Table 5

Mechanism test and moderating effect test

Variables(1)
CCR		(2)
GMI		(3)
CCR		(4)
KZ		(5)
CCR		(6)
Risk		(7)
CCR		(8)
CCR
ESG0.124***0.157***0.090***−0.227***0.117***0.001***0.115***0.039**
(5.287)(14.449)(3.591)(−7.231)(4.951)(3.488)(4.759)(0.018)
GMI  0.150***     
  (3.630)     
KZ    −0.031**   
    (−2.278)   
Risk      9.156*** 
      (7.072) 
Pcm       −0.465***
       (0.188)
ESG×Pcm       −0.327***
       (0.119)
ControlsYesYesYesYesYesYesYesYes
Cons−6.168***−1.705***−5.747***−8.135***−6.417***−0.003***−5.949***−4.964***
(−9.463)(−5.942)(−8.445)(−9.330)(−9.716)(−0.289)(−8.580)(0.800)
YearYesYesYesYesYesYesYesYes
IndustryYesYesYesYesYesYesYesYes
N3,1293,1412,7933,1293,1293,3353,0113,477
R20.2850.2500.2890.5100.2870.2630.2840.271
Source(s): Authors’ own work
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