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Mechanism analysis (ROA).
| (1) | (2) | |
|---|---|---|
| ROA | ROA | |
| ESG | 0.057*** | 0.053*** |
| (0.017) | (0.018) | |
| AGE | 3.527*** | 3.653*** |
| (1.232) | (1.338) | |
| TQ | 0.639*** | 0.461*** |
| (0.061) | (0.066) | |
| LEV | −0.218*** | −0.217*** |
| (0.007) | (0.007) | |
| TOP10 | 0.082*** | 0.072*** |
| (0.009) | (0.010) | |
| _cons | −3.396 | −2.734 |
| (3.745) | (4.041) | |
| Year | Yes | Yes |
| Ind | Yes | Yes |
| Year * Ind | No | Yes |
| N | 9205 | 9146 |
| adj. R2 | 0.461 | 0.507 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.
