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**