Model | ESG | Model | ESG | ||
ROA | t | −4.1340* | ROE | t | −11.6403 |
| t-1 | −3.6728 |
| t-1 | −10.8381 |
| t-2 | 2.1648 |
| t-2 | 21.9927 |
| t-3 | 1.0322 |
| t-3 | 4.1828 |
| t-4 | 6.6320*** |
| t-4 | 31.0345** |
B, S, G | t | 1.6115 | other provinces | t | −6.6692* |
| t-1 | 2.5719 |
| t-1 | −6.2573* |
| t-2 | 2.0212 |
| t-2 | 2.0483 |
| t-3 | 0.8441 |
| t-3 | 0.4294 |
| t-4 | −0.6752 |
| t-4 | 10.8527*** |
low-carbon | t | −4.6889 | high-carbon | t | −4.5683* |
| t-1 | −2.9497 |
| t-1 | −4.4066* |
| t-2 | −1.7727 |
| t-2 | 3.0247 |
| t-3 | 4.7445 |
| t-3 | −0.4509 |
| t-4 | 3.8808 |
| t-4 | 6.2485*** |
B, S, G + low-carbon | −2.1481 | other provinces + low-carbon | −5.0675* | ||
B, S, G + high-carbon | −3.1204 | other provinces + high-carbon | −5.5443** |