.49**) | 0.218 (3.95***) |
| Green | −0.007 (−1.30) | −0.027 (−2.61***) |
| CSR | −0.0006 (−1.15) | −0.0002 (−2.29**) |
| Green* CSR | 0.0009 (0.80) | −0.0004 (1.79*) |
| Size | −0.003 (−1.91*) | −0.009 (−3.59***) |
| LEV | −0.002 (−0.41) | −0.005 (−0.73) |
| ROA | 0.004 (0.65) | 0.024 (2.37**) |
| Inver | 0.009 (2.26**) | 0.027 (4.17***) |
| F-value | 1.423*** | 4.392*** |
| Adj-R2 | 0.017 | 0.080 |
| N | 792 | 484 |