The results of controls the province fixed effects
| Variables | GI | p-value |
|---|---|---|
| ESG | 0.101*** | 0.010 |
| Age | −0.044* | 0.022 |
| Size | 0.518*** | 0.012 |
| Lev | 0.228** | 0.071 |
| Growth | 0.077** | 0.026 |
| RD | 0.021*** | 0.003 |
| Indep | 0.221 | 0.194 |
| TobinQ | 0.027*** | 0.005 |
| Duality | −0.003 | 0.026 |
| _cons | −10.197*** | 0.268 |
| Ind | Yes | |
| Year | Yes | |
| Province | Yes | |
| r2_a | 0.427 | |
| F | 0.420 | |
| Variables | GI | |
|---|---|---|
| ESG | 0.101*** | 0.010 |
| Age | −0.044* | 0.022 |
| Size | 0.518*** | 0.012 |
| Lev | 0.228** | 0.071 |
| Growth | 0.077** | 0.026 |
| RD | 0.021*** | 0.003 |
| Indep | 0.221 | 0.194 |
| TobinQ | 0.027*** | 0.005 |
| Duality | −0.003 | 0.026 |
| _cons | −10.197*** | 0.268 |
| Ind | Yes | |
| Year | Yes | |
| Province | Yes | |
| r2_a | 0.427 | |
| F | 0.420 | |
Note(s): ***, ** and * indicate significant confidence levels at 1, 5 and 10%, respectively
Source(s): Developed by the authors
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