|
| (1) | (2) |
| Roe | Roe | |
| ESG*Inv | −0.0032** | −0.0029* |
| (−2.0534) | (−1.8540) | |
| ESG | 0.0394** | 0.0368* |
| (2.0657) | (1.9007) | |
| Spend | 0.0093* | 0.0086 |
| (1.7726) | (1.6276) | |
| IPO | 0.0037 | 0.0046 |
| (1.1516) | (1.3415) | |
| SOE | 0.0895* | 0.1056** |
| (1.8268) | (2.1131) | |
| Size | 0.0258 | 0.0305 |
| (1.4026) | (1.5708) | |
| Lev | −0.1366** | −0.1233* |
| (−2.1800) | (−1.9491) | |
| Growth | 0.0030 | 0.0029 |
| (1.1483) | (1.1137) | |
| Share | 0.0723 | 0.0624 |
| (0.5027) | (0.4236) | |
| Asset_turnover | 0.0313 | 0.0460 |
| (0.7752) | (1.0719) | |
| GDP | 0.0058 | 0.0073 |
| (0.9830) | (1.1208) | |
| BM | −0.0134*** | −0.0124** |
| (−2.6455) | (−2.3931) | |
| Constant | −8.1446 | −10.0479 |
| (−1.2277) | (−1.4364) | |
| Year fixed effect | N | Y |
| Industry fixed effect | N | Y |
| Sample size | 21,367 | 21,367 |
| Adjusted R2 | 0.0010 | 0.0012 |