Table 7. Mechanism testing results.
| Variables | Auditor supervision | Analysts’ attention | ||
|---|---|---|---|---|
| (1) Big4 | (2) ESG-S | (3) Forecast | (4) ESG-S | |
| Big4 | 2.438*** (4.750) | |||
| Forecast | 0.123*** (7.412) | |||
| INS | 0.001*** (6.766) | 0.030*** (3.328) | 0.085*** (16.401) | 0.022** (2.444) |
| Size | 0.089*** (30.022) | 3.618*** (22.380) | 4.972*** (55.065) | 3.221*** (18.347) |
| Age | -0.002*** (-3.015) | 0.116*** (4.503) | -0.301*** (-20.097) | 0.150*** (5.708) |
| Lev | -0.049*** (-2.806) | 0.044 (0.048) | -4.110*** (-7.669) | 0.431 (0.468) |
| Growth | 0.002 (0.946) | 0.116 (1.132) | 0.147** (2.470) | 0.102 (1.000) |
| ROA | -0.102** (-2.130) | 102.467*** (40.228) | 47.355*** (31.952) | 96.383*** (36.210) |
| PE | -0.000 (-1.113) | -0.004*** (-3.428) | -0.008*** (-12.611) | -0.003** (-2.560) |
| Ratio | 0.001*** (3.015) | -0.012 (-0.693) | -0.150*** (-15.538) | 0.009 (0.554) |
| Indepe | 0.024*** (3.609) | 0.139 (0.403) | -1.340*** (-6.682) | 0.362 (1.048) |
| Firm Effect | Control | Control | Control | Control |
| Year Effect | Control | Control | Control | Control |
| N | 10749 | 10749 | 10749 | 10749 |
| Adjusted R-squared | 0.227 | 0.406 | 0.477 | 0.408 |
Note: ***, * * and * represent significance levels of 1%, 5% and 10%, respectively. The figures in parentheses are t values, and the regression results were treated by Robust standard error.