(1)

(2)

(3)

(4)

Roe

Roe

TobinQ

TobinQ

ESG

0.0378**

0.0360**

0.0589

0.0736*

(2.4885)

(2.3199)

(1.5513)

(1.9100)

IPO

0.0035

0.0042

−0.0315***

−0.0312***

(1.3321)

(1.4956)

(−4.8465)

(−4.4685)

SOE

0.0889**

0.0982**

−0.3318***

−0.4061***

(2.1137)

(2.2788)

(−3.1502)

(−3.8010)

Size

0.0109

0.0172

−1.1170***

−1.1820***

(0.7940)

(1.1111)

(−32.4453)

(−30.8036)

Lev

−0.0054

−0.0044

1.2506***

1.2576***

(−0.3642)

(−0.2981)

(33.9012)

(34.3860)

Growth

0.0028

0.0027

0.0093

0.0088

(1.1321)

(1.1011)

(1.5085)

(1.4427)

Share

0.1309

0.1155

2.2705***

2.3809***

(1.0493)

(0.9020)

(7.2695)

(7.5022)

Asset_turnover

0.0404

0.0444

0.3351***

0.6233***

(1.2430)

(1.2580)

(4.1154)

(7.1321)

GDP

0.0042

0.0050

0.0290**

0.0354**

(0.7901)

(0.8550)

(2.2008)

(2.4386)

BM

−0.0121***

−0.0118***

0.0404***

0.0366***

(−2.8504)

(−2.7020)

(3.7827)

(3.3814)

Constant

−7.3693

−9.1080

88.2726***

89.4589***

(−1.3959)

(−1.5486)

(6.6784)

(6.1368)

Year fixed effect

N

Y

N

Y

Industry fixed effect

N

Y

N

Y

Sample size

24,821

24,821

24,821

24,821

Adjusted R²

0.0010

0.0010

0.0880

0.1062