Table 5.
Heterogeneity test of the ownership nature.
| Group | OWN = = 1 | OWN = = 0 | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| RET | RET | RET | RET | |
| ESG | 0.209 | 0.261 | 0.676** | 0.627** |
| (0.303) | (0.320) | (0.286) | (0.313) | |
| AGE | 19.357 | 54.737** | 6.281 | 2.680 |
| (19.438) | (22.715) | (23.794) | (26.090) | |
| TQ | 19.920*** | 17.776*** | 6.274*** | 4.438*** |
| (1.461) | (1.628) | (0.799) | (0.927) | |
| LEV | −1.239*** | −1.047*** | −0.992*** | −0.974*** |
| (0.127) | (0.140) | (0.104) | (0.124) | |
| TOP10 | 0.754*** | 0.632*** | 0.807*** | 0.617*** |
| (0.184) | (0.202) | (0.141) | (0.163) | |
| _cons | −25.412 | −129.573* | 1.221 | 27.653 |
| (59.499) | (68.501) | (72.105) | (78.808) | |
| Year | Yes | Yes | Yes | Yes |
| Ind | Yes | Yes | Yes | Yes |
| Year * Ind | No | Yes | No | Yes |
| N | 4777 | 4681 | 4409 | 4277 |
| adj. R2 | 0.721 | 0.761 | 0.593 | 0.637 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.