Table 14. Moderating effect of industrial structure.
| VARIABLES | (1) | (2) | (3) |
|---|---|---|---|
| ESG | ESG | ESG | |
| PT | -0.0030 | ||
| (-0.144) | |||
| Mayor | -0.0006 | ||
| (-0.028) | |||
| Psecretary | -0.0151 | ||
| (-0.744) | |||
| PT*GDP3 | 0.0735** | ||
| (2.410) | |||
| Mayor*GDP3 | 0.0812*** | ||
| (2.699) | |||
| Psecretary*GDP3 | 0.0682** | ||
| (2.215) | |||
| GDP3 | 0.1042*** | 0.0974*** | 0.0991*** |
| (3.873) | (3.804) | (3.899) | |
| Size | 0.5432** | 0.5441** | 0.5449** |
| (2.037) | (2.033) | (2.036) | |
| Lev | 0.0887 | 0.0870 | 0.0885 |
| (1.323) | (1.298) | (1.320) | |
| ROA | 3.3732*** | 3.3717*** | 3.3748*** |
| (21.431) | (21.412) | (21.447) | |
| Growth | -0.0716*** | -0.0717*** | -0.0711*** |
| (-5.546) | (-5.557) | (-5.509) | |
| Indep | 0.0778 | 0.0778 | 0.0792 |
| (0.376) | (0.376) | (0.383) | |
| TobinQ | -0.0990*** | -0.0991*** | -0.0991*** |
| (-14.828) | (-14.840) | (-14.837) | |
| Duality | 0.0924*** | 0.0924*** | 0.0920*** |
| (4.615) | (4.612) | (4.597) | |
| Top10 | 0.8581*** | 0.8594*** | 0.8589*** |
| (16.286) | (16.296) | (16.287) | |
| Age | 0.0811 | 0.0811 | 0.0811 |
| (1.466) | (1.464) | (1.465) | |
| Per capita GDP | 0.0057 | 0.0056 | 0.0058 |
| (1.594) | (1.553) | (1.630) | |
| Constant | 4.6626*** | 4.6676*** | 4.6608*** |
| (8.343) | (8.352) | (8.341) | |
| Year & Firm | Yes | Yes | Yes |
| Observations | 30627 | 30627 | 30627 |
| R2 | 0.193 | 0.193 | 0.193 |
| Adj-R2 | 0.190 | 0.190 | 0.190 |
Note. This table reports the OLS regression results of the moderating effect of ownership on the relationship between political turnover and corporate ESG performance. We use GDP3 to measure industrial structure, if the proportion of the tertiary industry GDP in the total GDP in the region where the listed company is located is higher than the annual median, GDP3 equals 1, otherwise equals 0. PT*GDP3, Mayor*GDP3, and Psecretary*GDP3 are the multiplication of PT and GDP3, Mayor and GDP3, and Psecretaery and GDP3 respectively. 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.