Table 4.
Results of basic regression analysis.
| (1) | (2) | |
|---|---|---|
| new_col | disclose2 | |
| ESG | 0.111 *** | 0.0642 *** |
| (0.0192) | (0.00329) | |
| size | 1.225 *** | 0.351 *** |
| (0.0812) | (0.0173) | |
| lev | 2.033 *** | −0.0400 |
| (0.675) | (0.109) | |
| roa | 1.284 | −0.718 ** |
| (1.905) | (0.294) | |
| cash | 2.953 ** | 1.095 *** |
| (1.453) | (0.267) | |
| growth | −0.115 | −0.168 *** |
| (0.221) | (0.0436) | |
| board | −0.597 | 0.142 |
| (0.419) | (0.105) | |
| indep | −0.0224 | −0.00719 ** |
| (0.0147) | (0.00361) | |
| dual | 0.237 | −0.00229 |
| (0.186) | (0.0337) | |
| top1 | 0.000378 | −0.000714 |
| (0.00539) | (0.00112) | |
| age | 1.282 *** | 0.130 ** |
| (0.342) | (0.0579) | |
| Constant | −57.63 | −13.06 *** |
| (809.8) | (0.493) | |
| Time effects | Control | Control |
| Industry effects | Control | Control |
| N | 16,316 | 20,590 |
Note: **, *** indicate significance at the 5%, and 1% levels, respectively. Standard errors are reported in parentheses, and the same convention applies throughout.