Table 8. Controlling the provincial political turnover.
| VARIABLES | (1) | (2) | (3) |
|---|---|---|---|
| ESG | ESG | ESG | |
| PT | -0.0553*** | -0.0534*** | -0.0522*** |
| (-3.090) | (-2.946) | (-2.865) | |
| PPT | -0.0215* | ||
| (-1.713) | |||
| PMayor | -0.0222* | ||
| (-1.784) | |||
| PPsecretary | -0.0033 | ||
| (-0.204) | |||
| Size | 0.5523** | 0.5523** | 0.5521** |
| (2.041) | (2.043) | (2.044) | |
| Lev | 0.0875 | 0.0875 | 0.0874 |
| (1.304) | (1.304) | (1.302) | |
| ROA | 3.3656*** | 3.3661*** | 3.3668*** |
| (21.381) | (21.383) | (21.387) | |
| Growth | -0.0712*** | -0.0712*** | -0.0712*** |
| (-5.514) | (-5.515) | (-5.518) | |
| Indep | 0.0912 | 0.0921 | 0.0922 |
| (0.439) | (0.443) | (0.444) | |
| TobinQ | -0.0992*** | -0.0992*** | -0.0992*** |
| (-14.808) | (-14.812) | (-14.814) | |
| Duality | 0.0931*** | 0.0930*** | 0.0929*** |
| (4.644) | (4.640) | (4.636) | |
| Top10 | 0.8618*** | 0.8617*** | 0.8616*** |
| (16.294) | (16.294) | (16.294) | |
| Age | 0.0814 | 0.0813 | 0.0811 |
| (1.467) | (1.465) | (1.462) | |
| Per capita GDP | 0.0084** | 0.0084** | 0.0083** |
| (2.336) | (2.333) | (2.316) | |
| Constant | 4.7014*** | 4.7040*** | 4.7077*** |
| (8.383) | (8.388) | (8.397) | |
| Year & Firm | Yes | Yes | Yes |
| Observations | 30627 | 30627 | 30627 |
| R2 | 0.192 | 0.192 | 0.192 |
| Adj-R2 | 0.189 | 0.189 | 0.189 |
Note. This table reports the robustness tests from OLS regression with provincial political turnover fixed. The dependent variable is ESG. Firm-fixed effects and year-fixed effects are also included. The t values reported in parentheses are adjusted based on robust standard errors clustered by firm, where *, **, and *** denote significance levels of 0.01, 0.05, and 0.10 respectively. All variables are defined in Appendix A in S1 Table.