Baseline regression results
| Variables | (1) CCR | (2) CCR | (3) CCR |
|---|---|---|---|
| ESG | 0.046**(2.0229) | 0.233***(4.5306) | 0.126***(2.6842) |
| Lev | −0.005(−0.0872) | ||
| Roa | −0.071(−0.1210) | ||
| FixR | −1.114**(−2.5449) | ||
| Soe | 0.291**(2.3300) | ||
| Duality | 0.266**(2.4603) | ||
| Indep | −0.475(−0.6125) | ||
| Size | 8.898***(5.7271) | ||
| Age | −0.313**(−2.5835) | ||
| Growth | −0.024(−1.5490) | ||
| TobinQ | 0.201(0.6281) | ||
| Cons | 0.719***(6.7663) | −0.715***(−4.2916) | −6.089***(−5.3453) |
| Year | No | Yes | Yes |
| Industry | No | Yes | Yes |
| N | 3,132 | 3,129 | 3,129 |
| R2 | 0.0007 | 0.202 | 0.279 |
| Variables | (1) CCR | (2) CCR | (3) CCR |
|---|---|---|---|
| ESG | 0.046**(2.0229) | 0.233***(4.5306) | 0.126***(2.6842) |
| Lev | −0.005(−0.0872) | ||
| Roa | −0.071(−0.1210) | ||
| FixR | −1.114**(−2.5449) | ||
| Soe | 0.291**(2.3300) | ||
| Duality | 0.266**(2.4603) | ||
| Indep | −0.475(−0.6125) | ||
| Size | 8.898***(5.7271) | ||
| Age | −0.313**(−2.5835) | ||
| Growth | −0.024(−1.5490) | ||
| TobinQ | 0.201(0.6281) | ||
| Cons | 0.719***(6.7663) | −0.715***(−4.2916) | −6.089***(−5.3453) |
| Year | No | Yes | Yes |
| Industry | No | Yes | Yes |
| N | 3,132 | 3,129 | 3,129 |
| R2 | 0.0007 | 0.202 | 0.279 |
Note(s): Robust standard errors are reported in parentheses; significance levels are* p < 0.1, **p < 0.05, ***p < 0.01. The following tables inherit these descriptions
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