(1)

(2)

(3)

(4)

TobinQ

TobinQ

Roe

Roe

ESG

0.1102***

0.0294

0.0347

0.0407**

(4.9276)

(0.4330)

(1.3476)

(2.1187)

IPO

−0.0179***

−0.0353***

0.0014

0.0073**

(−4.3859)

(−2.8945)

(0.3021)

(2.1218)

SOE

−0.3468***

−0.4893***

0.0970

0.0946*

(−5.6259)

(−2.6038)

(1.3685)

(1.7801)

Size

−0.9708***

−1.3280***

0.0244

0.0108

(−41.1016)

(−20.3673)

(0.8980)

(0.5843)

Lev

1.2924***

1.2559***

0.0471

−0.0056

(16.4148)

(25.8405)

(0.5198)

(−0.4101)

Growth

0.0077***

0.0122

0.0014

0.0401***

(3.2510)

(0.2749)

(0.5280)

(3.1987)

Share

2.9988***

1.6742***

−0.0186

0.2515

(16.5173)

(2.9714)

(−0.0890)

(1.5788)

Asset_turnover

0.4494***

0.6875***

−0.0305

0.0638

(7.8568)

(4.8227)

(−0.4643)

(1.5840)

GDP

0.0316***

0.0431

0.0061

0.0051

(3.9803)

(1.6088)

(0.6692)

(0.6772)

BM

0.0320***

0.0379**

−0.0139*

−0.0115**

(4.9853)

(2.0268)

(−1.8882)

(−2.1747)

Constant

58.1099***

100.0511***

−3.5276

−15.3025**

(6.9582)

(3.9895)

(−0.3672)

(−2.1585)

Year fixed effect

Y

Y

Y

Y

Industry fixed effect

Y

Y

Y

Y

Sample size

11,282

13,539

11,282

13,539

Adjusted R²

0.2282

0.0981

−0.0001

0.0024