Table 8.
Heterogeneous results of employee education.
| High Employee Education | Low Employee Education | |||
|---|---|---|---|---|
| new_col | disclose2 | new_col | disclose2 | |
| (1) | (2) | (3) | (4) | |
| ESG | 0.00123 *** | 0.0136 *** | 0.000278 | 0.00109 |
| (0.000225) | (0.000882) | (0.000192) | (0.00126) | |
| size | 0.0210 *** | 0.0727 *** | 0.00448 * | 0.0385 ** |
| (0.00113) | (0.00441) | (0.00253) | (0.0165) | |
| lev | 0.00394 | −0.00736 | −0.0112 | 0.000645 |
| (0.00754) | (0.0296) | (0.00956) | (0.0626) | |
| roa | −0.000333 | −0.133 * | −0.00120 | 0.0416 |
| (0.0203) | (0.0796) | (0.0158) | (0.104) | |
| cash | 0.0512 *** | 0.276 *** | 0.00662 | −0.0272 |
| (0.0186) | (0.0730) | (0.0134) | (0.0878) | |
| growth | −0.00242 | −0.0483 *** | −0.00465 ** | 0.00837 |
| (0.00301) | (0.0118) | (0.00204) | (0.0133) | |
| board | −0.00408 | 0.0256 | −0.0215 ** | −0.0205 |
| (0.00699) | (0.0274) | (0.00969) | (0.0634) | |
| indep | −1.73 × 10−5 | −0.00328 *** | −0.000398 | −0.000182 |
| (0.000247) | (0.000968) | (0.000282) | (0.00185) | |
| dual | 0.00641 *** | −0.00224 | −0.000822 | −0.0169 |
| (0.00239) | (0.00937) | (0.00246) | (0.0161) | |
| top1 | −5.92 × 10−5 | −0.000116 | −0.000142 | −0.00133 |
| (7.71 × 10−5) | (0.000302) | (0.000154) | (0.00101) | |
| age | 0.0174 *** | 0.0205 | −0.00143 | 0.230 |
| (0.00410) | (0.0161) | (0.0219) | (0.143) | |
| Constant | −0.581 *** | −2.225 *** | −0.0388 | −0.985 * |
| (0.0323) | (0.127) | (0.0832) | (0.545) | |
| Time effects | Control | Control | Control | Control |
| Industry effects | Control | Control | Control | Control |
| N | 12,701 | 12,701 | 7894 | 7894 |
Note: *, **, *** indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are reported in parentheses, and the same convention applies throughout. The same below.