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Mechanism analysis (PNT).
| (1) | (2) | |
|---|---|---|
| PNT | PNT | |
| ESG | −14.605 | −29.528* |
| (10.213) | (17.565) | |
| ESG2 | 0.317* | 0.596** |
| (0.170) | (0.296) | |
| AGE | 1854.090*** | 1216.475*** |
| (211.499) | (422.841) | |
| TQ | 5.782 | 23.732 |
| (13.966) | (21.329) | |
| LEV | −0.736 | −0.733 |
| (1.453) | (2.531) | |
| TOP10 | 3.129* | 5.298* |
| (1.763) | (2.975) | |
| _cons | −5290.691*** | −3410.863*** |
| (669.019) | (1305.720) | |
| Year | Yes | Yes |
| Ind | Yes | Yes |
| Year * Ind | No | Yes |
| N | 1765 | 1551 |
| adj. R2 | 0.573 | 0.395 |
Note: Standard errors in parentheses; *p < 0.1, **p < 0.05, ***p < 0.01.
