Heterogeneity analysis: SOEs vs. Non-SOEs
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Subsample | SOEs(Base) | SOEs(Interaction) | Non-SOEs(Base) | Non-SOEs(Interaction) |
| ESG | 0.0002**(0.0001) | 0.0002**(0.0001) | 0.0002**(0.0001) | 0.0001*(0.0001) |
| AbnFees | −0.0076***(0.0014) | −0.0110***(0.0012) | ||
| ESG AbnFees | 0.0001(0.0001) | 0.0000(0.0001) | ||
| Controls | Yes | Yes | Yes | Yes |
| Firm FE and Year FE | Yes | Yes | Yes | Yes |
| Observations | 11,741 | 11,741 | 23,319 | 23,319 |
| R-squared | 0.368 | 0.372 | 0.426 | 0.431 |
| Number of firms | 1,348 | 1,348 | 3,541 | 3,541 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Subsample | SOEs(Base) | SOEs(Interaction) | Non-SOEs(Base) | Non-SOEs(Interaction) |
| ESG | 0.0002**(0.0001) | 0.0002**(0.0001) | 0.0002**(0.0001) | 0.0001*(0.0001) |
| AbnFees | −0.0076***(0.0014) | −0.0110***(0.0012) | ||
| ESG | 0.0001(0.0001) | 0.0000(0.0001) | ||
| Controls | Yes | Yes | Yes | Yes |
| Firm FE and Year FE | Yes | Yes | Yes | Yes |
| Observations | 11,741 | 11,741 | 23,319 | 23,319 |
| 0.368 | 0.372 | 0.426 | 0.431 | |
| Number of firms | 1,348 | 1,348 | 3,541 | 3,541 |
Note(s): This table presents the heterogeneity analysis based on ownership structure, with ROA as the dependent variable. Continuous variables in the interaction models are mean-centered. Robust standard errors clustered at the firm level are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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