(1)

(2)

(3)

(4)

TobinQ

TobinQ

Roe

Roe

ESG

0.0085

0.1283**

0.0389

0.0357**

(0.3830)

(2.2690)

(1.1104)

(2.1597)

IPO

−0.0030

−0.0581***

−0.0019

0.0081**

(−0.8481)

(−5.2639)

(−0.3401)

(2.5082)

Size

−0.6453***

−1.5446***

−0.0307

0.0489***

(−30.1240)

(−25.1165)

(−0.9124)

(2.7179)

Lev

−0.2189

1.2549***

0.4318**

−0.0056

(−1.6370)

(28.5606)

(2.0591)

(−0.4356)

Growth

0.0842***

0.0087

−0.0022

0.0027

(3.7536)

(1.1860)

(−0.0625)

(1.2673)

Share

1.5684***

2.2830***

−0.1973

0.3281**

(8.6713)

(4.8796)

(−0.6957)

(2.3952)

Asset_turnover

−0.0641

1.0135***

−0.0446

0.0677*

(−1.3061)

(7.9097)

(−0.5787)

(1.8044)

GDP

0.0065

0.0488**

0.0084

0.0049

(0.7268)

(2.3960)

(0.5977)

(0.8273)

BM

0.0087

0.0600***

−0.0116

−0.0138***

(1.5665)

(3.5925)

(−1.3282)

(−2.8159)

Constant

22.5845***

148.9067***

4.1864

−17.6721***

(3.1558)

(6.5188)

(0.3730)

(−2.6425)

Year fixed effect

Y

Y

Y

Y

Industry fixed effect

Y

Y

Y

Y

Sample size

8250

16,571

8250

16,571

Adjusted R²

0.2385

0.1079

−0.0022

0.0035