Table 2.
Baseline results.
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| RET | RET | RET | RET | |
| ESG | 1.280*** | 1.445*** | 0.783*** | 0.491** |
| (0.168) | (0.172) | (0.220) | (0.210) | |
| AGE | 17.300*** | 17.830 | ||
| (4.001) | (14.812) | |||
| TQ | 10.216*** | 10.582*** | ||
| (0.806) | (0.736) | |||
| LEV | −0.658*** | −1.147*** | ||
| (0.063) | (0.081) | |||
| TOP10 | 1.094*** | 0.890*** | ||
| (0.077) | (0.108) | |||
| _cons | 24.561*** | −83.188*** | 34.850*** | −30.644 |
| (3.682) | (13.969) | (4.618) | (45.036) | |
| Year | No | No | Yes | Yes |
| Ind | No | No | Yes | Yes |
| N | 9699 | 9221 | 9685 | 9205 |
| adj. R2 | 0.006 | 0.066 | 0.622 | 0.677 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.